How much should I budget for food monthly?
So, how much should you budget for food? When budgeting for food, you should plan to spend a minimum of $250 per adult, and $150 per child each month. For example, a family of four with two children should budget $800 per month. This budget should cover groceries and dining out on occasion.
Can you live off 500 a month?
You may be able to survive for a year on $500/month in some small area or by rooming with a buddy. However, you run into problems in the long-run if all you have is $500/month. Costs for everything goes up due to inflation. $500 in five years will buy much less than it does now.
Is 600 a month enough to live on?
It’s definitely enough to live on comfortably – depending a lot on your habits. Not going to really be enough if you go out multiple times a week and spend £30-50 a night partying – but it’s easily enough to pay most things.
How much does a single person need to make to live comfortably?
This popular general budgeting rule allocates 50% of annual income to necessities like housing, 30% to discretionary expenses like travel, and the remaining 20% to savings. The median necessary living wage across the entire US is $67,690.
Is 20 dollars an hour good?
In those places a $20 an hour job would allow you to live pretty comfortably. But nearly all larger cities are going to have much higher rents. I found a pretty good run down of the cost of a 1 bedroom apartment in major cities for 2020 as well as the average rental price listed above.
Can you live in LA on 40000 a year?
As others have said, you can live in LA on 40k a year. Plenty of people do. It will definitely help if you move to the right area and get some friendly roommates.
Is 12 an hour a livable wage?
If we are assuming an uneducated and unskilled worker, yes it’s a good wage. It won’t be enough to live on your own but if you share a 3 bedroom apartment with two other people, you can make it work. A couple both making $12/hour would be able to afford a place of their own.
Can you live on 13 dollars an hour?
As you can see, this budget is fairly small, and would be tight, even for a single person, possibly renting an apartment with roommates. I would not suggest buying a house (or even moving out of your parents house, for that matter) on $13 an hour, but you can still save a few hundred per month.
Is 60k a good salary for a family?
Key Findings. Households earning $60,000 are unlikely to be housing cost-burdened. A family earning $60,000 should be able to comfortably afford housing costs in cities where the median household income ranges from $55,000 to $65,000.