Hey everyone. This May I began a new job making the most I ever have at 60k plus benefits like covering my phone bill, parking fees, etc. It’s going well and my dad made some comment like “well if you’re going to stay there, find a place and let’s fix it up”. I’m looking on Zillow and $200,000 seems like the cheapest thing I’d be able to find in the location of my city I want. I’ve looked up income calculators and they tell me at 60k I should be able to afford something around 180k. That honestly seems ridiculously not doable when I budget everything in including the PMI I will definitely incur... but if I can’t afford $180,000 then I definitely can’t buy anything and I thought a 60k salary was pretty decent?
I (25F) am single, have a crazy schedule so I eat out often, have cheap rent at $840 all in (utilities, wifi, etc), and after taxes my salary is about $41,000. My job requires we use our own credit cards which is great for points but tough for budgeting. I used to be amazing at budgeting, but now I always carry a balance and am always submitting expense reports waiting on money to pay my work sum off.
Anyway, I recently paid off my non-work portion of my cards which held balances from a March vacation and 3 month unemployment stint. I only have $3,000 in bank savings, no IRA, and no other savings anywhere. Obviously this is not enough for a house or an emergency or retirement and I need to kick my butt into gear saving because it’s freaking me out. I feel like while I may have a decent salary for my age, I’m super behind in saving.
At $41,000/year and $11,000 going to rent, what would be the best monthly savings budget I could make for my age and for these various savings needs as I look forward and potentially want to purchase a home? Also, how much house could I actually, realistically afford?
Submitted September 03, 2018 at 09:31AM by libraintjravenclaw https://ift.tt/2NdkWnP
