Could you live on $28,000?

Discussion in 'Job Seekers' started by kassrose, Jun 9, 2010.

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Could you live on $28,000?

  1. Yes

    43 vote(s)
    61.4%
  2. No

    27 vote(s)
    38.6%
  1. kassrose

    kassrose Companion

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    Jun 9, 2010

    I've been offered a full time Kinder position at a charter school with a salary of $28,000. I feel like I have no choice but to take it, with the way things are right now. But it's $28,000!!! Ugh. Base salary for my district is $35,500. I am single, but I have $34,000 in student loans, and I just wonder if I can live on that. Could you?
     
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  3. Baliboy74

    Baliboy74 Rookie

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    if it was the only thing offered yes. would get rid of my iphone and other "luxury" items i have
     
  4. Unbeknownst

    Unbeknownst Cohort

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    Funny that you ask, because that's exactly what I'll be living on this year.

    So I guess the answer is yes.
     
  5. teacherpippi

    teacherpippi Habitué

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    I picked yes (for me!)- I don't have any debt, I could tutor to help out with thingsafter school and in the summer (or get a completely unrelated job). I don't know if you could live on it. It would be very difficult, but depending on your cost of living, being frugal and getting a second job during off times, it may be possible.
     
  6. PCdiva

    PCdiva Connoisseur

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    HOw much is your rent and student loan payment?
     
  7. Aliceacc

    Aliceacc Multitudinous

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    I started at $9,700 in NY in 1980.

    So, yes, I've lived on $28,000 in an area with a high cost of living.
     
  8. Baliboy74

    Baliboy74 Rookie

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    if you get on income based repayment (as oppossed to income contingent repayment) your loan payments are drastically cut each month

    as long as they are federal loans....google it
     
  9. Peachyness

    Peachyness Virtuoso

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    I work part time so my pay is MUCH lower than that. I was able to survive by applying for unemployment. But, that will stop this August.

    I think it's possible as long as you budget and really prioritize things that you spend. For example, do you NEED cable tv?
     
  10. chemteach55

    chemteach55 Connoisseur

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    We do not have any debt either except house and car notes but I could not live on 28,000 a year. We make 5x that and sometimes it is tough.
     
  11. sammyrams

    sammyrams Companion

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    Jun 9, 2010

    Don't forget that the student loan companies now have something that the payment can't be more than 10% of your income or something. That may help.
     
  12. Baliboy74

    Baliboy74 Rookie

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  13. Baliboy74

    Baliboy74 Rookie

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    this bill was passed in 2007.....its governemnt funded and if you're in a public school your remaining loans are forgiven after 10 years and 20 if you're in the private sector
     
  14. Unbeknownst

    Unbeknownst Cohort

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    Don't let me preach at you, but it would be best if you got your income on paper.

    This means looking at your monthly income and monthly payments, and put it all down on paper. For the rest of the money that is left over, put it in a category (even if you have a "party" category), just know where your money is going.

    This will help you see where you can cut and what is mandatory, and I g.u.a.r.a.n.t.e.e. you it will make your life SO much easier.
     
  15. luckyal29

    luckyal29 Companion

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    Yeah I can live off that fine as I'm single and have no children but how the heck do they start you off at $28,000 and $35,000 for district. I'd rather sit out a year than to work for those wages. My 1st year which was actually last year I started at $50,000.
     
  16. kassrose

    kassrose Companion

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    Jun 9, 2010

    Where do you live?!
     
  17. luckyal29

    luckyal29 Companion

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    Jun 9, 2010

    That was in Bay Area of CA. But after thinking it over and factoring a few things wasn't as much as it seemed. Higher cost of living. Also the health plan was abyssmal, you had to contribute (if you joined) $500-$600 a month for it so subtract $6000 from that salary.
     
  18. mmswm

    mmswm Moderator

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    Jun 9, 2010

    I could do it if I had to. I've lived off less, and as a single mother of three. You do what you have to do. So what if you don't have money for cable, partying, and extras like starbucks coffees or canned soda. Make the cuts you have to, and be thankful you have a job.
     
  19. BioAngel

    BioAngel Science Teacher - Grades 3-6

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    Jun 9, 2010

    Well let me do some math...
    My 1/3 of rent per month: $450
    Gas/electric: about $100 (sometimes more than this)
    Gas for my car: $40 for 2 weeks (this will be increasing next school year)
    School loan #1: $190
    School loan #2: $200
    Total per month: around $1000

    Right now I'm making $39K and after taxes, insurance, and other fun stuff, I make about $2,333 a month or almost $28k a year. So assuming after taxes, if I was making $28k, I'd say I'd end up with $18k roughly. And that would leave me with $1500 per month. So yes I could technically live off of what this job would pay me, but it would be tight. Right now, I'm doing okay (and next year, luckily I'll be making $5k more).

    Still I agree that with the job economy being difficult, you might just want to take this-- it is a job.
     
  20. tracykaliski

    tracykaliski Connoisseur

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    My first year teaching I lived on $750 a month. That was my salary. Period.

    You can do anything for a year. Always remember that.

    Plus, if you're full time, you'll get health insurance which is priceless in this economy.
     
  21. tgtbtj

    tgtbtj Companion

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    Jun 9, 2010

    Yes I could live on 28,000 a year. Actually i'd be more than grateful to have the chance to make that right now. Sure it's not as much as other schools in your area but like everyone else said, it's a job and it's better than nothing. Be thankful that you have at least that.
     
  22. ms.

    ms. Comrade

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    Jun 9, 2010

    Is the school a Title 1 school or is it in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits?

    I could afford to live on 28,000 if I was teaching at a low income or Title 1 school.

    If it is a Low Income School then you may be able to cancel some of your loans. You can also defer loans in lieu of cancellation. If you have Stafford loans check out http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp You can also have Perkins Loans canceled as well.

    - From the student aid website.


    Charter schools can be on the low income school directory.
     
  23. kassrose

    kassrose Companion

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    Jun 9, 2010

    Thanks for the loan info, I'll look into that!
     
  24. swansong1

    swansong1 Virtuoso

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    My first year teaching I made about $4000 per year. I lived off of that. Of course, that was 1976 :whistle:
     
  25. Mrs Ski

    Mrs Ski Companion

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    Jun 9, 2010

    my husband makes 30k a year and has been the sole supporter of our family of 4 for nearly 4 years. yeah you can do it!
     
  26. kimrandy1

    kimrandy1 Enthusiast

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    Well, it depends...
    Where is the job? 28,000 is a whole lot more money in Kansas than in NYC.
    What is your living situation? If you have a roommate or a spouse who also works, its' much more doable.
    What are your financial responsibilities? Debts, kids, etc.

    Maybe, maybe not is my answer.
     
  27. Kangaroo22

    Kangaroo22 Virtuoso

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    I could live off $28,000/year. I would definitely keep my part-time job, though where I would be able to make ~$10,000 more a year, so that I would have the money for traveling and extras.

    As other posters have said you really have to look at your finances and decide if it's doable. If it's doable and you liked the school then I would take the job. Good luck with your decision!
     
  28. futureiowateach

    futureiowateach Rookie

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    28,000 is the average starting salary in Iowa. I guess I'll have to live on it, no choice. I do however plan on working as an RN (first degree) two days a week to get my student loans paid off....
    It should be interesting. ;-)
     
  29. FarFromHome

    FarFromHome Connoisseur

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    If I was staying here in Idaho, I would only be making $30,000. And that's with my Master's degree (because of course there's a pay cut and education/experience freeze for next year). I could live off of $28,000. Just be careful about what you spend. You can also find a summer job and start saving.
     
  30. PCdiva

    PCdiva Connoisseur

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    Jun 9, 2010

    Yes!!! Get out the old pen and paper!

    Don't forget Rent, Car payment, car insurance, health insurance, food, student loan, credit card payments, water, electric, taxes, hair/nails if applicable, gifts you may have to give for weddings-I know I have at least 3 coming up this year, going out, etc.

    and its all about priorities you CAN make it work! as a sub I am only making about 24,000 a year and the cost of living is here is HIGH!
     
  31. newteacher26

    newteacher26 Companion

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    I couldn't do it. I live in Houston, where the economy is ok and the cost of living is not so high; but I'm single with 2 kids in daycare (which is almost a house payment), rent, a car, student loans, and bills. I'm living off of 36K right now and it's tough making ends meet. When I start teaching I'll be makig about 10K more. 3 years ago I was living off of 25K but my mom and step dad paid my rent. It was the only way I got by. I commend people who can make it on lower wages in this economy. It's tough! :(
     
  32. AhoyHoy

    AhoyHoy Rookie

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    That's actually a bit more than I make now. I'm single with student loan payments of ~$300/month and live in a major city and I can live off that and still have room to save money. That said, my job that I do now is much less intensive than teaching and requires no work outside of my 40hrs/wk. So, yes, I could live off it and would take it, though I really think it's low for the work that is expected of teachers.
     
  33. Special-t

    Special-t Enthusiast

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    I just made a payment on my husband's student loan, and the company is now offering income-based payment.
     
  34. PCdiva

    PCdiva Connoisseur

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    with income-based payment they are just allowing you to pay less now right? It doesnt defer the interest right?

    So its actually worse in teh long run, in my opinion. If my payment is 190 month on 25,000 at 3.75% interest, I am really only paying down 110- a month the ohter $80 a month is interest....if they lowered my payment due to income and said I only have to pay say 140 amonth...then I would only be paying dow 60 a month and I would have my loans for an additional 8 or so years before it would be paid off and will have paid A LOT more in interest.

    RIght?

    Please let me know if I am understanding this wrong, I just don't see how it would be good.
     
  35. Auter12

    Auter12 Comrade

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    Actually, that's about the starting teacher's salary where I'm from!! It's completely doable. (I love how, even as a teacher, I make up words! :haha:) Hopefully you don't live in an area with too high of a cost of living and you don't have too expensive of taste!
     
  36. Unbeknownst

    Unbeknownst Cohort

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    I completely agree, but I'm kind of a nerd when it comes to this.

    Usually when I tell people this, their eyes glaze over, but when I run the numbers through an online amortization calculator, their eyes get real big real quick.
     
  37. Cerek

    Cerek Aficionado

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    Which will be easier, living on $28k this next year or $0? Unless you have the guarantee of another job, you would be wise to take the one being offered.

    BTW, I've not made $28k in the last 3 years combined, due to job loss and health issues. I had to get some help from my parents, but I've managed to make ALL of my monthly payments, even when I was in the hospital for 6 weeks.

    As most others have said, it is a matter of priorities. It is also a matter of determining NEEDS vs WANTS.
     
  38. Miss84

    Miss84 Comrade

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    Jun 10, 2010

    Ugh...my salary is $20,000, so $8,000 more I would be estatic! My student loans also add up to a bigger amount than my salary but the key is to BUDGET, BUDGET, BUDGET!
    I am a recent grad (graduated last May) and in no way would I thought I would be making this amount, or lack of, when I graduated. It's tough, but feasible. I am definitely looking to take up a part time job though just so I won't literally have to live from paycheck to paycheck.
     
  39. Missy99

    Missy99 Connoisseur

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    Jun 10, 2010

    In 1976, I spent $40 each week on groceries -- and had meat with each meal. That was for TWO people!

    But I don't think I would care to try living on $28K a year. Here in Houston, the average summer electric bill is $200-$300 per month (and by "summer," I mean from April-October). My husband pays the mortgage and for car insurance, and I cover the rest, so my take-home from the $28K, which would be around $20K-$22K, would not leave me with much to BOGO at Payless.
     
  40. Unbeknownst

    Unbeknownst Cohort

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    I spend about that much today for two people. We budget $300 for groceries per month, but usually spend around 230ish.
     
  41. KateL

    KateL Habitué

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    Jun 10, 2010

    I lived on $20,000 per year for a few years in Michigan in 2004-2005. I was single, didn't have any car payments, and didn't have any student loan payments (I was in grad school). It was completely doable, but then all I had to pay for was rent, food, insurance, clothing, and a bus pass. Also, the cost of living was low in Michigan - cheap food and about $500 in rent. So it depends on your expenses and where you are living.
     

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