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Old 10-20-2011, 12:17 PM
 
265 posts, read 198,784 times
Reputation: 902
Quote:
Originally Posted by modhatter View Post
You know it's interesting when you put things on a "world" perspective as opposed to a "US" perspective. Our poor would be another countries rich.
We are all "Americanized", and that comes with a certain level of expectations of what normal is. Our standard of living has become so necessary to most, that doing without cable TV is considered a hardship.

Don't get me wrong. I like all those niceties like anyone else, but they aren't life sustaining and necessary to be happy. The only thing seriously lacking in this country is the provision of available or free health care, which is available in all other industrial countries, and many third world countries as well. It is the one serious deficit we have for survival, and it is a big one for some people.

Other than that, having to live on $1,500 or $2,000 a month, should not be considered such a hardship. If we can keep a roof over our head and food in our belly, along with good health, we have it made. Personally, I admire people who have learned to budget on smaller incomes. I think it takes discipline and character, and is something I would like to learn from.
Yes, just under 800 of my budget goes to health care-like copays, medications, health insurance, and property taxes. The next $300goes to the more variable things: gas, heat, water/sewer, phone, car insurance, auto gas, etc. No cable TV here. No cell phone contract. The last $300-$400 goes for all the rest: Food, Fun, Pet care(one small dog, and he is well worth it!) clothing, gifts, and some smaller home repairs etc. If I didnt have the big health care bill, I probably could live easily on under 1k. As it is, I have a lot of health expenses and still have 5 riders on my plan, which potentially could explode at any time.
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Old 10-20-2011, 05:56 PM
 
Location: New England
12,026 posts, read 8,047,563 times
Reputation: 8527
Quote:
Originally Posted by Aqua Blue View Post
Yes, just under 800 of my budget goes to health care-like copays, medications, health insurance, and property taxes. The next $300goes to the more variable things: gas, heat, water/sewer, phone, car insurance, auto gas, etc. No cable TV here. No cell phone contract. The last $300-$400 goes for all the rest: Food, Fun, Pet care(one small dog, and he is well worth it!) clothing, gifts, and some smaller home repairs etc. If I didnt have the big health care bill, I probably could live easily on under 1k. As it is, I have a lot of health expenses and still have 5 riders on my plan, which potentially could explode at any time.
The only problem with tight budgets is the unforeseen. Someone side-swiped my car yesterday, creating deep scratches that will ultimately rust. If I use my insurance, the premium will only go up. So it will be out of pocket, $$$$.

And then there is the dental emergency, the dog getting glass in her paw (vet visit), the ducts needing cleaning, etc etc.

Groan.
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Old 10-20-2011, 06:48 PM
 
265 posts, read 198,784 times
Reputation: 902
Quote:
Originally Posted by newenglandgirl View Post
The only problem with tight budgets is the unforeseen. Someone side-swiped my car yesterday, creating deep scratches that will ultimately rust. If I use my insurance, the premium will only go up. So it will be out of pocket, $$$$.

And then there is the dental emergency, the dog getting glass in her paw (vet visit), the ducts needing cleaning, etc etc.

Groan.
Yes there seems to always be something.
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Old 10-21-2011, 09:26 AM
 
1,892 posts, read 1,364,190 times
Reputation: 2023
Yes, NewEngland Girl is right. Life's little emergencies sure can poke a hole in the best of budgets. That's why "a stash of cash" is always needed. I guess for many retires LBM is necessary even through retirement.
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Old 10-21-2011, 04:19 PM
 
15,969 posts, read 25,430,522 times
Reputation: 5900
Quote:
Originally Posted by sweepea View Post
This is a great thread. About a year ago I posted my projected budget somewhere..
I started a thread about the average Social Security check being just over $1,000 and was asking how much more each person would need for a minimum lifestyle.

I live in Texas where there is no income tax but utilities, property taxes and insurance are higher.

I am thinking of about $2,000 minimum for one to get by - with a paid off house. This does not include medical insurance for someone under 65. From what I have gathered, I think that would be about $1,000 per month.

Personally I would like to have at least $2,000 per month for travel. I don't mind living modestly as long as I can go anywhere I like...I will also be budgeting to save a good amount, say $1,000 for savings...as I age I will probably travel much less so I can budget more for other things with that money...

So I am probably going to need about $6,000/month to retire early and more if I want to be a somewhat extravagant on eating out, partying, fund-raising benefits, a nicer car (I live in a walkable area with good public transportation).

I have a small lake cabin and can also live in the guest house of my main home, so I can live in two places for peanuts.
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Old 10-21-2011, 04:38 PM
 
Location: zippidy doo dah
569 posts, read 617,869 times
Reputation: 791
Quote:
Originally Posted by Lakewooder View Post
I started a thread about the average Social Security check being just over $1,000 and was asking how much more each person would need for a minimum lifestyle.

I live in Texas where there is no income tax but utilities, property taxes and insurance are higher.

I am thinking of about $2,000 minimum for one to get by - with a paid off house. This does not include medical insurance for someone under 65. From what I have gathered, I think that would be about $1,000 per month.

Personally I would like to have at least $2,000 per month for travel. I don't mind living modestly as long as I can go anywhere I like...I will also be budgeting to save a good amount, say $1,000 for savings...as I age I will probably travel much less so I can budget more for other things with that money...

So I am probably going to need about $6,000/month to retire early and more if I want to be a somewhat extravagant on eating out, partying, fund-raising benefits, a nicer car (I live in a walkable area with good public transportation).

I have a small lake cabin and can also live in the guest house of my main home, so I can live in two places for peanuts.
I'm visualizing the mouths hanging open reading this. I had to reread several times. Are you saying you need to be earning about 6000.00 a month now in order to retire early or upon retirement, you will need 6000.00 a month to maintain your projected life style?
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Old 10-21-2011, 04:38 PM
 
Location: The Triad (nc)
17,200 posts, read 21,907,188 times
Reputation: 14284
Quote:
Originally Posted by Lakewooder View Post
I started a thread about the average Social Security check being just over $1,000 and was asking how much more each person would need for a minimum lifestyle.
If they own their home...
and taxes aren't too bad...
and they don't run the a/c and heat like they aren't sure if they want sahara or arctic...
and they don't need much medical beyond what medicare covers...
and they don't like to travel...

not much more at all

hth
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Old 10-21-2011, 04:48 PM
 
Location: Prospect, KY
5,243 posts, read 11,334,576 times
Reputation: 6207
Quote:
Originally Posted by MrRational View Post
If they own their home...
and taxes aren't too bad...
and they don't run the a/c and heat like they aren't sure if they want sahara or arctic...
and they don't need much medical beyond what medicare covers...
and they don't like to travel...

not much more at all

hth
How about the ever-increasing cost of groceries, car and homeowners insurance, house and yard maintenance, car maintenance, gasoline (or bus fare if you don't have a car), haircuts, savings, the cost of having a computer and online service, clothing, - these are basics for most people....."not much more at all"???? Come on.
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Old 10-21-2011, 05:29 PM
 
1,595 posts, read 1,102,192 times
Reputation: 816
Quote:
Originally Posted by newenglandgirl View Post
The only problem with tight budgets is the unforeseen. Someone side-swiped my car yesterday, creating deep scratches that will ultimately rust. If I use my insurance, the premium will only go up. So it will be out of pocket, $$$$.

And then there is the dental emergency, the dog getting glass in her paw (vet visit), the ducts needing cleaning, etc etc.

Groan.

OMG do I ever know what you mean. This is why I always tell people don't put all your eggs in one basket. They always assume I mean put it different stocks. That's not at all what I mean, I mean if you can afford to, have enough, invest in different stocks/investments and keep some in a bank account you can get to sooner or in case you need to show you can afford something you need to get. Also keep some cash handy. If we get another terrorist attack we might need the cash because we might not be able to get to the bank or withdraw on stocks. Anything can happen. I have had to use my cash for food when times were quite hard for me. Now I don't have the money to do all that I suggest but I do try to have a little of all that I suggested in case one fails I have a back up. Oh and a good fire lock chest doesn't hurt to have either. I wouldn't go for a big safe in case i get robbed because it's easier to hide a little next egg in a small fire lock chest.
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Old 10-21-2011, 05:56 PM
 
Location: Forests of Maine
21,668 posts, read 27,623,810 times
Reputation: 8698
Quote:
Originally Posted by MrRational View Post
If they own their home...
and taxes aren't too bad...
and they don't run the a/c and heat like they aren't sure if they want sahara or arctic...
and they don't need much medical beyond what medicare covers...
and they don't like to travel...

not much more at all

hth
I agree.

I do own my home [free and clear];
I pay no income taxes and my property taxes are low;
we have no A/C and our heat is less than $1,000/year;
I have good medical coverage;
I have no desire to travel much anymore;
and I do fine on my $1490/month.
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