I am a recent grad who just started working in NYC.
My pay is $65,000 a year or $5,416.00 a month.
I placed 6% into 401k.
I'll be living at home (thankfully) so I won't have any housing/food expense for the most part.
So you're wondering how after taxes, say with around $3,000 a month I'll end up with literally no money...
Commuting to the city will set me back $400 a month.
$2600, ok still not bad. BUT... I am going to start making payments on my student loans at $2,400 a month.
(I have about 200,000 in student loan debt for undergrad ... I know you're concerned as to why I have this extremely ridiculous and unbelievable amount of loans as an undergrad. Since this is not the focus question, I'll simply start and end by saying - it was due to an entire lack of financial understanding by myself and those around me, a decision I have obviously come to regret and understand more now, but will live with the decisions I have made.)
So, I basically I end up with $200 left over each month. Is this even going to be a livable spending income? I will have to cut out pretty much everything I like to do. Doing this for who knows how long until my salary hopefully increases seems exhausting.
If anyone can offer any critical insight or advice it is much appreciated. Thank you.
Edit: Thanks everyone for the advice and comments. I will be looking into other payment options (Income/PLSF/maybe decrease my 401k etc.)
Just to clarify: $400 for commute is for Long Island to NYC and yes I do only have transport as my biggest expense. My family is super close and very much 'whats mine is yours' so I understand I am in a fortunate place despite all else, about not having to worry about food/living/any other smaller/unimportant expense.
Submitted November 30, 2019 at 06:10PM by NoSleepNYC https://ift.tt/2Y097V6