[Girlesq]

Originally Posted by extremeatheist

I never can live below my means. There for a while I was bringing home a lot of money. Went out to eat, rented movies like crazy, blew untold amounts on my cars. Had a kid so needed to be responsible. Cut out all that spending and attempted to save. Every single month I got hit with something unexpected, water heater busts, engine blew, tax bill, etc etc. The last 9 years of my life. The more I make, the bigger the unexpected expense. However, if I max myself out, I tend to not get the unexpected. Either way I don't get to save.
I don't drink, I don't do any drugs including pot, I'm married so no date expenses, don't go out to eat, don't have cable, etc.
It's weird.
Oh and a financial adviser friend of mine looked over my budget for 2007 and was dumfounded.

Exactly-- with kids, it's always something-- a medical bill, childcare costs, school clothes, supplies, and lunches--- lately my unexpected expenses has been sick pets. Vet bills are INSANE!!!

[goodlife36]

Originally Posted by Girlesq

Exactly-- with kids, it's always something-- a medical bill, childcare costs, school clothes, supplies, and lunches--- lately my unexpected expenses has been sick pets. Vet bills are INSANE!!!

It is not just people with kids. Single people experience the same challenges without the additional pay check. Double income people are the most advantaged

[Jessey126]

I agree, those with children 'usually' have a far more difficult time financially speaking.

With pets, I likewise agree - we have a 'challenging' young dog, in that we have frequent visits to the vet - tis true, there is no such thing as a 'free pet' - she was a rescue doggie. Love her to bits but those vet fees, ugh...

Moneywise, I'd have to agree (with financial savvy folk) that (1) choice/location of house/dwelling and (2) commute/transport costs to work (ie gas prices etc) are the two single factors that will have the biggest impact on one's income.

Wish I knew then what I know now. I spent an incredible insane amount on both in my younger years... ah well, after riding the highs and lows, life is definitely easier now, thank God!

extremeathiest - I hope this coming year is a much better one for you and yours, take care and watch the pennies...

[mojavedxer]

Originally Posted by goodlife36

It is not just people with kids. Single people experience the same challenges without the additional pay check. Double income people are the most advantaged

You got that right. Low end single income can be a real struggle for those living on their own.

[mojavedxer]

Originally Posted by ScoopLV

Such people need to learn how to live below their means. No matter how much they make, they will find a way to spend it. That's no way to get ahead in life.

Very true but when your on the low end and 60% to 70% of what you earn goes for low end housing. Its hard to rebound and save for emergencies, retirement. That's why we have so many displaced families living on the street or in shelters because they never got a fair shake in life.

[brdd]

Part of living in America is that most middle income families are just one or two catastrophies away from falling into the abyss. Middle income Americans are mostly living paycheck to paycheck. Any bonuses or rebates quickly dissolve into the smoke of monthly expenses. They put things like Christmas and vacations on plastic, and many do not have the discipline to handle their credit lines properly.

Most can figure out how to bounce back from a car repair or a set of braces, but things like layoffs and major illnesses can take down even the best middle-income families. Living beneath one's means, for most of us, seems to be an unattainable goal, however worthy of our attempts.

[MadManofBethesda]

Originally Posted by aardogfsu

Yes, definitely...if you are a single man who doesn't date a lot you can eat out everyday too...and eat well.
$2k/month = $24k/year

No, it doesn't. I noted this before, but here it is again. Social Security & Medicare taxes alone will take $1,836 right off the top, so you're down to $22,164 or $1,847/month from the get go. And we haven't even begun to talk about income taxes.

Originally Posted by aardogfsu

$700 rent
$100 phone / Internet
$100 gasoline
$100 Electric Bill
$1000 left for food = $33/day (Groupon, Restaurant.com, late afternoon buffets)

Join houseseats.com for some free entertainment and you are set.

You've got gasoline listed, but I don't see any other car expenses. Even if you don't have a car payment, there are still maintenance costs. Not to mention if something actually malfunctions or breaks.

And what about car insurance?

And since we're talking about insurance, how about renter's insurance? Or health insurance? Or medical bills in general? Or do we just assume that the individual will never get sick or injured?

And will this individual be wearing any clothes? How about shoes?

Originally Posted by aardogfsu

Going on dates/bars/clubs will set you back though.

So will getting sick.

[las vegas drunk]

Originally Posted by Trish94

Hi everyone,

I received a part time job offer in Las Vegas. Just wondering is it possible to live on 26K in Las Vegas? The job sounds good and I did enjoy living in out west (California and Utah) but concerned about relocating for such a low salary. Also wondering what people like/dislike about living in Vegas. I enjoy hiking and outdoors not into bars or gambling. Thanks!

It is very easy to do at $26,000 a year. I managed to live on far less than half that. I made this thread below a couple years back.

Living below the poverty line.

[aardogfsu]

Originally Posted by MadManofBethesda

No, it doesn't. I noted this before, but here it is again. Social Security & Medicare taxes alone will take $1,836 right off the top, so you're down to $22,164 or $1,847/month from the get go. And we haven't even begun to talk about income taxes.



You've got gasoline listed, but I don't see any other car expenses. Even if you don't have a car payment, there are still maintenance costs. Not to mention if something actually malfunctions or breaks.

And what about car insurance?

And since we're talking about insurance, how about renter's insurance? Or health insurance? Or medical bills in general? Or do we just assume that the individual will never get sick or injured?

And will this individual be wearing any clothes? How about shoes?



So will getting sick.

That $2k a month budget puts him in line to have an excess of $1000 at the end of the year. That covers insurance+car maintenance)...my insurance is about $550/yr.
Getting sick has cost me a total of $0 the last 10 years combined. Injuries $0 in my adult life.
The $1000/food per month was liberal as it's easy to grocery shop for yourself for $100 a week...so at any point take $100 out of your food fund and buy some shoes and a pair of jeans when needed.
My point is, you can survive on $25,000/year easy. Be smart.
No one I know has car payments, seriously...and if you are on a 25k/year budget, why by something out of reach that gives you monthly payments?
Also, if you save $100 a month for 10 years (peanuts) that's $12k-$13k...which would take care of a lot of what you mentioned if it needed to, while still maintaining $2k/month budget.

[Jessey126]

Originally Posted by las vegas drunk

It is very easy to do at $26,000 a year. I managed to live on far less than half that. I made this thread below a couple years back.

Living below the poverty line.

Outstanding!