How much could I expect to save during my first year working in the ND oilfields?

First year you can reasonably expect to make 60-80k before taxes depending on what you do and how busy you are

Can save 50-66% of your gross while still servicing your debt and expenses?

This isn't being negative. Most people in the oilfield are high earning high spenders.

Do you really have no extraneous spending? I made next to nothing my whole life and managed to save. Even I have trouble fighting the urge to go buy a new car and other debts.

 

I think they key is to have a plan and follow that plan. That is easier said than done when you see the money coming in. When you get up there, after your first month, you should have a decent idea of what you will be bringing in. And being new, it will only get better as the months go by with the possibility of raises. Pay whatever personal bills you have and then figure out how much you need for extras such as food, gas, etc. Once that is figured in, save EVERYTHING else. Heck, send it back home to your Mom or something to where you can't touch it via Western Union or something like that. Or open another account back home and put your savings in it, but don't take a debit card or checks with you so that you don't have access to it. If it is not easily accessable, then it is easier to not spend it. If you have good self discipline, you should be able to save quite a bit. How much would depend on how much you make and how much overtime you get. Best of luck!!

 

I have been in the oil patch in Canada for 10 months. I had $20k in my bank when I started in the patch, now I have $50k. I pay $1700/month rent , $100/month utilities, $150/month phone, $1000/month food, $400/month gas for my pick up. So $3350 per month for living expenses out of $7000 per month net income. I have no loans or debt at the moment. I save every penny I can after paying my expenses.
You can still save money with high living costs, you just need to budget and avoid excess spending. Don't go out and buy a $70k brand new pick up truck after your first paycheck comes in like a lot of patch workers do!

 

^this. Was actually going to post about how a look at the parking lots at most yards will give you an idea of how little is being saved out there

 

The best Ive been able to do in the patch was to actually grow my savings by $1,000/wk. BUT... I have very little personal debt, I was working and eating out of a sleeper truck (no housing expense and very low food costs). I think $40k/yr is very possible... but I'm not sure that you'll do it your first year. Second year? Possible if you can find the income and remain frugal.

I would suggest a slight tweak to your goals. First, I would definitely have a written game plan. Second... I would give myself 3-6 months...then start on the 40k/yr game plan. You will likely have to be frugal just to survive during that first 3-6 months. Get yourself situated, get an idea of what your working with concerning your income vs expenses, then revisit your original goals. Tweak as needed and be prepared to make adjustments...even if it costs you short term money to gain long term savings...or income.

It can be done. Many, many people are doing it right now.

 

Again, without knowing:

1)What job you're going to have
2)What it pays
3)Your expenses

...there's no way anyone can answer your question.

But specific examples might help, so I'll bite. I've been doing frac fueling the last 4 months and have saved up about $18k after expenses, although most frac fuelers don't work as much as I do, and frac fueling in West TX is going downhill in terms of earnings anyways.

I'm going to be moving into Cased Hole soon and that number will increase. A buddy of mine does wireline working 3 weeks on 1 weeks off and manages to put away 4-5k/month too.

Again, it just depends on how hard you're willing to work and how diligently you're willing to save.

 

okay, why are you laser focused on North Dakota? There are areas of oil patch that pay just as much as ND, but the cost of living is 30% less, meaning more money in your pocket.

Wages have been dropping in ND.

you can figure your own net, $16.00 per hour times number of hours worked minus YOUR taxes.

My example, hauling crude in wyoming, on percentage, I saved during the first year, $44,000... I am single, have no debt. first six months was spent paying off what debt I did have. I slept in my own bed every night with NO roommates either.

 

I got an idea , actually its what I do , I get paid every other week. So 2 checks a month..... first check goes towards all bills. Second check goes to the bank. If I have money left from the first check at the end of the month , that goes to the bank. Simple. Keep costs low, watch savings grow.