Challenge::Live on $5.15 an hour::

gavinmccallister · #1 (**permalink**) 02-19-2006, 06:10 PM

I am offering a challenge to anyone out there, live off $5.15 an hour.
How ever much you get paid pay yourself $5.15 an hour(based on a 40 hour week) and put the rest in your savings account, let's see how long you can do this.

Can you survive 30 days, 3 months, 6 months, or 1 year.

I think this would be a really fun way at saving let's try it choose your goal.

Can you do it for 1 year?

Track your progress through this thread.

Russell · #2 (**permalink**) 02-19-2006, 07:01 PM

That's about $890 a month if you work 40 hours a week. Can you do it ? because for me that's not even remotely possible, just the rent alone is $1850

Great idea though, I'll be watching this thread.

gavinmccallister · #3 (**permalink**) 02-19-2006, 07:09 PM

I will give it a shot I will hope for a year but we shall see.

Lostsoul33 · #4 (**permalink**) 02-19-2006, 07:15 PM

Not possible for me either. Mortgage payments are $870 per month. That would leave me with $20 for food, debt, utilities and savings. I will keep an eye on this thread though. Great idea!

DivaJen · #5 (**permalink**) 02-19-2006, 07:32 PM

We couldn't - mortgage is $1800+ by itself.

cercis · #6 (**permalink**) 02-19-2006, 08:14 PM

Yeah, I'm there with the mortgage too. But mine is closer - $790/month.

Amy752 · #7 (**permalink**) 02-19-2006, 10:12 PM

Great idea, but not realistic for most.

frugalfarmwife · #8 (**permalink**) 02-19-2006, 10:45 PM

I wish we could but our mortgage alone is 1,100 so it just can't be done. Oh for the days when my rent was $350, used to do it all the time then!

kj

Tree0164 · #9 (**permalink**) 02-20-2006, 01:46 AM

Nope... mortgage is much higher than that.

PrincessPerky · #10 (**permalink**) 02-20-2006, 06:04 AM

At one point in my teenage life I did, boy was rent cheap! But now that is my mortgage and I am not moving for a short challenge

.

However I will think about living on say the 600 left after my oh so cheap rent from then, oh wait aside from the car I do.....Nope not gonna sell the car for a 30 day challenge either.

So that leaves utilities, gas, food, and 'other' for less than 300 a month? That is half my current budget! What did I waste it on back then! It was just me! (ciggs, but surely that wasn't all????)

I don't think I could do it now. Not for a family of 5.

Ima saver · #11 (**permalink**) 02-20-2006, 06:56 AM

There is only 2 of us and I have no mortgage, so you would think that I could. But I have a car payment of $817 and a land payment of $660. The land will be worth a lot more than I paid for it, but of course, the car is not!
No, no way I could live on $890 a month.
When I was first married, I did live on less than $400 a month, but my rent was $65 and my car payment was $60, That was 41 years ago!!

miclason · #12 (**permalink**) 02-20-2006, 08:08 AM

that's more than I currently make...

jmjj215 · #13 (**permalink**) 02-20-2006, 08:15 AM

And if you have to pay for private health insurance, as we do, that's another major issue...

lovingyoualways · #14 (**permalink**) 02-20-2006, 08:36 AM

I'm like most others here. 3 years ago I was making 5.15 an hour. But I was single, rent was low, and no car payment. Now if it was 5.15 for wife and hubby I might have a slim chance of making it for awhile.

gavinmccallister · #15 (**permalink**) 02-20-2006, 08:44 AM

You can combine your $5.15 and your husbands $5.15 I always thought that married people had it somewhat easier because they have two paychecks instead of just one. That allows for $1780.00 a month is that workable?

acezz4e_tish · #16 (**permalink**) 02-20-2006, 10:35 AM

every time i try to do something like this something else goes wrong. ive lost 3 serpentines in a year on my ford minivan. i need a new windshield for it. now i need another new tire. everytime i try to post a savings, something needs replaced.

nanamom · #17 (**permalink**) 02-20-2006, 10:57 AM

I remember when that seemed like a lot of money. Now it wouldn't even come close. Let's see, 5.15 an hour times 40 is 206 a week times 4.3 weeks a month makes it 886 a month. Rent is 650 and we pay our own utilities. Then there is the two cars whose payments are almost 700 alone. I just did the bills before I logged on here and this is the first thread I came to. Boy do I feel like a failure!

Ima saver · #18 (**permalink**) 02-20-2006, 10:58 AM

Well, I have enough cash to pay off my car and my land. Then I could sweak by on $1800 a month. I would probably sell my house and buy something a lot smaller and cheaper. That way my taxes and insurance would go down.

acezz4e_tish · #19 (**permalink**) 02-20-2006, 11:34 AM

dont feel like a failure! feel like a student of life learning something new. i love learning new things, makes me feel very fortunate. i smile at anything i save. i love learning new tricks too, that sprite on the apples i found online was awesome! the kids love them cut, but dont like the browning, so sprite on the apples before serving saved me the ewwww its getting brown thing. a new thing learnt, tried and worked, im smiling!

ender513 · #20 (**permalink**) 02-20-2006, 01:22 PM

If I had my students loans paid off, I could live on $886/mo. Almost anyway, it would be incredibly tight. My rent is $525, and on average I live on about $900-$950 for my "needs." If I did some seriously grocery cut backs (only buying on sale, buying cheap frozen goods etc) I might be able to make it. Maybe