I think this is a pretty good calculator. Seems pretty accurate for my area and family, at least.
Edit: It assumes you have a kid, so it might not be that great for a lot of folks here. Sorry.
I thought so too and we don't even have a mortgage. Utilities are just high or something. But we don't have childcare, so it evens out. Transportation seemed low to me. We pay less, but our vehicles are paid off. Most people have car payments.that was cool to look at. interesting that when you added a parent. like 2 instead of one the household income only jumped up like 5k
but also the housing price total was waaay low.
This is how I calculated the cost of living life the way I want to live it:
Housing: $2,000
Food: $540
Transportation: $620
Health Care: $1,000
Other Necessities: $2,000
Taxes: $840
Monthly Total: 7,000
Annual Total: 84,000
This is how I calculated the cost of living life the way I want to live it:
Housing: $2,000
Food: $540
Transportation: $620
Health Care: $1,000
Other Necessities: $2,000
Taxes: $840
Monthly Total: 7,000
Annual Total: 84,000
Where are your savings? Retirement funds? Investments? Unexpected expenses? Leisure spending?This is how I calculated the cost of living life the way I want to live it:
Housing: $2,000
Food: $540
Transportation: $620
Health Care: $1,000
Other Necessities: $2,000
Taxes: $840
Monthly Total: 7,000
Annual Total: 84,000
Save. Save! Start as young as you can
FAR beyond comfortable. $1,000 for healthcare? You can get some pretty bad ass coverage for more than half of that.. Unless you have a family. $2,000 for housing? Maybe. If you live in a decent area of a large city. The food budget sounds luxurious. Transportation is very very luxurious there. $2000 for other necessities?!
At least you factored in taxes, which you will definitely pay at that bracket. I hope you're getting an amazing education for that salary level..
Just something to keep in mind though... More money, more problems. I don't just mean the money--I mean the commitments you make with that money. A house is a LOT of time and repairs. It takes active effort to maintain. The bigger the house, the more it is to heat it, cool it, care for it, and clean it. A nice car requires a lot of nice bills--and time. An $84,000 a year job usually requires a lot of personal time.. having a large house, a nice car, a time-demanding job.. you'll be pretty absorbed in your own financial situation with all of that. You'll probably end up needing that health care plan. You'll probably be spending that $2k on hired help to get things done occasionally. Or maybe you'll meet a nice person that'll help you with all of that. Who knows. And Gods forbid you lose your job somehow, and you have all of those commitments, with no savings plan set up in there.
But I dreamt pretty big when I was younger.. and my dreams collapsed when I really got into the real world and saw how much work I did for how little money I got. I say look for a job you love first. And let everything else fall into place. There aren't a lot of really fun, awesome $80k+ jobs out there. At least, not right away. Maybe when you're at a company a long long time.. but the ones that pay money right off the bat are harsh. In several ways.
Right now, I'm working extremely hard to build a house that costs less than $10k on a small acreage. And I've never been happier with anything else I dreamed about. A big house looks really nice--and it is. But those big houses are awful echo-y, and lonely, and they drain money and time and energy. Building one slowly over time, definitely is awesome and worth it. But.. You're talking very, very luxurious living. And aside from scoring an awesome rap solo, I don't really see that being a viable 'comfortable' budget.
Just something to keep in mind though... More money, more problems. I don't just mean the money--I mean the commitments you make with that money. A house is a LOT of time and repairs. It takes active effort to maintain. The bigger the house, the more it is to heat it, cool it, care for it, and clean it. A nice car requires a lot of nice bills--and time. An $84,000 a year job usually requires a lot of personal time.. having a large house, a nice car, a time-demanding job.. you'll be pretty absorbed in your own financial situation with all of that. You'll probably end up needing that health care plan. You'll probably be spending that $2k on hired help to get things done occasionally. Or maybe you'll meet a nice person that'll help you with all of that. Who knows. And Gods forbid you lose your job somehow, and you have all of those commitments, with no savings plan set up in there.
I've decided to go for a Market Research Analyst, Salary: $60,000
Housing: Build my own place: 3 Bedrooms, Kitchen, 2 Bathrooms, Laundry Room, Home Entertainment room: Cost $360,000 Break that down to 30 years, Each year= 12,000 Each Month: $1,000
Food: $400
Transportation: Car: $290 Gas: $160 Total: $450
Health Care: $500
Fun(Clothing): $850
Investments: $500
Stock Market: $400
Other Necessities: $300
Taxes: $600
Monthly Total: $5,000
Annual Total: $60,000
I hope to Die before I retire, how far are you on the house?
That's some good advice. You may end up having a nice house, a nice car, but have no time to enjoy them.