Can you survive on an entry-level teacher's salary? Christine and Dave about their experiences surviving on a teacher salary in the Dallas, Texas area and how they were able to save money and eventually buy a house.
Here are the key points from the discussion:
- The starting salary for a first-year teacher in McKinney ISD is $60,450 per month.
- After taxes and deductions, a single person could take home around $4,300 per month.
- Rent for a one-bedroom apartment in McKinney can be around $1,075 per month, including utilities and internet.
- Other expenses include car payments, gas, groceries, phone bill, streaming services, clothes, entertainment, and student loan debt.
- We estimate that a single person could live comfortably on around $2,500 per month, leaving $1,800 left over for savings.
- By saving consistently for a few years, it is possible to save up for a down payment on a house.
- We also discuss the importance of side hustles and how we were able to supplement our income when we were first starting out.
We acknowledge that everyone's situation is different and that there is no one-size-fits-all answer to the question of whether or not someone can survive on an entry-level teacher's salary. However, we believe that it is possible with careful planning and budgeting.
