How much money can you live on?

  • Posted by a hidden member.
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    Oct 04, 2008 10:41 PM GMT
    After you've paid your rent/mortgage, and 'major bills', how much can you live on, reasonbly?

    Are you able to live frugally if you have to, or do you find it a real struggle?

    Do you find budgeting difficult or find the challenge of living to a tight budget...erm..challenging?
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    Oct 04, 2008 10:53 PM GMT
    I pay cash for everything I own, only have bills for utilities, plus consumables & perishables, like clothes, food and drink (lots of drink), recreation, charitable contributions, and non-essentials. I think my expenditures for the last 12 months didn't exceed $75k, though that doesn't include my partner's outlay, which may exceed mine, but I never ask. My friends admire me for living comfortably, but not extravagantly, on a very modest amount.
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    Oct 04, 2008 10:56 PM GMT
    Like Red, I pay CASH for everything!! I learned the HARD way with Credit Cards and now I am FIRM believer that if I ain't got cash I DO NOT need it!!!!

    Other than that, I can buckle down when need be, but who REALLY likes to???
  • CuriousJockAZ

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    Oct 04, 2008 11:24 PM GMT
    My only debt payments are for mortgage and for my truck....other than that I pay cash for everything (well I charge everything on my credit cards to get the frequent flyer points, but pay down to zero at the end of the month). But, I learned some harsh lessons in my youth with credit cards, and it took years to pay off student loans, so I never want to be in that kind of debt again.
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    Oct 04, 2008 11:30 PM GMT
    I have zero debt right now. I had a house that I sold just before the market was tanking and doubled my investment over 10 years. I now live with a friend who's place is paid off for about 300.00 a month (just to cover expenses). My savings are going up quick so maybe I can invest in a house at the bottom of the market in the next year.

    I have never lived off much credit either. I paid for school (college) as I went with savings and by working at the same time.
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    Oct 04, 2008 11:36 PM GMT
    I've got a garnishment for an ER visit last year that's taking a pretty large chunk outta my checks, so I've found that I can live on very little.

    After rent, bills, and groceries, I've got maybe $70 to my name each month.

    It's not really hard since I don't have any other options right now. You learn to eat cheap, and you also learn how to come up with free entertainment.
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    Oct 04, 2008 11:51 PM GMT
    I came from the bottom up and earned every single penny and possesion to my name. My parents/relatives never helped me out along the way.

    Thus, I could return to a miniscule income. I would not like it, however.

    I used to live on $30/month for groceries, so probably about $50-60 would do it for me.

    I live well now but admit everytime I purchase something, I have to ask myself, "Is this really worth an hour of my salary?". It is a very tough mindset to abandon, but also realise I will also need to support myself as an old man too.
  • ArmsandLegs

    Posts: 125

    Oct 05, 2008 12:09 AM GMT
    After being laid off in April, I've been having to live off of $220 a week. I've learned to budget and cut out the frivolous and extraneous things that are not needed. It has actually been a blessing, I used to make much more than what I get now and was unable to live within my means and racked up a ridiculous amount of credit card debt, which I am still paying for. I am amazed that I can pay my rent, bills and living expenses and still have money left over to pay off the credit cards on less than $900/month.
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    Oct 05, 2008 2:30 AM GMT
    26mileman saidI came from the bottom up and earned every single penny and possesion to my name. My parents/relatives never helped me out along the way.

    Thus, I could return to a miniscule income. I would not like it, however.

    I used to live on $30/month for groceries, so probably about $50-60 would do it for me.

    I live well now but admit everytime I purchase something, I have to ask myself, "Is this really worth an hour of my salary?". It is a very tough mindset to abandon, but also realise I will also need to support myself as an old man too.


    Jesus.


    $30 a month for groceries?! I spend ~$180 a week!
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    Oct 05, 2008 3:03 AM GMT
    Blunt:

    It's all about buying bulk and growing what food you can.icon_smile.gif It's not pretty though and I only weighed 120lbs too.
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    Oct 05, 2008 3:29 AM GMT
    after I sold my business, I've been living off the proceeds, I haven't worked in well over a year now and every day theres just a little bit less.

    I'm living on less money now then I have ever lived on (and yet still, I'm happy hehe)

    hmm I probably live off 180 a fortnight, but, I live cheap and the most expensive thing I have is my personal trainer icon_biggrin.gif
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    Oct 05, 2008 3:41 AM GMT
    Now that I am heading back to school, I have cut down on my expenses. Thank goodness I no longer have a mortgage or other loan hanging over my head! So, my monthly outgoings are pretty low, and I get by with less than $500 a month. icon_smile.gif
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    Oct 05, 2008 7:03 AM GMT
    My mother's father died at the beginning of the Great Depression. She and her sister went to work, aged 9 and 10, in a sausage factory. My maternal grandmother took in sewing. They lived on cornbread, cows milk, and beans.

    I was taught from the earliest age that you work for what you want.

    Like other posters I got into credit card debt when I was younger, and haven't used them at all for 15 or so years.

    I pay cash for everything.

    My life is inexpensive, and I support a fairly large staff. However, that doesn't mean I don't know how to live frugally.

    I remember living in New York and having to decide if I could eat a hot dog or take the subway.

    There is an old saying that goes "I have been rich and I have been poor, rich is better".

    Terry
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    Oct 05, 2008 7:10 AM GMT
    CuriousJockAZ saidMy only debt payments are for mortgage and for my truck....other than that I pay cash for everything (well I charge everything on my credit cards to get the frequent flyer points, but pay down to zero at the end of the month). But, I learned some harsh lessons in my youth with credit cards, and it took years to pay off student loans, so I never want to be in that kind of debt again.


    Exactly where I want to be (financially) once I am done with school and after I pay back major school loans....uggghhhh
  • chitown_mofo

    Posts: 98

    Oct 05, 2008 8:03 AM GMT
    I worked a salary job for years and hated the monotony so I quit. When I started working for myself, I found that income was, well, sporadic - feast or famine. Through the famine times though, I learned how little of an impact on my overall happiness the things I was buying in the past were. For me, I just need to pay bills, be able to go out to a nice dinner 3-4 times a month, travel 5-6 times a year, and hopefully save a little. To me thats a pretty effin good life.

    Don't get me wrong, I love to spend some $$ and I do sometimes, but I'll never again shell out cash for things that don't really mean shit to me, clothes, cars, jewelry, housewares, etc. If its a tight budget, cutting out crap like this in times of famine allowed me to still do everything i wanted and still not have to do the 9-5. It can be challenging, but to me, worth it. Personal freedom from the daily grind of the workforce is waaaay more important to me than the other stuff. Alot of that shit is just to attain 'status' or an inability to resist the bullshit marketing that alot of gay guys, i think, are way too susceptible towards. I was for a while. Now i've got my income back up to the salary level and Im saving alot more cuz I dont blow money on shit that means little to me. Just wish I woulda figured it out while I was still salaried, I'd have saved alot more...
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    Oct 05, 2008 10:37 AM GMT
    The amount of money I spend per MONTH without the bills, food, and stuff (roughly about 10 to 20 dollars, parent-paid anyway, since I'm still living with them while I wait to get off this island), would amount to about 5 to 10 dollars.

    I'm not kidding LOL. icon_razz.gif