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Feel free to break down discretionary vs non discretionary expenses. What amount of money is exactly needed for you to live on?
I just added it up last night as I was curious given the fact I hadn't gone anywhere in 9 weeks.
Here in the Ozarks you can live pretty cheap as a single person, particularly when your hobbies are things like gardening that save you money.
Fixed expenses:
Mortgage
Homeowners insurance
Car insurance
USCCA insurance
Cell phone/internet
And my kindle unlimited subscription come out to ~$550
I'm currently not spending any other money except when I replace the food I'm eating. (Last year I paid $2/lb for wrapped and frozen beef. Probably be about the same this fall (already arranged it.)
I am medically retired from the Marine Corps, so tricare/VA for health and my homeowners exemption covers my property taxes.
I'm off grid (5 years now) so no power or water bills.
I DO allocate $50/ month (not listed above) to savings for repair or replacement.
I budget $1,925/month (income is significantly more.)
And I typically spend $1,500-$1,600.
I live pretty wastefully, going out to eat too much etc, but I figure.... I'm saving over half my income, so why bother with austerity measures.
2x a year I track every penny I spend that month just to insure I know where my money goes.
In November I spent just over $1,100.
Eat steak once a week, so it's not like I'm living on beans and rice, rice and beans.
It's very interesting for me to watch what others "feel they have to spend", so, I contributed my part.
Eta:
Forgot to mention heat.
I budget $25/month for propane for my HWH, cooking and backup heat.
It's more than I use. (I fill my tank in August.)
I have a wood cook/heating stove that's my primary heat source and I use For cooking and baking in winter (vastly prefer it to gas)
A 2 gal jug of chainsaw mix covers me for a year. (Home is very efficient, I put R30 in the walls.)
These numbers are in the $1,925.
Last edited by Themanwithnoname; 05-03-2020 at 03:49 PM..
Food expenses seem rather low for a lot of people responding. I eat two meals a day cooked at home and am still spending close to 400 dollars for one guy per month. (This is all household items including soaps, TP, laundry detergent, OTC medications, Toothpaste, mouthwash, shampoo ect..) When I see a family spending what I do I question the estimate.
From Easter till October I buy basically no vegies.
I have raised beds and 1x a year I'll take a trip into town with my little trailer (5x14) and haul back a load of free compost or mulch.
No chemicals, and basically no work other than plant and harvest. (I'll pull a couple weeds while I'm out there with my salad bowl.)
I get free turkey and free wild hogs.
I have a lifetime hunting permit, but I'm not a hunter, I'm a harvester.
Usually someone else will do the kill and I'll process.
A buddy brings me dressed wild hog, I'll smoke them for 18 hours and then we spit 50/50. (I can it in pints using reusable Tattler lids. In just a couple minutes I can make the best pulled pork nachos you've ever had!)
Beef as I mentioned was $2/lb, roast ground, or steaks.
I buy 20lb boxes of bacon for $2-$3/lb and break them down into 1lb packages.
(Today I had home made pancakes for breakfast, a bacon sandwich for lunch. Dinner will probably be a salad, Apple and chicken.)
A $0.50 yogurt a few times a week, chocolate and chips etc.
I harvest a lot of my own fruit just like I butcher most of my own meat, and grow my own vegies. (Oh, I spent $400 on fish about 5 years ago stocking my pond.)
Looking forward to when my orchard produces....
Last edited by Themanwithnoname; 05-03-2020 at 04:21 PM..
Food expenses seem rather low for a lot of people responding. I eat two meals a day cooked at home and am still spending close to 400 dollars for one guy per month. (This is all household items including soaps, TP, laundry detergent, OTC medications, Toothpaste, mouthwash, shampoo ect..) When I see a family spending what I do I question the estimate.
I thought this exact thing as well. My grocery bill can be $150 at one shop, which could include food, cleaning supplies, toiletries, pet supplies and alcohol. I am by no means wildly shopping and overbuying, so I can't believe how little some people are claiming they are spending at the grocery store.
I read on here and other sites, the restaurants people are eating out, getting take out from, recipes people are trying out, and things people are eating, there's no way you can do all that for a measly $400 per month.
I thought this exact thing as well. My grocery bill can be $150 at one shop, which could include food, cleaning supplies, toiletries, pet supplies and alcohol. I am by no means wildly shopping and overbuying, so I can't believe how little some people are claiming they are spending at the grocery store.
I read on here and other sites, the restaurants people are eating out, getting take out from, recipes people are trying out, and things people are eating, there's no way you can do all that for a measly $400 per month.
I'm still spending my usual $100-200/month on food, toiletries, cleaning supplies, and the odd take out, the latter of which I don't do much even in normal times. I often have at least one other person at my table for meals; that same budget covers their food as well. Most months, I spend less than $200, but the months when I'm stocking up on basics I spend up to the full $200. I/we eat very well; my home and person are clean.
For the most part, I'm not attached to any brands be it food, toiletries, or OTC meds like ibuprofen or allergy pills. I tend to use either natural (baking soda, vinegar, etc.) and multiple purpose cleaning supplies (bleach, Windex, Lysol concentrate, Simple Green), which saves a lot of money over time. Laundry detergent is a brand called "Country Save." A ten pound box of powder lasts for months. Kitchen towels and rags are used for cleaning, so a roll of paper towels goes a long way in my house.
Shopping at Aldi and dollar stores, spending wisely at other places, and knowing how to cook with whatever falls out of the pantry and fridge really helps to keep my bills down.
Groceries aren't expensive where I live--especially if prepared or convenience foods are avoided. There is little waste coming out of my kitchen, which also helps to keep my budget low. I do splurge a bit on eggs,chicken, pork, and soap from a farmer friend of mine, but I consider that money to be well-spent. Once my garden is producing and the local farmer's market has opened, I'll have available produce that's both better and less expensive than store produce.
Eating low to moderate amounts of meat and not being particular about what fruits and vegetables I buy outside of the basic necessities (potatoes, carrots, celery, and onions are always "must haves" as they form the base of so much cooking) also really helps to stretch my food dollar.
Last edited by Formerly Known As Twenty; 05-12-2020 at 05:46 AM..
Seattle area. We are in the last four months of mortgage payments. We need $4k. Without mortgage we need $2.5k. Can't wait!
Mortgage was officially cleared off this morning.
I try to track pennies at least a few months of each year, but I haven't tracked anything for 2020 because we had so many financial "events" including death of 2 parents (trips to other states and out of the country) as well as Covid-19. So I'm looking at a log of January 2019, a month where we actually didn't pay mortgage because I had accidentally paid twice a few months earlier.
I try to track pennies at least a few months of each year, but I haven't tracked anything for 2020 because we had so many financial "events" including death of 2 parents (trips to other states and out of the country) as well as Covid-19. So I'm looking at a log of January 2019, a month where we actually didn't pay mortgage because I had accidentally paid twice a few months earlier.
Things not included: car insurance, home owners insurance, water.
I still think $2.5k is going to be about right once we get back up and operating after Covid-19.
Congrats on the mortgage! I'm sure that must feel really good, just some extra peace of mind and there's something to be said for not owing anyone anything, psychologically speaking. I'm prioritizing cash and investments at the time, but want to pay off my mortgage within 5 years as well. It's just a mental thing for me I think, I'd like to keep my expenses lower, which in turn allows me to keep less cash on the side because the cash I have lasts longer (more months) in case of disaster.
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