What am I missing from this expense list

[pharmacy7424]

Graduating soon, trying to put together a list of my costs...what am i missing?

Expected monthly take home: 4500
Student loan 1400
Rent 1200
Utils 100
Internet 35
Car 150
Car Insurance 100
Gas 150
Parking (in city) 190
Groceries 400

That leaves me with about $25/day for entertainment expenses.

Even on a pharmacist salary, this doesn't seem like its enough! Student loan is killing me.

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[BMBiology]

Cell phone.

Clothes.

Six month emergency fund.

Are you on the 10 year standard repayment plan or 25 year income based repayment?

 

[genesis09]

How about health insurance or 401K/IRA expenses? You are spending quite a bit on food and gas. I spend way less than $150 per month on gas, but I also have a fairly fuel efficient car. There will also be unexpected expenses.

 

[Dr Wario]

Girl = $$$$$

 

[Sunshine98]

Just Misc stuff

Your Lic fee annually
Are you a member of any state pharmacy associations?
Life Insurance?
Liability Insurance?
Cancer policy (if one isn't available through work)
Tax Preparation (if you don't do yours)
Do you Nextflix/Hulu

 

[Gombrich12]

What the hell is a cancer policy?

 

[Aznfarmerboi]

Graduating soon, trying to put together a list of my costs...what am i missing?

Expected monthly take home: 4500
Student loan 1400
Rent 1200
Utils 100
Internet 35
Car 150
Car Insurance 100
Gas 150
Parking (in city) 190
Groceries 400

That leaves me with about $25/day for entertainment expenses.

Even on a pharmacist salary, this doesn't seem like its enough! Student loan is killing me.

Also..., 4500 take home seems kind of low.

400 a month for groceries is a lot... but realistic for eating out.

 

[Dred Pirate]

400 for groceries?

FWIW - my take home pay (after 403b contributions and health insurance) is$6000 a month

I spend 160 on groceries and 170 on eating out (beers, etc)
I put $1000 a month into a travel budget - I like to travel, a lot.
your loans suck - I graduated with 115k and pay 579 a month
I also budget about $400 a month for misc house hold expenses

 

[pharmacy7424]

400 for groceries?

FWIW - my take home pay (after 403b contributions and health insurance) is$6000 a month

I spend 160 on groceries and 170 on eating out (beers, etc)
I put $1000 a month into a travel budget - I like to travel, a lot.
your loans suck - I graduated with 115k and pay 579 a month
I also budget about $400 a month for misc house hold expenses

I have a simlar loan amount ~125k. How are yours so low? Are you doing IBR/extended plan?

 

[Dred Pirate]

I have a simlar loan amount ~125k. How are yours so low? Are you doing IBR/extended plan?

graduated in 03
some of loan (16k) on 15 year replaymenr (private loan), rest on 25 year stafford at 1.8%

yup I got lucky

 

[Dred Pirate]

also - depending on your beliefs, etc - charitable donations

 

[pharmerjohn]

Girl = $$$$$

If you play your cards just right, girl/boy = $$$$$ in your pockets.

 

[PharmEcon]

rest on 25 year stafford at 1.8%

1.8% !?

 

[Momus]

1.8% !?

Before the dawn of time, student loan interest rate was sub 2%. One of my financially savvy friends will never pay this off, it's essentially free money from the government.

 

[pharmerjohn]

Before the dawn of time, student loan interest rate was sub 2%. One of my financially savvy friends will never pay this off, it's essentially free money from the government.

Why wouldn't one pay it off? Sure, it's low interest, but that's still money out of pocket...

 

[Momus]

Why wouldn't one pay it off? Sure, it's low interest, but that's still money out of pocket...

Leverage, borrowing to invest in better EXPECTED asset return. Any other asset class will be expected to return more than 2%/year. So, if you have extra money/income to invest to get more than 2%, there is absolutely no reason to pay it off. It does however carry more risk if the investment goes south.

I do the same with my 400k mortgage for 30 years. While I have the ability to pay it off anytime, I don't put a penny early since it's only 3.125% and the extra money can go to stocks (9% expected return). Money in the house is dead money. The house can still appreciate whatever the market gives so no reason to pay it off and to lock only 3.125% return on my money. Theoretically, my extra dollar can get the difference between 9% - 3.125% = ~5.8% in extra return, if I am not gung-ho about killing little interest expenses. It takes money to make money.

 

[PharmEcon]

Before the dawn of time, student loan interest rate was sub 2%. One of my financially savvy friends will never pay this off, it's essentially free money from the government.

Exactly. That is crazy. Amazing how things have changed.

 

[type b pharmD]

You're missing about $2000/month in take home pay first off.. Also employer deductions will run you $400-$1000/month

You'll have more than enough money.

To only be bringing home $4500/month youd have to be making way under 100k.. like the 70-80k range.

Im making in the bottom quartile of pharmacist pay and still am bringing >$6500/month before employer deductions. Granted, am skimping slightly on taxes ($150/month. For now) and have a low tax situation. But if youre making median salary youll most definitely have way more than $4500/month after tax

 

[Old Timer]

Graduating soon, trying to put together a list of my costs...what am i missing?

Expected monthly take home: 4500
Student loan 1400
Rent 1200
Utils 100
Internet 35
Car 150
Car Insurance 100
Gas 150
Parking (in city) 190
Groceries 400

Disability Insurance
Cell Phone
Savings
Cable/Hulu/Netflix
Entertainment
Expenses of Every Day Life: Car repairs, clothes, furniture, new TV (things break at the weirdest time).

 

[Dred Pirate]

1.8% !?

yup - graduated in 03- right before they changed the laws, - locked in for 25 years - I will pay the minimum until I have no other loans (car,mortgage, maxed out 403b contributions, etc) - then I will pay off the rest simply to kick sallie mae out of the house (she is a bitch)- and I can go live in the islands

 

[MackandBlues]

missing all those misc household stuff that you buy on target runs - grooming products, paper towels, laundry detergent, etc.

 

[pezdispenser]

Graduating soon, trying to put together a list of my costs...what am i missing?

Expected monthly take home: 4500
Student loan 1400
Rent 1200
Utils 100
Internet 35
Car 150
Car Insurance 100
Gas 150
Parking (in city) 190
Groceries 400

That leaves me with about $25/day for entertainment expenses.

Even on a pharmacist salary, this doesn't seem like its enough! Student loan is killing me.

Is your monthly take home only $4,500 because you were only offered 32 hrs/wk? Unfortunately I believe this is the norm in retail right now. Yes, this means only about $90k/yr. Ugh... pharmacists no longer making six-figures...

Also what is your student loan balance? 'Just' $120k @ 6.8% would result in a monthly payment of $1,400 on the 10 yr plan. As you can see, that's already enough to kill your budget. You may have to consider going on the extended 25 yr plan which brings the payment down to $832, or IBR, but you will pay more interest overall. The 6.8% interest rate is already pretty high, so I would rather pay them off as soon as possible.

 

[BMBiology]

120 k x 6.8% = 8 k in interest. That is like 12 k in pre-taxed salary.

Why would anyone wants to pay that much interest over a 25 year period is beyond me.

 

[sakigt]

Is your monthly take home only $4,500 because you were only offered 32 hrs/wk? Unfortunately I believe this is the norm in retail right now. Yes, this means only about $90k/yr. Ugh... pharmacists no longer making six-figures...

Also what is your student loan balance? 'Just' $120k @ 6.8% would result in a monthly payment of $1,400 on the 10 yr plan. As you can see, that's already enough to kill your budget. You may have to consider going on the extended 25 yr plan which brings the payment down to $832, or IBR, but you will pay more interest overall. The 6.8% interest rate is already pretty high, so I would rather pay them off as soon as possible.

Id rather kill my budget than pay a quarter of a million dollars in intrest the 25 year plan will cost......

 

[rxstudent204]

Cell phone bill. Been on my parents plan for too long…. trying to get off now and that **** is like $65 a month!

65$ a month would be like no data...or some shady cell phone carrier. With taxes,fees, etc I really don't think you can get a single cell phone plan for less than $85 a month. It blows my mind how many people (not you necessarily) who are in their late 20s/30s are still on parents cell phone, parents car insurance etc. No offense to you personally, but as someone who was paying that stuff on my own all through school it's crazy to me.

 

[Momus]

65$ a month would be like no data...or some shady cell phone carrier. With taxes,fees, etc I really don't think you can get a single cell phone plan for less than $85 a month. It blows my mind how many people (not you necessarily) who are in their late 20s/30s are still on parents cell phone, parents car insurance etc. No offense to you personally, but as someone who was paying that stuff on my own all through school it's crazy to me.

I use Virgin Mobile $25/mo - 300 mins, unlimited data and text :-D. Can't complain I don't get the latest device, don't need 4g, and don't talk a lot. As long as I am able to call someone occasionally, that's all I need. If I want to talk for 1-2 hours, I use VOIP software/WIFI connection. Mind you, I am probably one of top 3 most frugal person in this forum LOL

 

[Mur7ay]

Graduating soon, trying to put together a list of my costs...what am i missing?

Expected monthly take home: 4500
Student loan 1400
Rent 1200
Utils 100
Internet 35
Car 150
Car Insurance 100
Gas 150
Parking (in city) 190
Groceries 400

That leaves me with about $25/day for entertainment expenses.

Even on a pharmacist salary, this doesn't seem like its enough! Student loan is killing me.

You must live in Cali to be only bringing home $4500..

 

[Dred Pirate]

65$ a month would be like no data...or some shady cell phone carrier. With taxes,fees, etc I really don't think you can get a single cell phone plan for less than $85 a month. It blows my mind how many people (not you necessarily) who are in their late 20s/30s are still on parents cell phone, parents car insurance etc. No offense to you personally, but as someone who was paying that stuff on my own all through school it's crazy to me.

Dude - I know people that are in their mid to late 20's who still bum this off their parents. As soon as I hit 18 and graduated, I was 98% on my own. and 100% on my own at age 21

 

[Ackj]

65$ a month would be like no data...or some shady cell phone carrier. With taxes,fees, etc I really don't think you can get a single cell phone plan for less than $85 a month. It blows my mind how many people (not you necessarily) who are in their late 20s/30s are still on parents cell phone, parents car insurance etc. No offense to you personally, but as someone who was paying that stuff on my own all through school it's crazy to me.

I'm still on a plan with my parents and pay for my share of it. Group plan + shared data is so much cheaper than having multiple individual plans. Same for car insurance, although if I was a bit older I could probably get a decent rate on my own.

 

[xiphoid2010]

I use Virgin Mobile $25/mo - 300 mins, unlimited data and text :-D. Can't complain I don't get the latest device, don't need 4g, and don't talk a lot. As long as I am able to call someone occasionally, that's all I need. If I want to talk for 1-2 hours, I use VOIP software/WIFI connection. Mind you, I am probably one of top 3 most frugal person in this forum LOL

Get Nexus 5 straight from Google. Loving mine.

 

[BMBiology]

I use Virgin Mobile $25/mo - 300 mins, unlimited data and text :-D. Can't complain I don't get the latest device, don't need 4g, and don't talk a lot. As long as I am able to call someone occasionally, that's all I need. If I want to talk for 1-2 hours, I use VOIP software/WIFI connection. Mind you, I am probably one of top 3 most frugal person in this forum LOL

Who are the other 2 frugal people?

 

[BidingMyTime]

What the hell is a cancer policy?

overpriced ins that you would be unlikely to ever need. The idea of a cancer policy is they will pick up expenses not covered by your regular health insurance (like off-label uses of drugs)

 

[Jibby321]

65$ a month would be like no data...or some shady cell phone carrier. With taxes,fees, etc I really don't think you can get a single cell phone plan for less than $85 a month. It blows my mind how many people (not you necessarily) who are in their late 20s/30s are still on parents cell phone, parents car insurance etc. No offense to you personally, but as someone who was paying that stuff on my own all through school it's crazy to me.

I pay 75 after taxes and fees a month for unlimited data text blah blah blah. Only thing limited is 500 mins which I don't come close to using. But I use the hell out of some data. Been on my own cell phone bill since I was 18. Prior to that since I was too young I was on my brothers and had to give him cash every month.