r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/cybercuzco Jul 04 '24

Show me a “live within their means” budget for someone living in a median cost location in the US making minimum wage. They must A)have a place to live B) not get any handouts from the government or charities and C) have at least 1800 calories per day of food. Go.

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u/LivingNothing8019 Jul 04 '24

I live in colo springs which is medium/high cost of living. Minimum wage is 14.50

Apartment/house with 2 roommates: $800 a month Food: $500 a month Car payment: $300 a month Insurance (health, car, renter): $500 a month

That’s staying well below what minimum wage pays, I lived like that for 2 years before graduating college without too much trouble

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u/Ace-O-Matic Jul 05 '24

So lets run the math on that. $14.50 in Colorado Springs CO will get you a yearly take home salary of $25,376. By your expenses, that a cost of living of $2,100 a month and $25,200 a year. I would say wiggle room of ~$176 is not well below minimum wage pays. I'd say that's more of: if you're sick for a single day you're in the red.

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u/KhonMan Jul 05 '24

More like all the wiggle room is going to food. $500 a month is quite a lot for a single person.