Disclaimer: I'm still a college student. I'm expected to graduate with an engineering degree from UFlorida, so I'll probably stay here and won't have to pay state income tax. I'll more than likely end up with a minimum starting salary of at least 50k/yr in either Orlando or Tampa, which both have similar costs of living.
I honestly don't know a thing about personal finance or budgeting, though I plan on saving as much as possible so I can start a family and have a downpayment ready for a house by my early 30s. I inputed my scenario into the ADP calculator and it estimated that I'd have ~1,520 left every 2 weeks after taxes, so roughly 3,040 a month.
I won't have any student loans, and I won't have to buy a new car any time soon unless I get in a serious car wreck. My parents are also going to help me pay for health/auto insurance costs, so I don't really have to worry about that.
After all this, what else do I have to pay for besides rent, food, and utilities? How much should I put aside for retirement?
I'm personally not a person who eats out every night nor do I eat a lot, and I know how to cook for myself, so I'll likely spend around $450 a month on food assuming I spend $15 a day. I have no idea how much my future apartment will cost in terms of rent, but I'm planning on going with the ~1,000-1,200 range with a roommate, so that'll be another $600 a month. With utilities being around $200 a month, I'll only pay another $100 if I have a roommate. So after food, utilities, and rent come into play, I'll be estimated to have around $1,900 left each month.
That honestly doesn't seem right to me. There's definitely something I'm forgetting to calculate in but I don't know what. Anyone else have advice on how to budget with this salary or help me figure out how much I can realistically save? Do you think it's realistic for me to expect a house in a decent neighborhood by the time I'm 30?
EDIT: I'm stupid, I forgot that gas existed. To be quite frank, I don't use up that much gas right now since I can bike everywhere, but I looked it up and it said $360 is average per month. I guess I'm left with ~1.5k now?
Submitted August 06, 2017 at 04:56AM by DentalBracesAreASin http://ift.tt/2uvUHvq
