Comfortable living?

[Kdao]

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!

[jadelpn, LPN, EMT-B]

You need to be sure that you are living within your means. You could add to your expenses school loans, which you will most likely accumulate after college. If there is a "family budgeting" class available at your college, take it!

You should work some during your education while you can, and stock as much of that away for future uses. Bonus points if you get a job that pays tuition reimbursement!

At that point (after college) you could rent a relatively small one bedroom apartment, some with utilities included. You can get the best "deal" you can on phone and internet. If you have a good mileage car, it may even out--gas vs. payment. With that being said, it may be worth trading your car in for a smaller more economical car.

Then you budget. If your take home is $500.00 a week, then you live within those boundaries. One credit card for absolute emergencies. The key is to pay down your debt that is long term.

Comfortable is subjective. If your goal is to have $50 a week in "play money" then you have to create a budget that reflects that. And the best way to do that is by writing EVERYTHING down, from any lunches, groceries, entertainment, and even if you budget $20 a week into a savings account, then it is $20 a week that can add up.

Even if your future holds getting married, do not co-mingle all of your funds. It is important for you to have your own account, with your own funds, separate from the household accounts. Then it is the same thing. You put all of your expenses down, see what each person needs to add the household account to make it run, put as much as you can into a "house downpayment" account, and go from there.

When one graduates from high school, it is a bit overwhelming at what lies ahead. But if you are mindful and careful with your funds, realistic about what "play money" you need to be in a good place, then you can sit back and concentrate on your career.

Best wishes!

[MongoSmash]

You've been given some good advice. As a fellow Mississippian, I can't imagine you needing half of what your budgeting for miscellaneous expenses unless you just plan on partying every single night. I'm not an RN yet but most of the ones I know live fairly comfortable.

[NOADLS]

If you aren't making it, consider becoming a gold digger or maybe get a GOPRO?

Entry level nurses sometimes can't secure a f/t job from graduation, so I am simply presenting some options for you. P4P isn't for everyone, but there is money in it. In fact, better money than nursing.

[MongoSmash]

Also, when your lease is up shop around for better rent. Lots of time you can find houses and such that are cheaper than apartments. We are in a 3 bedroom/ 2 bath house with 5 acres and my rent is only $500/ month.

[NurseGirl525, ASN, RN]

Are you already paying these expenses, or are you just guesstimating for now? When I moved out after high school I got a cheap, one bedroom, tiny apt. I made sure utilities were included. $500 is way too much for a car. Get a nice used car. I didn't get my first brand new car until after I was married. I lived paycheck to paycheck when I was young. When I got married at 23, my ex and I worked hard and did Dave Ramsey. When we divorced about two years ago, we had our main home, a vacation home, and 2 vehicles paid for with no credit cards. It took years of hard work and discipline. We didn't eat out, we didn't take vacations. I bought a new car last year. I paid cash for it.

but in my early years, I had no cable, no furniture until a friend have me some used furniture one time, I ate lots and lots of Ramen noodles. But, I lived by myself and was self sufficient. I can't emphasize enough to become financially responsible at a young age.

[klone, MSN, RN]

I have a 2015 Camry hybrid XLE.

What do you do for a living that you are fresh out of high school and have a brand new car?

My husband and I make very good wages, and one of our first rules is NEVER buy a brand new car. We always buy cars that are 2-4 years old.

[LoveMyBugs, BSN, CNA, RN]

As a RN with 5 yrs experience I make enough to support a family of 5 so my husband can stay home with the kids.

We bought a house last year.

We have 1 car that is 15yrs old

We live comfortably. You have gotten a lot of good advice regarding budgeting from PP.

But yes as a nurse you can live somewhere in the middle class

[Jory, MSN, APRN, CNM]

Also, the car note is excessive. I'm in my 40's and I always buy new, but I

always negotiate to make sure it stays below $350 and 60 months or less. If I can't, I look at something else.

[TheCommuter, BSN, RN]

I definitely do not live from paycheck to paycheck. In fact, I have enough money saved to quit my job and go without working anywhere from five to seven years. However, I am single without kids, so I praise the parents who juggle their priorities.

I pay approximately $700 monthly for housing. I live in an 11-year-old house in a mediocre development that cost me $105,000 back in 2005. I also drive two used cars, so I have no monthly car payment. I bought the 2006 Toyota in late 2006 with a salvage title. I bought the 2005 Chevy Silverado in 2007.

Peoples' paths to poverty are paved with excessive car payments. Remember that!

[OCNRN63, RN]

I have a 2015 Camry hybrid XLE.

When you pay off that car, I would suggest you don't trade it in right away. Put that $500/mo into savings, then wait until you have a good amount saved before you move. Don't charge anything for your move...pay for everything up front.

What about school? Are you going to have student loans to pay? You'll need to factor that into your money flow.

Just don't take on more debt, and when the car is paid for, enjoy not having a car payment for a few years.

[johsonmichelle]

It looks like you need take some personal finance classes and learn how to budget properly. Your single with no kids so you should be able to live comfortably if you don't have too much debt. Sometimes people have a higher car payment to pay off their cars faster, I hope most of your payment is going towards the principal.Hopefully you loan term is not that long either because $500 is bit high for a car payment and from what I researched the MSRP for your vehicle is around $29,000. I would advise you to research the average new grad pay in your area .

[NursesRmofun, ASN, RN]

From what you describe, it sounds like you would be somewhere close to paycheck to paycheck....but you might be able to do OT.