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I feel the same. Some people really don't want advise as much as wanting verification of their own choices that they've already decided on. This applies to many threads.
Very, very true. At the end of the day,
for every person lamenting they can't make it on $60,000 per year, there is someone making it on $55K.
for every person lamenting they can't make it on $55,000 per year, there is someone making it on $50K.
for every person lamenting they can't make it on $50,000 per year, there is someone making it on $45K.
for every person lamenting they can't make it on $45,000 per year, there is someone making it on $40K.
for every person lamenting they can't make it on $40,000 per year, there is someone making it on $35K.
for every person lamenting they can't make it on $35,000 per year, there is someone making it on $30K.
for every person lamenting they can't make it on $30,000 per year, there is someone making it on $25K.
for every person lamenting they can't make it on $25,000 per year, there is someone making it on $20K.
Since another poster used their own monthly/yearly recurring expenses as an example, here's mine during 2018 (small 3-bedroom single family home, about 1400 sq ft on 1/2 acre.) Obviously some of these are home-ownership related but others are not.
Alarm system monitoring $56
TV/internet, least expensive package $130
Electric $114
Water $14
Heating oil $250 (averaged, and at actual 2018 per-gallon prices, for 1 calendar year)
Cell phone $25
Lawn cutting service $58 (averaged for year but only done 6 mos of the year @ $30/week. Physically unable to do this myself and $30/week is very cheap for this area)
Medicare Parts B and D $147 total
Gas for 1 car $63
Car insurance $108
Food $235 (medically necessary specific diet requirements; no restaurant eating at all)
Central AC service contract $18
Homeowners insurance $100
Property taxes $833
So that's roughly $2051 in expenses without including anything either discretionary or unexpected. You can add $500/yr (another $42 month averaged) for basic dental expense of four cleanings per year at $130 each which is an average fee. Let's round it up to $2100/month then.
Just FYI for comparison purposes, to rent a two-bedroom apartment which, if I were forced to live in one, would be the minimum, in any acceptable area would be at least $2500/month with only water included; all other utilities would be extra. But for an exercise let's eliminate my current SFH-related expenses ($56, $58, $18, $100, and $833 = $1065) from that $2100, leaving $1035. I've no idea what my heating bill in the hypothetical apartment would be, but I keep my house at 72F 24/7 all winter so let's throw in another $50/month (realizing it might be more; I've no idea) and round up to $1100/mo for housing in said mythical apartment.
So I would be saving $1000/month by forcing myself to have less than 50% of my current living space, no sense of privacy, being driven batty by hearing anyone else's noises, smelling anyone else's cooking smells, have no garden (which I love to do), and generally feeling like - as AlaskaErik put it - it's hell on earth.
Sorry, my sanity's definitely worth $12K a year. There are some things you can't quantify in dollars and cents, IMHO.
BBCjunkie, I tip my hat to you just for knowing your actual expenses. So many people operate on the "I still have checks left" mentality.
It's not Northeastern privilege, it's the reality of living here. My husband needs to be in metro-Boston for work, so moving now is not an option. While we live only about 15 miles from his office the commute is *two hours.* It's the I-95/128 corridor for those who are familiar...
I used to live at the confluence of I-495/Rt.2. That corridor where OP lives is truly dreadful and yes, it's a very expensive area. No privilege involved as far as I see, just expensive reality.
If I had to be in metro Boston for a living, I'd go out Rt. 2 if I had to rent. Leominster or somewhere. Out of that metro confluence. But then, I'd be ready to live in a modest apartment.
I feel the same. Some people really don't want advise as much as wanting verification of their own choices that they've already decided on. This applies to many threads.
I thought the OP was asking for ADVICE about transitioning from a six figure working income to one based on a lower income. Which they acknowledged as their reality and wanted some insights in making that transition.
I thought the OP was asking for ADVICE about transitioning from a six figure working income to one based on a lower income. Which they acknowledged as their reality and wanted some insights in making that transition.
Is a commute from Saran Ave, Bedford, MA 01730 doable? There's a rental on zillow now for $950. You said your dh is working in North Boston; it's NW...perhaps the route would be better? I'm thinking you should go as low as you can now, to save up for moving to a lower COL place later.
People who "can" change their standards of living but "won't" consider doing so don't get a lot of sympathy from me.
If you can't afford to maintain two cars, you get rid of one and you make do with that one.
If you can't afford to live where you're living, you move somewhere that you CAN afford and you make do.
If you can't afford to eat out a lot, then you DON'T eat out a lot.
My sympathy goes to those who have fallen on hard times through no fault of their own, have cut their lifestyle down to the bare minimum and there's still not enough money to live on.
Two people can certainly live on $60,000 a year. It just not may be the life they want. But, as the song goes, we don't always get what we want.
I can't rep you again, but yeah! This is my thought too. And $3300 after housing is very doable, especially in a city with good mass transit.
Why would anyone want to live in such a place voluntarily? Small space, shared walls, draconian rules and restrictions, no garage, deaf neighbor's tv blaring, difficulty with pets needing a space to go, etc, etc.
The maintenance requirements for my home are pretty minimal. I have no shared walls. The grandkids have their own room when they visit and there are kids their age next door they can play with. There is a garage for both vehicles and I park my travel trailer on its own parking pad right next to the garage. The back yard is fenced, so the dog can be let out and can stay out as long as she wants. I never hear the neighbor's tv, although we have the windows open right now due to the heat wave and I did hear the neighbor's German Shepherd playing with his squeaky toy. But the idea of living in senior housing sounds like hell on earth.
Cost....duh.
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