Comfortable living?

joanna73, BSN, RN · Jun 26, 2015

Just wondering what you're defining as miscellaneous expenses for 1590? That's quite high for misc if you are budgeting.

Depending where you live AND how you budget, an RN salary is adequate. Have you also included an amount dedicated to savings?

Newbie_RN17 · Jun 26, 2015

Depends on where you live. Here? No. I make about $1100 biweekly after taxes and insurance.

Emergent, RN · Jun 26, 2015

For one thing, $500 on a car loan? Dave Ramsey would NOT be pleased.

Secondly, you should be using half of your miscellaneous to pay off your car.

You need a $1000 emergency fund, then pay off your debts smallest to largest.

Read the book 'The Total Money Makeover' for more info.

OrganizedChaos, LVN · Jun 26, 2015

For one thing, $500 on a car loan? Dave Ramsey would NOT be pleased.
Secondly, you should be using half of your miscellaneous to pay off your car.
You need a $1000 emergency fund, then pay off your debts smallest to largest.
Read the book 'The Total Money Makeover' for more info.

Yeah, my brand new 2014 Encore wasn't $500/month. Definitely get that book. Double check where you are spending your monies.

Kdao · Jun 26, 2015

Water, Internet, gas,emergencies.. I like to overestimate. Haha. Mississippi. & if possible, $1,000 into savings a month. I'm really uneducated in this field. I just graduated from HS & I feel as if they DID NOT prepare me for life.

Kdao · Jun 26, 2015

I have a 2015 Camry hybrid XLE.

LV3677 · Jun 26, 2015

Best class I ever took in college was a Personal and Family Finance class, which I took to fill credits, and ended up learning tons about insurance, cars, savings, 401k, etc. Take a class like that when you go to college. Very helpful.

Do some research for yourself. You can google how much an RN makes at full time in your state, and see if that is sufficient enough. In addition, I would recommend putting column for "students loans" in your budget if you are intent upon attending college.

Good for you for thinking ahead. Again, use your resources, including ones that previous posters have listed, such as Dave Ramsey.

Ruby Vee, BSN · Jun 26, 2015

Hey there! Okay, so hear me out. Or well, read.. lol. I know there are a few threads about "comfortable living" but I kinda wanted to get some answers to my own questions.
I define comfortable living as NOT having to live paycheck by paycheck.
Say I am single. No kids. I live in an apartment $700 monthly, pay a car note of $500 monthly, $70 for cellphone, $140 for insurance, let's add miscellaneous $1,590 to make the bills an even $3,000 monthly. Will I be able to live comfortable? $3,000 in bills monthly, will an RN's salary be sufficient? Please don't be mean or sarcastic, I'm really looking for some personal experience. Answers from those whom have gone down a similar path as I plan to pursue. Thanks so much in advance for taking your time to read this post and/or even replying!

You live comfortably -- in other words, having a cushion and lot living paycheck-to-paycheck by not living beyond your means. A $500 a month car note seems a bit rich for a new grad. A car is just transportation -- doesn't need to be fancy. You've boxed yourself in quite a bit by acquiring an expensive car right out of the box. The questions about "comfortable living" should have been answered after looking at your potential salary -- an actual job offer in hand -- and before taking on that debt. Now you're in a position to react rather than to act.

Pay -- as well as amount of "miscellaneous expenses" is going to depend a lot upon where you live. Cost of living is higher some places than others. I might have a $350/month electric bill here, but $98/month in my last home. Insurance will depend upon what you're insuring. And savings probably should have been considered in your budget.

Libby1987 · Jun 26, 2015

You can love comfortably in my part of California. Rent will be a bit more but new grads starting out at 75-80K/year. We actually pay them 87K. Though new grad jobs are hard to come by.

Curious as to how and why you got yourself into such a big car payment just out of HS? And why is your rent so high in Mississippi? My 21 yr old daughter splits an apartment on Point Loma in San Diego for $600 each. And no car payment, we bought her a cute used car for $5,700.

ETA I meant live comfortably in California but I love it here too LOL!

n.igmatic1 · Jun 26, 2015

Egads! I have a house and a kid, and our monthly expenses are shy of 2000.00/mo. That includes all utilities, mortgage, car insurance for a 16 yo boy (and this decidedly not 16 year old momma), orthodontia, 2 cell phones, internet, cable, groceries etc. In Mississippi, you will probably start as a new grad making roughly 22.00/hr (I don't see any huge leaps in that number in the next year or 2). There will be differential for nights too if you work nights; but re-evaluate your finances and don't forget about savings and retirement accounts. They are very important!

windsurfer8, BSN, RN · Jun 26, 2015

Stop blaming your school for your choices. If you expect a HS to "prepare you for life" you are out of your mind.