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Millennials and their "money saving tips"

PanthersATL

By PanthersATL,
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PanthersATL Grand Master

PanthersATL

Posted
Posted

https://www.cnbc.com/2021/11/02/video-tour-one-bedroom-rental-for-1000-per-month-in-bronx-new-york.html

Let's take a look at this 40-year-old's living arrangement. Granted she says she doesn't live in this apartment because it's inexpensive, it just happened to work out that way.

  • her 525 sq foot one-bedroom apartment in New York (more specifically, the Bronx) costs $1000 per month
  • The median rent in the area is $1750, vs $3000+ in NYC proper
  • Her parents live next door, so she uses their parking spaces, washer or dryer.
  • She doesn't use her stove or her oven, so has had her gas utility shut off in the kitchen
  • Pays about $200/mo for internet+phone_cable, and $45/mo for electricity.   Obviously not mining bitcoin

 

image.png.0f6d8fedb91bf32428d9ceeae617d491.png

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PanthersATL Grand Master

PanthersATL

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Then there's this 26-year old, making $120k/year as a software engineer in San Diego. 

He says, "I’m able to pay my rent, pay for expenses and cover the basic necessities. But I also feel like I’m unable to significantly save or invest in my future."

https://www.cnbc.com/2021/11/01/how-much-3-software-engineers-earn-around-the-us.html
 

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Happy Panther Grand Master

Happy Panther

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16 minutes ago, PanthersATL said:

Save money by living next door to your parents in order to use their parking spaces, use their washer/dryer, and not cooking at home (presumable... eating with mom and dad, but not confirmed)

That is a one in a million situation that a million people in the five boroughs would cut off a finger for. That's not a tip.

You are enforcing the boomer stereotype fyi.

 

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onmyown Grand Master

onmyown

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On 11/2/2021 at 4:19 PM, LinvilleGorge said:

$120k a year in SoCal isn't poo. That's why so many are leaving.

 

The west coast is just insane and the insane-ness is branching out…or rather filling in.

Started in Seattle and Cali, then to Portland and Colorado.

Now it’s filling in - Salt Lake, Arizona and even Boise. Yea, fuging Boise lol.

It’s absolutely fuging ridiculous.

I make a little less than the video poster here in SLC and it’s the same. a similar apartment, maybe even slightly worse, here would be about $1,000. Something more decent, but same size, easily $1,300+. A $1,300 1 bedroom city apartment in Charlotte would be near $2,000 here.

Difference? I’m in fuging Utah. Not in NY where everything you possibly want is offered. Small city. No sports teams (ok, the Jazz). No renowned restaurants. Zero nightlife. Entertainment doesn’t have this place on a map. Landlocked. No forest, no trees, no natural lakes/water source - all reservoirs.

Saving for the future? Really only doable by 401k through employment or severely penny pinching. This is taking into account I have no kids. Can’t even imagine that.

I am truly failing to understand why people do this to themselves and what exactly is causing this. Tech, I get it, but WHY these areas? They suck.

I hope SS is still a thing when I’m ready, otherwise I’ll be retiring on squat. And I’m not a big spender.

/rant

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GOAT Veteran

GOAT

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I live in one of the most expensive areas in Southern California. Been looking at moving elsewhere as mentioned in another thread.

My mortgage and cost to run my home a month is over $5K, my wife stays home so it's all up to me. I'm only 29, blessed to make enough to afford this and save but my spending habits are terrible. Dropping $2K this week to go see the Panthers after I was just there and about to drop another $5K on a puppy.

You only get one damn life though!

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CRA Grand Master

CRA

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53 minutes ago, GOAT said:

I live in one of the most expensive areas in Southern California. Been looking at moving elsewhere as mentioned in another thread.

My mortgage and cost to run my home a month is over $5K, my wife stays home so it's all up to me. I'm only 29, blessed to make enough to afford this and save but my spending habits are terrible. Dropping $2K this week to go see the Panthers after I was just there and about to drop another $5K on a puppy.

You only get one damn life though!

what kind of dog? 

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TF330 Collaborator

TF330

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Following Dave Ramsey's principles changed our life. I would highly recommend anyone looking for "money tips" to read the "total money makeover" and follow " the ramsey show" on any podcast app. it's monday-friday for 3 hours so I listen on my commute every day. 

 

paid off $60k in debt, we live now in an affordable area where we should have the mortgage paid off within the next five years (just got it last year) and being debt free has allowed my fiance the ability to stay home when we have our first kid (hopefully next year). wouldn't be possible if we hadn't sacrificed and paid off debt by following the baby steps. 

 

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