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Thread: Planning to move out in 3 months, help please! Am I budgeting right?

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    Default Planning to move out in 3 months, help please! Am I budgeting right?

    Hi! So I currently live in a Michigan suburb, with my grandparents and its not the most comfortable living situation. My mom is also trying to get me into this nursing program by the end of the summer which I do not want at all. So I plan on starting to dance by the last two weeks of this month/beginning of April. I don't have a car unfortunately and I've tried to push them on learning and getting on my grammas insurance but she doesnt seem to be having it lol, so I'm gonna be stuck w taxis (yikes). So I've written out some goals so it can be that by the end of July I can move out to the city I'll be dancing. So here are the quick numbers I came with..of course it probably won't go as smooth as this, or I might leave in the negative some night but heres to wishing lol. (I have no dancer experience btw, just hardcore research)

    $300/night (after tipout) -$90 a night for tax= $210 a night, after tax (working 4 days a week)
    $840/week *month= $3360/month -$400/week cab fare (I calculated, $100 roundtrip -_-)
    so that leaves me with $440/week *month= $1760 a month net *3 months= $5280

    I am working a part-time job, but I'll be using that money for current bills and such, I dont plan on touching my dancer money except to take out taxes
    So the average apartment where I plan on moving (if I get hired at the club, which tbh I doubt I'll have a problem with) is about ~$550, so I'm gonna put aside
    $1800 for rent out of that $5280. Is there any other adult expenses I should be setting money aside for? Is this doable? It's urgent that I move out asap so I was going to move out in about 6 months, but that moved up to 3 real quick lol. Also if there are any Michigan ladies in this thread, I'd love to ask about the area I want to move, how safe is it, do I need a car etc. Thank you!!
    Last edited by alibby; 03-04-2015 at 03:02 PM.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Other adult expenses include groceries, transportation (be it a car, bus pass, taxi, etc.), insurance, cellphone, Internet, utilities, entertainment, furniture/apartment stuff, and an emergency fund for when random, unexpected things come up. If you get a car, you will need to add to the regular expenses and build a far bigger emergency fund!

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Oh, I probably should put aside 550 to pay off my credit card and atleast 1000 towards $6900 student loans, which leaves me w/ $1980 after 3 months worth of saved rent ($1800) also.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by shanna dior View Post
    Other adult expenses include groceries, transportation (be it a car, bus pass, taxi, etc.), insurance, cellphone, Internet, utilities, entertainment, furniture/apartment stuff, and an emergency fund for when random, unexpected things come up. If you get a car, you will need to add to the regular expenses and build a far bigger emergency fund!
    Thank you so much! I hope the utilities are included in the rent. And I dont really plan on buying a car once I move to the city I work lol. I think I'll be living as small and minimal as possible, no internet/entertainment, thrifted furniture if necessary lol.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    If you don't have established credit, there may also be an issue of 'front money' i.e. having to put down more than just the first + last month's rent plus a 1 month's rent worth of security deposit prior to moving in, with another month's rent payment being due a month later. If you don't have established credit, electric, cable TV and other utilities sometimes require a 'front money' deposit as well before activating your service. These possible 'front money' requirements won't affect your budget over the long term, but might require you to stay with your grandparents longer to save up the additional cash.

    also, with a ~$50,000 annual gross income between dancing as described plus a part-time 'straight' job, between self-employment tax, federal income tax, Michigan income tax, and the ACA 'penalty' tax, your estimated 30% withholding may be a little light. The main reason for this is that your effective tax rate depends on total earnings, but your 'straight' job employer is only withholding enough in estimated taxes from your part time paychecks to cover an $8,000 ( or whatever ) total income level. To compensate for this, you'll need to withhold extra money from your dancing income to cover additional taxes due on your 'straight' job income.
    Last edited by Melonie; 03-04-2015 at 04:37 PM.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by Melonie View Post
    If you don't have established credit, there may also be an issue of 'front money' i.e. having to put down more than just the first + last month's rent plus a 1 month's rent worth of security deposit prior to moving in, with another month's rent payment being due a month later. If you don't have established credit, electric, cable TV and other utilities sometimes require a 'front money' deposit as well before activating your service. These possible 'front money' requirements won't affect your budget over the long term, but might require you to stay with your grandparents longer to save up the additional cash.

    also, with a ~$50,000 annual gross income between dancing as described plus a part-time 'straight' job, between self-employment tax, federal income tax, Michigan income tax, and the ACA 'penalty' tax, your estimated 30% withholding may be a little light. The main reason for this is that your effective tax rate depends on total earnings, but your 'straight' job employer is only withholding enough in estimated taxes from your part time paychecks to cover an $8,000 ( or whatever ) total income level. To compensate for this, you'll need to withhold extra money from your dancing income to cover additional taxes due on your 'straight' job income.
    Thank you Melonie! Does a credit card bill and cell phone bill count as credit? I pay those on my own every month.
    Oh jeez, more than 30%? Guess I need to set my daily goal higher lol, even though no newbie is coming in making 500 most likely.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Does a credit card bill and cell phone bill count as credit?
    Obviously they're better than a totally empty credit report !!! By 'credit', I was referring to the type of things a landlord may ask for in regard to a new lease ... proof of income, credit score, past year tax returns showing a sufficient level of reported income to cover the monthly lease payments etc.


    Oh jeez, more than 30%? Guess I need to set my daily goal higher lol,
    The 30% figure for your dancing in come is more or less correct. The problem comes from your ( additional ) dancing income raising the effective tax rate on your 'straight' job income to the 20% ballpark while your 'straight' job employer is only automatically withholding 5%. If you prefer, you can file a new W4 with your 'straight' job employer requesting 15% federal plus 5% state 'flat tax' withholding while sticking with 30% self-withholding on your dancing earnings. But that's likely to result in a disappointingly small take-home paycheck from your 'straight' job.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Do they have Uber in Michigan? You could save a lot of money by using Uber instead of cabs.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by alibby View Post
    Thank you Melonie! Does a credit card bill and cell phone bill count as credit? I pay those on my own every month.
    Are they in your name? If so, yes, you are building credit. If not, or if you are a supplementary card holder, then no, you are not building your credit. If it's the latter, consider getting a card (even if it has a small limit) and cell phone contract in your own name to start building.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Yes we have Uber, I plan on using it even though I've read from some theyre more expensive than a cab.

    Yes all my bills are in my name.

    Oh wow, I mind as well quit my straight job and start dancing full-time, but thats not an option right now since I need some stable income before dancing takes off :/

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    After going on Ubers site I was mistaken, with a cab it wouldve been 50 both ways, but with Uber 25 max!
    so instead of ~5k after 3 months, I'll have ~7k!
    Thank you Chloe!

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Oh wow, I mind as well quit my straight job and start dancing full-time, but thats not an option right now since I need some stable income before dancing takes off :
    Yup - understood. I just wanted to make you aware of the interaction of multiple income sources on the 'effective' tax rate which applies to your 'straight' job earnings. Unless you specifically tell 'straight' job employers to do something different, they are going to assume that your 'straight' job income is your only source of income ... and thus automatically withhold very little in the way of estimated taxes from each paycheck ... meaning that once you start earning significant money from dancing ( or camming or anything else ), you'll have to self-withhold even more dollars from your dancing earnings to cover the additional taxes due on your 'straight' job earnings.

    As you say, if that 'straight' job is only paying $8 an hour before taxes, continuing to work at that 'straight' job after your dancing income starts to rise significantly may not make sense ... since the effective 'after-tax' pay rate for the 'straight' job may drop from $7.50 an hour to $6 an hour or whatever.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Okay I see, well I think I might apply for an ebt card and just tell them I have another job and just pay my bills w my straight earnings. Thank you for making me aware of this!

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by alibby View Post
    After going on Ubers site I was mistaken, with a cab it wouldve been 50 both ways, but with Uber 25 max!
    so instead of ~5k after 3 months, I'll have ~7k!
    Thank you Chloe!
    Careful with that calculation -- Uber does surge pricing during high demand times, so the price isn't always $25. For example, if you're leaving work at closing on a weekend, the price will likely be higher because all the bars are closing and everyone is trying to get home, so there's a huge demand. Add in an event or holiday in the mix and it could very well be significantly more expensive than a cab.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by shanna dior View Post
    Careful with that calculation -- Uber does surge pricing during high demand times, so the price isn't always $25. For example, if you're leaving work at closing on a weekend, the price will likely be higher because all the bars are closing and everyone is trying to get home, so there's a huge demand. Add in an event or holiday in the mix and it could very well be significantly more expensive than a cab.
    Okay that makes sense, I'll keep that in mind

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    ^^ I do think that you still would do better overall using Uber vs cabs. Just a suggestion.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Yeah I am, the safety and security outweighs the possible cheap price of a cab. I just probably wont be using it/working on holidays and such now that I know.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by alibby View Post
    Yeah I am, the safety and security outweighs the possible cheap price of a cab. I just probably wont be using it/working on holidays and such now that I know.
    Well you could always call for a normal cab on those nights.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Of course

    I ordered my Pleasers and wig today (i'm natural, so wanted to go for a more accepted~? look) and stripping is possibly two weeks away for me and i'm beyond excited, i got all the stuff for my stripper bag, have been practicing floorwork, and reading up on huslte lines and tips and i cant wait, i feel like besides the occasional creep or first-time stage freight and anxiety, this is gonna be the job of my dreams! the job im at now i have to memorize all the stupid burgers and make other ppls food which is stressful and thankless. but i'll finally get to work at a place where my time is valued and i'll likely get rightfully compensated for my hard work w/out the annoyance of dealing w co-workers etc. the pros that this job will offer will greatly outweigh the cons for me and im determined to work my butt off! okay im done lol

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    I'm glad you are excited and did research; however not to bust your bubble- your time is not going to be valued... well let me take that back; when you get a nice, respectable client that wants to spend money on you because he is lonely or wants to hang out yes- but be prepared to deal w co-workers that are probably worse than at a fast food but it's not all roses. Also, maybe you can look into ride-sharing; maybe there's another girl who lives somewhere by you and can split the cost of the uber??


    Good luck!! Did you pick a stage name?
    XoXo Gia
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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by Gia2608 View Post
    I'm glad you are excited and did research; however not to bust your bubble- your time is not going to be valued... well let me take that back; when you get a nice, respectable client that wants to spend money on you because he is lonely or wants to hang out yes- but be prepared to deal w co-workers that are probably worse than at a fast food but it's not all roses. Also, maybe you can look into ride-sharing; maybe there's another girl who lives somewhere by you and can split the cost of the uber??


    Good luck!! Did you pick a stage name?
    Thank you! Oh i know lol, i plan to really just keep to myself and focus on my work while I'm there and leave. And actually I think I could get a ride from my sister occasionally, but the fare is reasonable enough I think that I can afford it all.
    Yeah! I think I'm going with Britney, my fave artist is Britney Spears and she has that stage presence and sex appeal that I want to tap into when I get into character so I think it's a good fit

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    One last thing, I filled out the tax papers for my job and I put to withhold nothing but tbh, if I only have ~3-5k after three months when I quit thats not really that significant to tell them about right?

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by alibby View Post
    One last thing, I filled out the tax papers for my job and I put to withhold nothing but tbh, if I only have ~3-5k after three months when I quit thats not really that significant to tell them about right?
    Legally, you are supposed to report any earnings over $600 for a fiscal year.

    Honestly, I'm baffled as to why a person would bother dancing if it will only be for 3 months (or is it your vanilla job you're quitting?). It's one thing to try it and not like it, but I would rather get a waitressing job for quick money without a stigma. Considering how much you will spend to look good (gotta spend money to make money) and the time to learn to hustle, I'd keep doing it. I didn't start making good, consistent money until I'd danced for over a year.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by Aurora14 View Post
    Legally, you are supposed to report any earnings over $600 for a fiscal year.

    Honestly, I'm baffled as to why a person would bother dancing if it will only be for 3 months (or is it your vanilla job you're quitting?). It's one thing to try it and not like it, but I would rather get a waitressing job for quick money without a stigma. Considering how much you will spend to look good (gotta spend money to make money) and the time to learn to hustle, I'd keep doing it. I didn't start making good, consistent money until I'd danced for over a year.
    oh okay, i guess i'm just not sure how to tell my vanilla job where im getting all this extra money. would they want stubs/proof or should i just say i have a little side business..hmm

    oh noo lol,trust me its this crappy vanilla job im quitting, i plan on stripping longterm-ish, im putting everything into this. im just using the 3 months to save up money from stripping to move out my grammas.

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    Default Re: Planning to move out in 3 months, help please! Am I budgeting right?

    Quote Originally Posted by alibby View Post
    oh okay, i guess i'm just not sure how to tell my vanilla job where im getting all this extra money. would they want stubs/proof or should i just say i have a little side business..hmm

    oh noo lol,trust me its this crappy vanilla job im quitting, i plan on stripping longterm-ish, im putting everything into this. im just using the 3 months to save up money from stripping to move out my grammas.
    I'm not sure why you have to explain anything to them. It won't cost them any more to withhold more from you anyway.

    The W-4 does not require that you explain the source of your other income, only its existence. The only thing that adjusting your W-4 with your vanilla employer does is change how they compute exemptions and marginal tax rates on the money that they pay you, which simply means that they hold back some more of the money that you earned from them and give it to the tax authorities instead. But they won't withhold all of the taxes owed on money earned elsewhere, nor does it require them to pay a cent more out of their own pockets for any money earned elsewhere. Somebody else will be responsible for computing and paying taxes on money earned outside of that vanilla job.

    If you dance, you will likely do so as an independent contractor, which means that you will be responsible for calculating and making additional payments, including the difference in ordinary state and federal income taxes as well as the full FICA/medicare taxes on your dancing earnings, since you won't have an employer paying half of the FICA/medicare taxes for you. This is normally handled through quarterly estimated tax payments.

    But all this seems a little like putting the cart before the horse. Budgeting and doing your research is great, but before you take too many actions and base too many plans on all of this, you first need to actually figure out (1) if you can handle dancing at all; and (2) if so, what you can realistically earn. So maybe it's now time to get yourself to a club and find out.
    Last edited by rickdugan; 03-14-2015 at 09:20 PM.

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