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Who here makes $50,000 or less and how do you budget? - perros - 08-22-2019 12:36 AM

According to statistics, half the American people make $30,000 a year or less

https://howmuch.net/articles/how-much-americans-make-in-wages

And over 75% of Americans are living paycheck to paycheck.

Anyone want to share their experiences on living $50,000 a year or less? How do you budget and keep your head above water?


RE: Who here makes $50,000 or less and how do you budget? - Barron - 08-22-2019 02:36 AM

Sure.

4 years ago I moved to Ukraine where I currently make less than 50k a year.
In less than two years I completely paid off $30k worth of student loan debt while paying zero taxes and living in the center of the city.

I just wired another $10k back to my US bank account and life has never been better.


RE: Who here makes $50,000 or less and how do you budget? - ArloDash - 08-22-2019 03:20 AM

(08-22-2019 02:36 AM)Barron Wrote:  Sure.

4 years ago I moved to Ukraine where I currently make less than 50k a year.
In less than two years I completely paid off $30k worth of student loan debt while paying zero taxes and living in the center of the city.

I just wired another $10k back to my US bank account and life has never been better.

The best possible answer to this question.

What city in UA bro?


RE: Who here makes $50,000 or less and how do you budget? - Barron - 08-22-2019 04:10 AM

Kiev, working in IT


RE: Who here makes $50,000 or less and how do you budget? - TigerMandingo - 08-22-2019 09:16 AM

I make about 45k and live in northeastern US.

Rent is roughly $800/month. I spend maybe $400 a month on groceries. I don’t really go out to restaurants because I enjoy cooking at home and it’s healthier. No car so I do get to save on that.

All in all, I live a pretty frugal lifestyle. I could make more money I guess but the offside is that I would have to work longer and harder. And I don’t really care enough for that.


RE: Who here makes $50,000 or less and how do you budget? - AWright - 08-22-2019 12:29 PM

Null


RE: Who here makes $50,000 or less and how do you budget? - AWright - 08-22-2019 12:31 PM

(08-22-2019 04:10 AM)Barron Wrote:  Kiev, working in IT
What do you do in IT? I worked a help desk for 3 years ad have a college degree in economics, could I perhaps find a decent paying IT job in Kiev?


RE: Who here makes $50,000 or less and how do you budget? - RoadKill503 - 08-22-2019 06:53 PM

I make around 50k/yr and live very comfortably. I don't necessarily make a budget, but my expenses are very low. I live a mostly minimalistic lifestyle, live in a small house, drive an old truck, have no debt, don't wear trendy clothes or buy fancy tech gizmos. I technically live "paycheck to paycheck," but I bank whatever is leftover each pay period to the tune of $300-400 a month. I eat well, nice juicy steaks at least once a week cooked at home and typically go out for drinks 4-5 times a month which is enough for me. 50k allows for a great bachelor lifestyle, even in the slightly higher cost of living area I'm in on the west coast.


RE: Who here makes $50,000 or less and how do you budget? - flyinghorse - 08-22-2019 08:39 PM

I earn 25k per year but I live in south east asia - I go on about four holidays a year and I save roughly 5k per year as well.


RE: Who here makes $50,000 or less and how do you budget? - Tail Gunner - 08-22-2019 11:36 PM

For younger guys trying to improve their financial lives, I recommend this book just released a few days ago. It will give you some ideas -- for just $1.00.

"Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom" by Daniel Ameduri. I am not affiliated in any way.

The author provides many great tips for living in the new economic and financial paradigm. The book is currently available for only 0.99 cents on Kindle Books.

Here is the Table of Contents:

Quote:Introduction

1. The Concept of Wealth

2. What Did We Inherit?

3. Overspending Is Out

4. Retirement Is Not What It Used to Be

5. Passive Income Pays the Bills…Now and in the Future

6. Investing Beyond Wall Street

7. The Freelance Economy

8. Turn Your Hobby into Your Business

9. Do as I Say, and as I Do

Conclusion

https://www.amazon.com/Dont-Save-Retirement-Millennials-Financial-ebook/dp/B07TVW1JPH/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=1566534633&sr=8-3


RE: Who here makes $50,000 or less and how do you budget? - Zenta - 08-23-2019 10:32 AM

(08-22-2019 11:36 PM)Tail Gunner Wrote:  For younger guys trying to improve their financial lives, I recommend this book just released a few days ago. It will give you some ideas -- for just $1.00.

"Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom" by Daniel Ameduri. I am not affiliated in any way.

The author provides many great tips for living in the new economic and financial paradigm. The book is currently available for only 0.99 cents on Kindle Books.

Here is the Table of Contents:

Quote:Introduction

1. The Concept of Wealth

2. What Did We Inherit?

3. Overspending Is Out

4. Retirement Is Not What It Used to Be

5. Passive Income Pays the Bills…Now and in the Future

6. Investing Beyond Wall Street

7. The Freelance Economy

8. Turn Your Hobby into Your Business

9. Do as I Say, and as I Do

Conclusion

https://www.amazon.com/Dont-Save-Retirement-Millennials-Financial-ebook/dp/B07TVW1JPH/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=1566534633&sr=8-3


Thanks will send it to the ol kindle.


RE: Who here makes $50,000 or less and how do you budget? - Emperor Constantine - 08-24-2019 01:51 PM

I have made just under $50,000 the last couple years, and live in an expensive city. I don't budget, but I track my spending. I have an excel spreadsheet and at the end of each month I go through my bank statements and put each purchase into the appropriate category on the spreadsheet. It gets me thinking about what I spend, and my spending has gone down quite a bit since I initially started tracking.

Last year I made about $47k and spent around $25k. This year I'm on track to make a bit more and spend a bit less. I put most of the difference into investments. The key is the tracking. For me, it's a lot more helpful than budgeting a certain amount for things each month. This article by Roosh got me started: https://www.rooshv.com/how-to-get-your-finances-in-order

I also find the blogs Mr. Money Mustache and Early Retirement Extreme to be particularly helpful. ERE continually makes me realize that I live absolutely extravagantly.


RE: Who here makes $50,000 or less and how do you budget? - Stealth - 08-24-2019 04:45 PM

I'm well over it now, but I was making below/just over $50K for a number of years.

Immediately after each paycheck, I would pay off all credit card bills and move a set amount of money into accounts for savings, investments and known expenses like rent. I would then force myself to live on the remainder. Bills would be paid as soon as they came in, and credit cards were always paid off in full since it would be slightly cheaper than using cheque/debit due to the benefits.

I lived frugally, in a carefully searched for apartment that was below market level rent for the quality/location.

Carpooled to work to save fuel costs/wear and tear, in a small and reliable car.

Didn't blow huge amounts of money on expensive concerts and movies and pop cultural crap. I would go out, but make sure I was getting decent value for what I would spend.

Did save up and spend for one solid international travel trip once a year though (for my sanity sake).

Girls came through social circle and daygame. Dates were to lesser known family owned restaurants that actually had good food and non-ripoff prices.

Reading Aaron Clarey's Bachelor Pad Economics helped accelerate this further, after which I started maintaining/repairing my own car and no longer feeling any guilt about resisting society's consumerism. Reading Jacob Lund Fisker's Early Retirement Extreme made me realize I could have pushed this quite a bit father, though I haven't as I enjoy many of the comforts and conveniences I currently have. It's certainly good to know though that expenses can be further cut if the shit does hit the fan.

All this said though, this was a survival/unfuck mode of my life, as I hated what I was doing professionally (technologist work that was oversold as engineering work) and the ceiling was pretty damn low above me (lots of brownnosing for a disproportionately low increase in money and benefits).

Needed to get the hell out and went through hell of doing nightschool in a different area while working fulltime. Nice to avoid debt (and slowly increase wealth), though the timeline, stress level and very limited life (lost a couple good girlfriends as I didn't have enough time for them with everything else going on) makes me debate whether it was optimal.

Did eventually fix things career-wise, and am doing a lot more interesting stuff with a lot more money. All that said though, the ratio of money to energy/focus/stress required is lower now than before, so I can now relate to people who deliberately choose lower paying/less demanding job/lifestyle options. But at the same time, the increased savings gives more options afterwards too.


RE: Who here makes $50,000 or less and how do you budget? - BlastbeatCasanova - 08-26-2019 08:08 AM

Let me get back to you at the end of the year - one of my better habits is meticulously tracking every cent I spend in a detailed spreadsheet. I do this manually without the help any apps to force me to look at what I spend. I'm pretty frugal, no cable, no internet bill (I used my gf's comcast log-in), no debt, I don't go out and party a lot (see gf).

Unfortunately I've been spending a lot of money on gas (averaging $350/mo) bc my current job involves a lot of driving, which has it's own set of pros/cons. I cut out my gas station trips by making my own coffee and that has saved some money.

Here's some quick stats for you on the year so far (I have moved and changed employment this year so keep that in mind)
Bills: $6K
Gas: $1500
Eating out: $2K
Alcohol, etc. $800
Misc: $5.5K (car maintenance, plane tickets, Ubers, speeding tickets go in here)

I'm thinking I might clear 50K in earnings even though I started in April. For me being really frugal and not buying dumb shit makes it easy for me, I don't really stress about money too much. I cut out my gas station snack runs, a lot of fast food, and drink a little less and that helps a lot. Good luck


RE: Who here makes $50,000 or less and how do you budget? - 22qwert22 - 08-28-2019 03:24 PM

Canadian at 50k after taxes closer to 30k. Requires a business degree and 2 years of experience.
I pay around 30% tax + some retirement plan, + EI, +disability Insurance, one or two more deductions.

Bills:
Phone: 1200
Car: 1200
Insurance: 4000 (under 25; 1 speeding ticket)
student loan: 6000
Gas: 700

Rent: 9600

Food Grocery: 5000

Misc: 5000
----------------
Total: ~28000

Not much savings:


RE: Who here makes $50,000 or less and how do you budget? - doc holliday - 08-31-2019 11:15 AM

22qwert, that's insane that you pay about 20K in taxes on a 50K income up there. That's not taxation up there, it's confiscation. In spite of all of that taxation, you still have a student loan on top of it. That is brutal. Imagine how much you'd have in your pocket if you paid only 10K in taxes which would be far more reasonable (but would still be too high in my opinion).


RE: Who here makes $50,000 or less and how do you budget? - lavidaloca - 08-31-2019 06:54 PM

(08-31-2019 11:15 AM)doc holliday Wrote:  22qwert, that's insane that you pay about 20K in taxes on a 50K income up there. That's not taxation up there, it's confiscation. In spite of all of that taxation, you still have a student loan on top of it. That is brutal. Imagine how much you'd have in your pocket if you paid only 10K in taxes which would be far more reasonable (but would still be too high in my opinion).

You don't hes exaggerating. In fact for federal tax up to 47k is the lowest tax bracket. Provincially up to 43k is the lowest tax bracket atleast in Ontario. He probably actually clears closer to 40k.

I just plugged his 50k of employment income into a tax calculator for ontario. Says he will have $39k net. He probably has deductions related to student loans or other things as well.


RE: Who here makes $50,000 or less and how do you budget? - doc holliday - 08-31-2019 07:47 PM

(08-31-2019 06:54 PM)lavidaloca Wrote:  
(08-31-2019 11:15 AM)doc holliday Wrote:  22qwert, that's insane that you pay about 20K in taxes on a 50K income up there. That's not taxation up there, it's confiscation. In spite of all of that taxation, you still have a student loan on top of it. That is brutal. Imagine how much you'd have in your pocket if you paid only 10K in taxes which would be far more reasonable (but would still be too high in my opinion).

You don't hes exaggerating. In fact for federal tax up to 47k is the lowest tax bracket. Provincially up to 43k is the lowest tax bracket atleast in Ontario. He probably actually clears closer to 40k.

I just plugged his 50k of employment income into a tax calculator for ontario. Says he will have $39k net. He probably has deductions related to student loans or other things as well.

That does make more sense although with CPP and unemployment its probably closer to 13K which is still a lot on 50K. Federal tax in Canada isn't too bad, similar to the US but god damn, the provincial taxes are brutal up there, even at lower income levels. Plus the crazy sales taxes up there. All that taxation quickly eats up your income.


RE: Who here makes $50,000 or less and how do you budget? - tomzestatlu - 09-03-2019 03:45 AM

Different look.

I earn 18000 USD netto a year in Eastern Europe (1500 USD a month).

Monthly costs:
Rent: 350 USD (small garsoniere behind city)
Fuel: 170 USD (minimum)
School debt: 160 USD
Other fixed payments: 65 USD
Food: 260 USD (when I manage to stick to 9USD/day budget)

For my age and this country I have got quite decent sallary. It allows me to save/invest few hundred USD a month (when I keep my lifestyle strict and don´t spend) or travel.
Anyway everything is getting ridiculously expensive. For example food is almost the same as neighbour Germany (but they have 3 times higher sallaries) and normal flat would cost me twice much as my garsoniere.

But it´s important to say, that average monthly sallary netto might be about 900 USD (that´s 10000 USD a year guys). I can´t imagine how I would survive with that.


RE: Who here makes $50,000 or less and how do you budget? - 22qwert22 - 09-03-2019 01:16 PM

Quote:That does make more sense although with CPP and unemployment its probably closer to 13K which is still a lot on 50K. Federal tax in Canada isn't too bad, similar to the US but god damn, the provincial taxes are brutal up there, even at lower income levels. Plus the crazy sales taxes up there. All that taxation quickly eats up your income.

Yup yup, 50k after tax is 39k at 22% marginal tax rate. After CCP, I.E, Health Insurance, Retirement plan deposits. Am closer to 30k than 35k.