Saving Half of Your Monthly Income?

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Nov 2, 2017 14:29:21 GMT -5 TheOtherMe said:

I did that when I was fresh out of college.  I was paid by check and when I deposited the check, I put half in savings and half in checking.

That was how I saved the money for the down payment on my very first house.

I didn't have a lot of expenses then.  I shared an apartment with a roommate, so only half the rent, half the utilities, half the phone, etc.  No cell phones or cable television.  

My roommate and I also went out every Friday and Saturday night and had fun.  

Can't do it now because my mortgage is almost 50% of my take home.

My housing hovers around 100% of my net income. It is only because my Dad and I agree we don't want me living with him (in another state) that I am able to limp along year after year. My praying is working sort of. I did do several stints of FT hours on demand this year because of needs of former boss/staffing. I was pseudo solvent for a couple months recently if I ignore car repair costs, saving for retirement, and other non basics.

I didn't have the post college experience many seem to have had. I paid for grad school by working as a TA primarily. Indiana is cheap, so when I did get a job and move to NJ, my rent went up roughly 150% and my living situation decreased as well. I was sharing a two bedroom apt at college(grad school) and rented a one bedroom near my new job. My Indiana apt was roughly $400/mo. total (my share was less than $400 ) and my new apt in NJ was roughly $600.

Housing is very expensive here but unfortunately not much cheaper in the Chicago metro area I am originally from. No guarantee I would even get a $100/mo. break in rent by moving back.  Indiana however would be guaranteed cheaper as long as I don't go for high end new apts.