I don't have any loans and I've never worked a real job so i have no idea how much money 40K is in the real world. How well can i live on 40K after taxes? My car is paid for, but I would like a new one, proabably in the 25-30K range. I don't own a house, i rent. my rent is about 750 per month So basically, I would only have living expenses, rent, or house note, and food, entertainment, phone service, etc...... can u live okay on that salary for 3 years? or will u still have to be really careful on how u spend?