Monthly Income?

[Pomlover2586]

A friend and I were discussing what would be the lowest possible income we could survive on per month- Either as a dual income family or as a single.

The incomes we discussed covered all bills, mortgages, phones etc at current rates- so not cutting back on comcast etc.

We both found it interesting to see what variances we had in expenses, but found we could each survive "bare bones" on 3k a month- note these are not our real incomes- just what we would absolutely need to make ends meet.

Care to share yours? Actual income need not be disclosed, just trying to see how others compare to ours

 

[happygirl]

A friend and I were discussing what would be the lowest possible income we could survive on per month- Either as a dual income family or as a single.

The incomes we discussed covered all bills, mortgages, phones etc at current rates- so not cutting back on comcast etc.

We both found it interesting to see what variances we had in expenses, but found we could each survive "bare bones" on 3k a month- note these are not our real incomes- just what we would absolutely need to make ends meet.

Care to share yours? Actual income need not be disclosed, just trying to see how others compare to ours

We could get by on much less then 3,000 a month

 

[Colleen27]

About $1500 for the 5 of us without cutting back on cell phones, cable, groceries, etc. In a pinch I could probably get that down to <$1200/mo.

 

[ilovemk76]

Are you including health, life, LTC, auto, home and any other insurances that you have? For us, those are the expensive ones we pay.

If you are just talking mortgage, including property taxes, phone, cable, internet, electric, heat and food then we are at about $1300 - $1500/month. This would not allow for any fun.

 

[Colleen27]

I did include our insurances in my response, and did a little mental cartwheel at the math because as of TODAY we're on DH's insurance through his employer and I cancelled the policy we had when he was self employed... A savings of over $600/mo.

 

[zurgswife]

Lots lots more then that due to a larger mortgage.....If I could get my mortgage at a more reasonable rate...it would still be larger then 3K

 

[Peanut Giggleface]

Are you including groceries, occasional eating out and incidentals? Or is this just covering bills?

 

[tvguy]

Are you including groceries, occasional eating out and incidentals? Or is this just covering bills?

I suspect $3,000 a month....assuming that is after taxes....is more than the average American family is "getting" by on. That pretty good income......before taxes about $50,000 a year......about 10% more than the average American household is living on.

 

[beaucoup]

It would have to be less than $3000 a month, because DH doesn't even take home that much. He makes much more, its just that much of it goes to retirement, health insurance, taxes, etc before take home.

No mortgage any longer, and no debt, so it would just be all the utilities, gas, food, etc & stuff we buy.

 

[Pomlover2586]

OP here- My friend and I calculated 3 K each using all of our monthly must spend expenses- mortgage/rent, pge, water, cars, gas, insurance, health, groceries, cleaning supplies, pet supplies, phones, cable, internet, credit cards.

We calculated all of this at our current rates- not what we would need if we trimmed down our budgets to accommodate less income from job loss etc. These calculations do not include splurges like vacations and eating out at restaurants but do include netflix and/or gamefly which are splurges. The rest are basic bills.

 

[ohiomom28]

We've been living bare bones for the last 16 months...so that's about $3000 a month. $2000 in bills (rent, utilities, etc.) And $1000 for groceries, gas and everything else. Sometimes it was less, sometimes it was a little more. I just recently started a new job after being on unemployment and being school so things are looking up. Now if I could find a Nursing job!

Posted from DISboards app from Android

 

[punkin]

We've been living bare bones for the last 16 months...so that's about $3000 a month. $2000 in bills (rent, utilities, etc.) And $1000 for groceries, gas and everything else. Sometimes it was less, sometimes it was a little more. I just recently started a new job after being on unemployment and being school so things are looking up. Now if I could find a Nursing job!

Posted from DISboards app from Android

Some irony here.

 

[Christine]

OP, it would have been interesting if posters had included (in general) where they live. The amounts that some have listed that they can get by on wouldn't even cover a mortgage on an old house where I live, much less rent on a 1BDRM apartment.

I know how fun it is to compare these things, but I do see it eventually dwindling down to people in low cost of living areas feeling quite superior about their frugality.

 

[Christine]

Some irony here.

Your catch on that made my day.

Someone I know has recently walked away from his mortgage due to being underwater. Both he and his wife often send e-mails "sent from my iPad." They have two.

 

[indimom]

OP, it would have been interesting if posters had included (in general) where they live. The amounts that some have listed that they can get by on wouldn't even cover a mortgage on an old house where I live, much less rent on a 1BDRM apartment.

I know how fun it is to compare these things, but I do see it eventually dwindling down to people in low cost of living areas feeling quite superior about their frugality.

We live in a low cost area and I couldn't make it long term on these numbers. I really don't think they are including things like savings for emergencies (transmission going out or house needs a new roof; savings for future car purchases, retirement or college; medical expenses; etc.

August is always our "high" month due to timing of some non-monthly bills and school costs. This year, we spent $6,000 in August (including three insurance payments, medical bills, back to school fees for three, driver's ed). We don't have any car payments, have already paid off the braces for both kids, our mortgage is very low and we only spend $40 a month on cell phones.

I figure bare bones, we could MAYBE make it on $5,000 a month. But that would eliminate vacations, and some extras like driver's ed and braces for the kids, etc. And, if any serious chronic illness came around the bend, I don't think that would hold up for long.

 

[ohiomom28]

Your catch on that made my day.

Someone I know has recently walked away from his mortgage due to being underwater. Both he and his wife often send e-mails "sent from my iPad." They have two.

I just realized I wasn't on my iPad when I sent it. So what if I was on my cell phone.

If that's not it, what was the irony????

If you MUST know, I only have an iPad because my husband won it at his work Christmas party.

Posted from DISboards app from Android

 

[Christine]

I just realized I wasn't on my iPad when I sent it. So what if I was on my cell phone.

If that's not it, what was the irony????

If you MUST know, I only have an iPad because my husband won it at his work Christmas party.

Posted from DISboards app from Android

The irony is that someone (maybe you) stated you had been living "bare bones". People who are living bare bones generally don't pay for the data plans associated with a smartphone or iPad. That's the irony. It's not necessarily just the initial outlay of a phone (or an iPad that was a gift). It's the monthly fees associated with operating them.

I don't live bare bones at all but I still don't have these devices because I can't stomach adding $30 more a month to my cell phone bill just for the data plan. I'd love to have an iPad, but again, I don't want the $25 recurring data plan fee just to do fun things on it.

 

[Christine]

Okay, just tallied mine up. It is $5655 and it includes:

Mortgage, electric/gas, cellphones/cable, car insurance, car payment, food, water bill, sewage bill, college tuition, rent for my DD's college apartment, college books/supplies, gas for commuting to work, monthly medical expenses.

I didn't include anything like my vet bills or things like clothing which, at times, can be a necessity as I work and my son is required to wear uniforms to school.

 

[ohiomom28]

The iPad runs off of the wifi in our home just like other computers. We are required to have internet for my husbands job and my school also required it. I don't pay anything extra to use the ipad. As for my cell phone..we have a family plan, which includes internet on our phones. We don't have a home phone service.

I just answered a question, I didn't expect to be questioned.

Posted from DISboards app from Android

 

[mnrose]

We own our home, so no mortgage. I realize that is different from many(most?) people. So for us, bare bones would mean about $2000 a month. That covers property taxes, insurance, food, clothing, utilities. I think that could go even lower. If I was trying to really cut corners, I would drop down to a very basic cell phone plan, drop the home phone, ditch the internet (we already have no cable...what a waste that one is!), and sell our current home and go with a less expensive option. Food costs could go lower...cut out meat entirely, and go vegetarian. Tofu (which we enjoy) is pound for pound the cheapest protein out there. Of course, beans and rice (which together make a complete protein is cheap too).

We eat veggies and fruit mainly from our garden, so low cost fresh, organic produce.

If we live more like people did 2 or 3 decades ago, it would cost less and the food would be better for us.