3K/month enough to live on in Alaska? (Anchorage, Fairbanks: sales, real estate)

[stewnsue]

Trying to make financial decisions about budgets and such. Wanted to ask those that live in Alaska, is $3500/month (after taxes) enough for 2 people to live on? This would take in to account housing, insurance, groceries, utilities, fuel and "play" money. We do not live a very expensive lifestyle now, but we do like to "do stuff" like fishing, hiking, exploring, sight-seeing etc. and would want to continue to do these things. Thank you for any information you can provide.

[roadfamily6now]

Where at in Alaska?

We have gotten by with as little as $550 a month for a family of 4. Currently we are 6 (plus MIL) and monthly income is about 10x that much and we are doing fine. We have no credit cards, no car payments, just mortgage and utilities plus food and insurnace. The rest is for home improvements and play money.

With housing prices in Anchorage, I'd think you would be okay but the cost of housing can be much cheaper the farther away from Anchorage you get. It all depends on what kind of housing you are looking for. I'd be able to rent a dry cabin in Fairbanks for like $400 a month. I'd be more then happy to live there.

[stewnsue]

[quote=roadfamily6now;16306605]Where at in Alaska?

We are looking at the Kenai Peninsula. We will rent at first and then try to find a home to purchase. Just trying to make sure we don't get into a "worst case scenario" type deal and not have enough to live on once we move. Thank you!

[Jason28]

3K a month take home is enough to live almost anywhere if you don't have debt. Obviously you can't live in marked up areas though like 90210.

[freezengirl]

One of the biggest expenses is housing. If you know what town you are looking at check out the local paper, Craigs list and real estate offices. I am in Homer and was very lucky to find a one bedroom apt. for just under $700.00. Groceries are very expensive (I freak out everytime I have to go grocery shopping) believe me a garden will be helpful to the budget. Around here I have noticed that tag/rummage sales are a way of life far more then any states I have lived in before. I would think your budget would be enough to live on IF you didn't have other debt and were careful. Any where in Alaska is considerably higher cost of living then the lower 48 though just like anywhere else there are trade offs and choices that make it workable depending on how bad you want it.

[stewnsue]

Thanks everyone for your replies. What we are trying to do is use the 3K a month to pay all bills/food etc. and put our paychecks from jobs into savings for retirement. My husband will be retiring early from his job, hence the 3K a month. Just wanted to make sure that our plan was sound and we wouldn't be getting in over our heads. The good Lord willing and creek don't rise, we should be heading to Alaska early next summer! Can't wait!!!

[gobrien]

As long as it is just you and your husband you should do just fine....I made about that, maybe a bit less, but had two mouths to house and feed in Anchorage and it was a bit tight-mostly due to having to pay student loans on top of the usual living expenses.

[stewnsue]

Thanks everyone! Now for another financial question: Our credit union does not have a branch in Alaska. Can someone recommend a good bank in Soldotna/Kenai area? I would like to establish an account prior to moving up there.

[gobrien]

I like Alaska USA Federal Credit Union, seems like a lot of people use them. Don't know if they are in Soldotna/Kenai but I would bet they are.

[blueflames50]

We use First National Bank Alaska. Set up the account through email/phone/fax and transferred money over a year in advance...if interested can DM you the contact person info. Branch is right on main drag in Kenai