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I'm trying to produce a spreadsheet, listing all the different types of necessary costs of living so that I can estimate how much money I need to make to survive in the future. The list is based on "per month". Here's what I have so far...
Food
Gasoline
Electricity usage
Natural gas usage
Water usage
Property tax
Car insurance
Medical insurance
Cable
Internet
Phone
Waste management
I know there's a large number of other costs to consider but for some reason I'm having a hard time coming up with a list right now.
Gasoline
Deductibles and co-pays
taxes
parking/tolls
dentist
vets/animals
homeowners association
gym
office gift pools you can't avoid
renters' insurance, if needed
Some of the items listed so far are actually not necessary, but discretionary. It should be simple to fairly accurately tally your recurring expenses by just going back through your bank statements, credit card statements, and checkbook. The most important thing to remember and attempt to factor into the cost of living equation involves the annual increases in costs. Where I live I have seen many necessities rise as much as 25 to 30% in a year. With the current economic climate and zeal by local and state governements to bolster revenue the situation will just get worse.
If compatible with your temperament, might try applying for a mini-storage or apartment management/maintenance position that offers a housing benefit.
If the fund fluctuations are acceptable, investing your inheritance (discussed in another thread) in a High-Yield Corporate Bond Fund would provide more monthly income. This would also require the fiscal discipline to pay Federal Estimated Quarterly Tax on the fund dividends (no Nevada state income tax).
"The cost of working" which few will recognize until they retire and see the cost drop off.
When I retired all those items and cost that were necessary for me to work everyday gave me
a huge "pay raise" when I no longer had to pay them. Enough of a pay raise that almost all
those smaller expenses I worried about paying had plenty of money to cover them.
If you plan on having children....don't forget those costs....from clothing, to schooling, to college.
Also, I didn't see tithing or "offerings" listed, if you are inclined to this.
It doesn't even hurt to budget a little something for over the counter drugs as they will be out of pocket.
Are your cleaning supplies in your food budget? How about paper goods....tp, paper towels, kleenex?
I track all of my expenditures on a daily basis. I was really suprised by the cost of having lunch out instead of bringing my own.
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