Greenwich is an expensive place to live..

Quote from demoship:


$11.16 - carry cost of security deposit
$300 - utilities
$1380.62 - Tax (Filing status: Single, 2 exemptions)
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did you account for the tax due on the security deposit interest? :p

it could be worse - somewhere, some poor sap out there is hauling manure for 6 bucks an hour. you're in a good spot to learn and make friends. keep your eyes open, and remember the most important things to success in the finance industry - bullshitting and networking.

good luck.
 
Quote from demoship:

I just started my job in greenwich about a month ago, and here's what my monthly income/expense looks like:

Income:
Total: $5130

Expenses:
$1700 - rent, 1 bedroom apt
$11.16 - carry cost of security deposit
$300 - utilities
$1380.62 - Tax (Filing status: Single, 2 exemptions)
$500 - food and alcohol
$10 - Gas (only takes me about 60 seconds to drive to/from work)
$100 - Car Insurance
$300 - Allowance for other misc. expenses
Total: 4301.78
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Your expenses are too high. $1200 for annual car insurance? Sounds like you have a nice car or bad driving record, otherwise there's no reason you should be paying more than $400 per year (liability only). And if you live that close why are you driving? Get a cheaper car.

You're making $60k but living in a 1700/mo apt? Find a cheaper one farther away or rent a room. That sounds out of line with your income.

I think if you adjust your lifestyle you can easily save money.

Usually when I see someone say a place is too expensive and they can barely get by, I see the same thing I saw here: someone who wants more than they can truly afford.
 
i have lived in fairfield, westport, easton and greenwich my entire life (other than college). even though i never paid rent, everyone knows westport rent cannot be more than a couple hundred less than greenwich, if at all. add the metro north ticket, and you are back at his current situation.

he should try to lower some fixed costs to give him some more cushion; and when(if) he gets a bonus of 10k or a raise, all will be gravy to save for a condo or house as long as he does not add to his fixed costs. good luck; work hard and get a bonus!
 
Quote from demoship:

I just started my job in greenwich about a month ago, and here's what my monthly income/expense looks like:

Income:
$5000 - salary
$130 - interest/dividend income
Total: $5130

Expenses:
$1700 - rent, 1 bedroom apt
$11.16 - carry cost of security deposit
$300 - utilities
$1380.62 - Tax (Filing status: Single, 2 exemptions)
$500 - food and alcohol
$10 - Gas (only takes me about 60 seconds to drive to/from work)
$100 - Car Insurance
$300 - Allowance for other misc. expenses
Total: 4301.78

0 saving for 401k, as my company's plan is a piece of shit (ironic considering it's a hedge fund)

Net: 828.22

Damn this place is expensive. I swear, the supermarket here jacked up the price like 20 - 30% just because it's greenwich, and gasoline even costs like 10% more!

If I had to pay any student loans, or I was working a regular job (I work ~ 11 hrs / day now for a hedge fund), I'd probably be deep in the red for monthly PnL just on basic living expenses.
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Actually if you're saving/investing $800 per month on a 60k salary, that's not bad. That's over 15% of your gross. A lot better than the vast majority of America. Besides, it sounds like you probably have the potential to greatly increase your income in the next few years, depending on what you're doing at the hedge fund. I think you're already set if you can stick to that budget for now. But like other posters said, maybe try a 2 bedroom and get a roommate. That alone could double your savings.
 
<i>$1200 for annual car insurance? Sounds like you have a nice car or bad driving record, otherwise there's no reason you should be paying more than $400 per year (liability only). And if you live that close why are you driving?</i>

$1200 is about right for an overall package. Maybe if you do the minimums. But one bad thing happens, and you're screwed

Selling off a nice car is not really that much of a saving - older cars need more maintenance and tend to get worse mileage. You generally get what you pay for.

I drive a new Civic, and happily pass by the BMWers, Jaguars, Mercedes and others. I get great mileage in a very safe car that is comfortable, will outlast them, looks decent and costs 80% less new. I am debt free, and live inexpensively.

But my car insurance is similar to his in a similar expensive area, even without accidents. And I chopped every reasonable expense I could
 
Quote from domestic:

i have lived in fairfield, westport, easton and greenwich my entire life (other than college). even though i never paid rent, everyone knows westport rent cannot be more than a couple hundred less than greenwich, if at all. add the metro north ticket, and you are back at his current situation.
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I disagree.
Besides, a monthly commutation rail ticket on Metro-North from Westport to Greenwich is only $71.00
 
Quote from demoship:

$1380.62 - Tax (Filing status: Single, 2 exemptions)
More...

I hope you a have a few "expenses" to lower your tax liability, If you are single with NO kids you are slightly underwithholding with 2 exemptions.

el surdo
 
Quote from Surdo:

I hope you a have a few "expenses" to lower your tax liability, If you are single with NO kids you are slightly underwithholding with 2 exemptions.
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But he won't be susceptible to a penalty fee with only 2 exemptions. I used to claim 8 exemptions out of college, owed a hefty sum on 4/15, but never paid a fee.
 
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