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So, we're thinking of trying a back to basics challenge -- giving up virtually everything and to live on as little as possible for the next year. Now, we aren't giving up our home so we aren't counting the mortgage payment. Basically we are counting everything we have control over. What do you think is a good goal to shoot for per month? If took out all your set expenses, what is the least amount you could live on each month for a year?
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Removing the mortgage payment, I could live like royalty on $1K a month. : ) -
There are a couple of senior SA participants who live very minimally, tiny spending footprints. We all pro rate different items under Needs/Wants columns. You could live in our city easily using public transport but food is expensive. We pay medical via taxes no premiums, no co-pay, with 80% coverage on Generic prescriptions. I drive an older car, only for errands, only liability insurance, run D/W after 7 PM when rates are lower, wash clothes in cold water, only bedding & towels in hot water. I don't like to eat in restaurants and have an nearly endless list of tiny cost reductions which are insignificant on their own but add a lot to our bottom line cumulatively.
I do my best to operate on a smaller spending platform than others.Comment
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Excluding my rent, my current spending comes to about $9800 a year.
Now, if I were to cut out Netflix, eating out, hobbies, gifts, & entertainment from my budget (like, if I were in a truly emergency situation and COULD NOT afford these things), that would bring my non-rent spending down to about $7200/year.
If I had to cut internet too, $6125/year.
Rent is $9480/year. That's right, it accounts for about half my spending. Presumably if I were in a desperate situation, I'd go live in a dumpy cheap apartment.Comment
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