What's a comfortable living? (mortgage, how much, house)
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I've done the budgeting. I know what we spend here in So-cal and I know the approximate utility costs in NID. I've done the on line cost of living calculators. Better than that, I have a years' bills from the previous owner and nine months from our tenant in our specific house in NID. I know the "rules of thumb" for financial planning, etc. It all penciles out. However, I'm proposing to "retire" at 47. It should be a long haul to the grave for us. Lots of funny things can happen. And I'm second guessing my planning.
Hypothetically, If you had a newish home with no mortgage, no debt, no kids in residence, most of your toys already accumulated. What would the average couple need to spend to live comfortably in semi-rural Idaho? I'm not talking lavish but not poverty level survival either. We spend about 500 on groceries and eat out about twice a month where we are. I know what number I've come up with. Im more interested in your number.
My uncle lives on what he makes selling firewood at a state park and boarding a few horses. He mostly hikes and takes his canoe out. He has no mortgage, no kids at home, and most of his hobbies are free... He has no phone, no computer, no TV, a few chickens, some dairy cows, and he breeds a small herd of pigs. He collects wild boysenberries, rasberries, strawberries, and has an impressive garden and spends 100 a month in groceries at the outside, which is basically his only recurring expense (and he could quite probably eliminate it if he really wanted to) outside of his property taxes.
He DEFINITELY fits the bill for being below the poverty level, but he and his wife live better than I do. he literally has all the time in the world
The answer to your questions depends a very great deal on what sort of retirement you're looking to have and how you want to spend your time.
I don't know if anyone will truly be able to answer this for you. The responses will be all over the place and what is a comfortable living to one person will not be for another. We have no debt, but dish out a lot of cash each month for the things we like to do. When we no longer have kiddos at home the necessities will go down but it will all come down to recreation. Ours is expensive. Generally speaking, I would say this is a good place to retire with your scenario, but I can't give you a $$ amount. Way to go retiring at 47! I hope we can do that too; time will tell
My uncle lives on what he makes selling firewood at a state park and boarding a few horses. He mostly hikes and takes his canoe out. He has no mortgage, no kids at home, and most of his hobbies are free... He has no phone, no computer, no TV, a few chickens, some dairy cows, and he breeds a small herd of pigs. He collects wild boysenberries, rasberries, strawberries, and has an impressive garden and spends 100 a month in groceries at the outside, which is basically his only recurring expense (and he could quite probably eliminate it if he really wanted to) outside of his property taxes.
He DEFINITELY fits the bill for being below the poverty level, but he and his wife live better than I do. he literally has all the time in the world
The answer to your questions depends a very great deal on what sort of retirement you're looking to have and how you want to spend your time.
Yeah I know it's an unfair question. One that results from over-thinkin a plan.
Recreation? Nothing really. I work 60 hours a week and am on 24 hour call every three days at a job I HATE. We used to do a lot of things but no time or energy now. Time for a change.
What do we want to do? I want to go back to raising some animals. When I was a kid, my ag operations were self-supporting with my chicken flock being the "bread and butter." Actually meat and eggs to my extended family. I sold eggs all over the neighborhood, traded pullets to the feed store for feed and other animals. I also raised registered Suffolk sheep. I want to replay that, maybe with cattle. There's really no point to sheep. I don't have any fantasy about selling anything significant though, just personal consumption and the occasional calf or two If I can. I once was a mad gardener, and a fair fisherman. That's why we chose a semi-rural 10 acres in NID. Do I remember how to do all that stuff? we'll see, it's been thirty years. We also have a couple quads that never get out and I will want a boat. I'm sure I'll get bored and go looking for a job but I'm done killing myself for major corp that couldn't care less.
I can't imagine getting bored up here. Whatever estimates you made double them. I am looking for work now because we are spending faster than it is coming in. Age 50 retired 5 months.
I can't imagine getting bored up here. Whatever estimates you made double them. I am looking for work now because we are spending faster than it is coming in. Age 50 retired 5 months.
What seems to be the problem? Are expenses higher than estimated? I'm a little wary of the estimates. Cost of living is supposed to be 30% less than here but that's largely housing. In our particular case, housing is covered. I'm trading one paid off house for another once I sell this one and pay off that mortgage. That leaves all the other stuff as my opportunity to save and I just don't see that much opportunity. Some things are cheaper but, how much cheaper can they be?
My spread sheeting and hard budget analysis says 10% a month less than we're spending now. Most of that is a function of getting rid of one house, its upkeep and taxes. Our tenant is paying the utilities in Idaho so we'll simply trade these utilities for those when we move. Some are higher, some lower but it's a near wash. Groceries about the same, car fuel will go up due to distance, state government down. I eat lunch out every week day, that will go away. If we wind up spending 10% more we can handle it but not much more than that. We're able to work but jobs seem to be a problem there as they are here but, I already have one here.
You're about the same age as us so your input is valuable to me but your advise to double estimates seems a little overly cautious. Are you actually finding expenses to be double your estimate? Where did you move from? I'm coming out of San Diego. Very few places would be more expensive than here.
For example my water/sewage bill is over 150 a month for two people in a one bathroom house with mandatory irrigation limits. We can water only two days a week for ten minutes each. We use about 12,000 gallons a month. Our bill in Idaho is $35 for the first 25,000 gallons then 80 cents a thousand. Another stand out is DMV. My truck renewal in CA was $780, I moved it to Idaho instead and paid $88 for the transfer, plates and a year of registration. Both of those are much LESS than half what we spend now. Propane on the other hand will be much much more than nat gas is here.
I am not used to budgets so it is taking some getting used to. The timing was not quite right for eliminating the sky high mortgage we had (in that most awful of places whose name must not be mentioned here) completely. We are also doing quite a bit around the house so that adds up fast. Then you go to Costco and they have a kayak that you must have and you have to buy it today because it will be gone next week. Then the phones we had did not work that well so two DROIDS later and it is now $147/mo to use those gadgets. Then of course there is the mecca of Cabela's to contend with. We thought we could get by with one car but that did not work, Ka-ching. The Parks & Rec. flyer comes out and they are having golf lessons so hey let's give that a try. Then the next trip to Costco and lo and behold a smoking deal on a set of Taylor Made's. With restraint you should be fine. Electricity is way less than CA, gas I am not sure of but the bills were not bad for strictly heating with it (it was a very mild winter though since Jan. when we arrived). TV/high-speed internet/two phone lines is about $200. Car gas is less. Eating out is a bit less. There is around a $100K exemption for your house value on taxes. DMV less. Water is like $35. Trash same and there are transfer stations where you can bring like a ton a day as a resident. There are lots of free or near free activities. Tomorrow night is Art Walk in downtown CDA for example. Oh and I want a boat now too since you can't go more than a couple of miles before you trip over another lake. As I am writing this my wife just announced there is a gun show in Spokane this weekend and those stupid little chunks of metal are not cheap.
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