(Took too long to edit, though I’m editing on an iPhone. Oh well)
Again, it would be great if my employer offers transit benefits. Looking at the METRA fare zones, I could go as far as Kenosha, WI and still get compensation for the monthly ticket (unless I’m reading it wrong).
No way am I going to share an apartment with anyone. I’ve already shared a room in the program I’m at, I think I’ve suffered enough.
I would get the job before worrying about transit benefits, roommates, etc. I don’t mean to be a jerk but if you lost your job at McDonald’s and don’t have another one yet, you may be getting ahead of yourself.
Yeah, and projecting budgets based on $900/week take home for your first ever job might be a tad optimistic, but I guess you never know. Depending on Illinois state income tax, that’d be what… $65K/year?
My calculations said it would be $50K/Year. (50,000 divided by 52 (52 weeks in a year), is 961.53 (and other bits), assuming tax, I’m guessing the 61.53 would be axed, unless I’m being too optimistic with the tax.)
According to this website, the lowest salary listed for employees with a CompTIA Security+ Certification is $39,350, but that would be too low if I’m working in the city. If it gets that low though (or worse), then I might have to put off rent until 2018 until I get enough savings. But eventually I’m going to have to live by myself because my parents can’t live forever. The last thing I want to do is live paycheck to paycheck on the essentials if I’m living alone- or at 30 with my parents telling them I’m still trying to save so I can live by myself, despite the variables working against me.
According to College of Dupage’s curriculum for Computer And Internetworking Technologies, once I get my Security+ here in New Jersey, I pretty much got the equivalent of COD’s System Support Specialist certificate, which should help keep costs low (besides being in COD’s residential range for lower tuition (unless they changed it two years since I’ve been gone)). It’s an option on the table (again) if my salary isn’t sufficient enough, aside from getting work experience. If by 2 years of working I can’t get enough money to sustain myself without assistance (outside governmental assistance), I’m heading to college.
OK, sounds like you’ve looked into it, but I think you are underestimating the tax burden by a tad.
I actually looked into the rates recently…it’s not as bad as Curly Howard’s check he got from Coffin Nail Cigarettes (if you’ve seen that short), but I still have the same reaction.
Damn it! I guess I’d better plan for a really bare bones budget then. $25K per year on payments, that sort of thing. That would be, what- $480 per week? $12 per hour?
My algorithm for my budget is this: if my rent per month is higher than the wage I get per week, my budget is going to have problems. If I can guarantee my rent after a week of work, I’ll be fine- otherwise I won’t.
Well, now the situation has changed, after I leave, I’ll start working. The Florida vacation (for me) is not going to happen.
So now I can get improve my work history now.
You got a job??? Congrats!!
Yeah - for an income of 52,000 a year (just to simplify to 1,000 a week): you’ll be paying 7.65% for Social Security / Medicare right off the bat. Let’s also guess that they’ll take a similar amount for Federal tax (per a calculator at bankrate.com). Round the two up to 16% total just to make things easy. Then assume Illinois takes 6% (I don’t know if Chicago has a commuter tax like New York City does, where you have to pay tax if you work in the city but let’s say it doesn’t for now).
Will you have health insurance? If so, let’s say 40 dollars a week just as a WAG. It’s pretax which will reduce the Federal tax a titch, but not that much so let’s ignore that.
Don’t forget 401(k) contributions. You will be contributing to it if they offer it, right?? RIGHT??? (or, contribute to a Roth IRA on your own). If you do not not, I will make an excuse to visit my brother in the area and I will find you and hurt you :D. Say 6%. If they offer a Roth 401(k) as opposed to a regular one go for that - the tax savings at your salary rate is minimal, you’ll hopefully be earning much more later, and the Roth is a much better idea if so.
So that’s another 6% (the typical amount that maximizes the employer’s matching).
SO: 220 for taxes. 40 for insurance. 60 for the 401(k). All in all that’s 320 dollars, so your take home would be 680.
Figure 20 a day for commuting expenses (train, parking or whatever; when I go into Washington I wind up shelling out that much one way or the other). That brings you down to 580. Another 150 for food / entertainment - you could buy groceries for much less than that but I assume you may not always be able to brown-bag your lunches.
Now you’re at 430 a week. If you chip in 150 to the parents’ budget to help with their rent that leaves you with 280 to save and cover other expenses.
I’d suggest staying at the family home for as long as you (or they) can stand :D. If their health isn’t great, they may appreciate having you around.
No I didn’t get a job (yet), just saying that I will be working when I get back to Illinois.
Mother broke her left ankle and so its more likely I’ll be helping her out for the next couple of years. She’s sedentary, so the clock is ticking on whether she’ll pass away in the next couple of years. My father is not, however, and my uncle (my mother’s brother)*, works and gets paid (he’s mentally retarded, mind you), so there’s enough money to pay for their house. The house is small, but I can do more with less.
The good news is that (yet another positive public transportation statement- ooh boy), is that PACE runs the 330 on Sunday, as well as the METRA BNSF line, so my parents house is in a good area. My father will soon be switching to Social Security Retirement by his birthday (66- born 1950, he’ll collect 100% benefits), so the paychecks should be unchanged. That’s one of the benefits of having a disability, I suppose- besides hearing no evil! (I’m going to hell for just saying that. Damn it!)
My health insurance is both the “ObamaCare” coverage and Medicare (since I don’t make much), I, for one, am still stumped at this whole thing. I’ll figure most of this stuff out eventually. When it comes to taxes, the only things I’m going to pay for will be transit expenses, entertainment (and building a desktop PC), and…I’ll figure it out once I’m on the bench to be employed. But I will look into expanding my options for savings.
Well, while I’m in the loop of life improvement, I might just bump this thread again. My current status is finding a job, making money and see where I go from there. I’m at an impasse- IT jobs are hard to find in Chicago (and that’s a shame), despite the fact I’m qualified for help desk (and I’ve got my Security+, while we’re talking about qualifications). If I’m forced to, I might end up looking near where I currently sleep at, in New York City or close to it.
I can do more with less- all I need is a one room apartment (and enough room to fit a refrigerator, microwave, computer, washer & dryer, a king size bed and a closet), nearby transit access and all this while keeping expenses low. If I get a job in NYC, I’ll probably live in Newark (I found apartments for $700 or better), commute (it shouldn’t be too hard from that distance), and work. On one hand, I’ll be independent, but I have no connections (besides the assistance at the academy I’m at) and I’m paying for rent- I wouldn’t pay if I’m living with my parents.
Damned if you do, damned if you don’t? I’m stuck.