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Well, I'm talking about living on your own in either an apartment or a small house. Not having roommates. Having a car you have to pay insurance for and gas. Don't forget about $6,700 of that income is going to Uncle Sam, so in reality you are left with $32,300 a year or $2,691 a month (provided you don't have to pay state taxes too)
I own 150acres of mostly forest with 1/4 mile of riverfrontage. I live in a 2400sq ft house [that is mostly completed].
I bought this property in 2005 by cashing out my portfolio.
We have no home insurance, we have no HOA Fees.
My RE Taxes are less than $1,000/year.
My electric runs around $40/month.
We do not pay for water, sewer, or garbage.
We do not have a lawn
My Dw bought a 2012 pruis for her commuting, so that is an expense. Though with it's payment and insurance it is still less than $300/month.
Our town has no cable.
We turned off the telephone.
Internet costs us $18/month.
Health Insurance runs me $400/year enrollment fee, my employer covers the rest. Prescription co-pays are $3/quarter.
Food: we produce most of our food. I market the rest of what we produce in a local Farmer's Market [though our 'farm income' is less than $1,000/year]. We sometimes go 3 to 4 months without 'buying' any food, other months we may spend $100 on food.
I cut both of our hair, and I do for our sons.
I generally make our dogs' food, and having an assortment of livestock puts me in a position where I provide all 'vet' care that our animals require.
Car registrations, licensing and road taxes run us $15/year on my truck, and $350/year for my Dw's new prius.
For Christmas we bake a birthday cake to celebrate the birth.
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... I'm talking about wanting to live on your own in your own place, have some kind of transportation.
Yes, I get it.
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... I was more curious about those who have their own home or apt, and pay all these considered normal expenses. Can you do it? What state do you live in, if so.
Maine.
We moved here, after I retired.
Largely because we saw the opportunity to live low-cost, rural, in a forest, and be at 'peace' / low-stress. I have spent a lot of time in a high-stress career which included combat; I like the opportunity to get away from that. It would be nice to if I never again have to kill another person, or order another person to do something that is likely to kill or maim him.
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... If your up north, than you have heating costs as well.
Yes, we go through about 4 cords of wood/year for our heat. At $200/cord. So roughly $800/year covers our heating expenses.
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... In other words, where do you benefit from lower costs without living in a bad neighborhood or crime ridden area or totally isolated from major stores, doctors, hospitals etc.
This area is very low-cost, very low-crime, good neighbors, we live fairly close to the state's business / commercial center, and it has multiple hospitals including a teaching hospital.
Who is able to live on $40,000 a year or less including taxes, and paying your own health insurance? If so, what part of the country do you live in? Are you single or a couple or a family? Do you rent or have a mortgage? Do you feel that you do without a lot in order to manage?
I've lived on that much but that was a decade ago.
That said ... I could definitely live on that much ... in the NYC area. Singe, no kids...
It wouldn't be luxurious, that's for sure. But I'd be able to have:
- Either my own crappy place or share a decent place with a few others
- Be able to have my cable TV, internet and pretty much eat what I wanted to
- Go out a fair amount without having to worry too much about pinching pennies
- Treat myself with nice clothes every now and then
- Own a dependable car with good insurance
- Have a modest girlfriend
Things I wouldn't really be able to do:
- Have a nice apartment where I lived on my own
- Travel to nice places, at least not often
- Make major purchaes without need, such as nicer cars or guitars and such
- Go out to expensive bars and restaurants excessively.
- Have a high priced or even moderately priced girlfriend.
Yeah, for a single person 40K is certainly doable. Try living on 24K (long term). I'm no college kid, and believe me, it's really difficult. And depressing (because I am no college kid).
Who is able to live on $40,000 a year or less including taxes, and paying your own health insurance? If so, what part of the country do you live in? Are you single or a couple or a family? Do you rent or have a mortgage? Do you feel that you do without a lot in order to manage?
We live quite well on less than $40,000 per year. Pension & SS is all we have.
What we don't have is newer cars, newer homes, children yet to raise.
We learned a long time ago to buy only what you need and buy well once. Plan everything to last a long time then stick to your plan. Learn how to buy from the "second tier" of all shopping i.e. used,refurb,seconds etc. since no one will know what you pay for anything unless you tell them. Doing this will allow you to have more for less money while your friends struggle under crushing debt that comes with buying everything they own new.
Every time you get a pay raise DON'T UPSCALE YOUR LIFESTYLE. Always live below your means. Always. Save any extra you earn and invest it well.
Who is able to live on $40,000 a year or less including taxes, and paying your own health insurance? If so, what part of the country do you live in? Are you single or a couple or a family? Do you rent or have a mortgage? Do you feel that you do without a lot in order to manage?
The highlights of last years expenses:
Car (2003) about 170/mo for all expenses, repair, gas, oil changes, insurance etc(Most expensive year so far)
I drove a little over 5k last year
Food 240/mo, includes dining, food at home, I feed my brother about once a week when he drops over, go out with friends usually a couple of time a week.
Health Insurance $307/mo high deductible several riders
Other health expenses $65/m includes once yearly Dr visit, dentist visit this year(next year I will probably do an eye exam) prescriptions, some supplements
House insurance and taxes $240/mo
One small dog $50/mo
Utitlities $200/mo includes electric, natural gas, garbage, sewer, water, cell phone, internet, (no cable I have enough with an antenna.)
Clothing was $15/mo. i buy most everything at garage sales, thrift stores. I usually buy shoes in like new condition at gs and thrift stores. I buy socks and panties etc in store. bras always get hand washed.I . always line dry all wash
Recreation(excluding a trip I took for 1.2 k) was $60/mo had seasonal tickets to the live theater etc. Also includes material(usually at garage sales and walmart) for crafts.
gifts were about 25/mo
I really have no choice to spend much more. I try and do have a good life with what I have. I take walks at a park near my house pretty much daily, I use the library, Play cards with friends a couple of times a month etc.call long distance friends on weekends when they are free, try to use up all food rather than wasting,
Last edited by Aqua Blue; 03-09-2012 at 05:00 PM..
Reason: make it more readable
Rent or mortgage or mortgage free: $0, Comparable rent $650, or mortgage $325
Home Insurance $40
HOA Fees $0
RE Taxes $35
Electric $50
Water & sewer$ 35 (I take a lot of showers at the gym)
garbage $0 included in taxes
Lawn maintenance (if your disabled) 30 (I'm not)
Gym 35
Auto Insurance 75 (I have 2)
Cable (if you have TV) 0 but I have good broadcast TV.
Telephone 75
Internet 15
Health Insurance 425
Prescriptions , dental, and co-pays 100
Food (groceries) 180
Car repairs 80
House Repairs 100
Misc. (All the rest: Hair cuts, dog food and vets, dental, car registrations, Christmas, Birthday gifts, clothing, new computer or printer, paper, ink etc, etc, etc.) - I put most of this plus gas, netflix, and sit down restaurants on my visa - it works out to about $250 a month.
Travel, vacations. 200
Walking around money 200. This might include some fast food.
i make more than that but i live on less than that since i save a decent chunk. its not hard at all for a single person in an area with an average cost of living, but i couldnt imagine raising a family on that income.
We could do it easily if not for health insurance.
Far south.
Kind of a rural area. Remember the theme song in Rod Steiger's "The Heat of the Night"? Well, that is what you hear as you drive down our Main Street.
Creeksitter. Your expenses like home insurance, real estate taxes, car insurance (you say you have two) and internet and food are really low. You say only $50 for electric. Don't you need heat there too in the winter?
1brokegirl. What part of the states do you live in? Do you rent?
SifuPhil. Glad I made you laugh. I aim to please.
I know there is frugality on your discretionary income, including food. But some costs are not so discretionary, such as real estate taxes, home insurance, water, elec., sewer, garbage, internet, auto insur.
Those were things I was wondering about in so far as how much they could differ by state. I am glad to hear though that so many of you find it easy.
I did not grow up frugal. Nor was I a spend thrift. I never carried debt except for a home. So I think I was always pretty good with money, but not to a point of calling myself frugal.
When people suggest others should "move to a low cost of living" area, I can't help wonder - what costs less? Of course I'm not considering areas like NYC or San Francisco. Those type areas are a given.
Does everything cost less in a low cost of living state? Is food and eating out less expensive. Are utilities and RE taxes less expensive? Is internet less expensive? I know cost of home ownership and renting is usually lower. As wages are lower, and services fewer.
I know in southern Florida, home ownership is very reasonable now, RE taxes have come way down, though homeowners insurance remains fairly high. Food, can't say. Eating out, expensive except for a couple of chicken take out places. I guess the consensus is that the South and the Midwest are the most reasonable places to live. (Also the most religious and conservative) So, was wondering what states an annual budget of $40,000 might go further and still be nice communities. I would not consider sweating in the summertime or freezing in the winter as a life choice. That would go beyond my limit of frugality. (not as long as I had a choice, anyway)
Some very interesting responses.
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