[EA]

No, I have a 3 bedroom.
I'm assuming the op is single, or without children so a 1 bedroom would be adequate for them.

[Caltovegas]

Something else to consider is the long term goals. It may be 25K now but what about later on? Out of that 25K there is the consideration of long term savings and financial protection of the family along with the potential college cost. Life is spring, summer, fall and winter. During those fall and winter years are when the fruits of your labor come into play. Just something to consider.

[MadManofBethesda]

Originally Posted by extremeatheist

I have a family of 4 and a 730 car payment. I don't need but a little more than 25k. Are you guys buying crack or something?
1 bedroom apartments are cheap here, utilities aren't much, food is cheap.

Well, let's see.

After you take out $1,912 for Social Security and Medicare taxes, that $25k becomes $23,088 or $1,924/month. When we deduct your $730 car payment, that leaves a grand total of $1,194. Say a mere $600 for one of those cheap 1br apartments and you are left with a grand total of $594 for all monthly expenses. That would include food, utilities, auto insurance, gas, health insurance, medical expenses, clothes, etc., etc., etc.

Doesn't seem to leave a lot for crack now does it?

[Caltovegas]

Oh snap. Why bring up crack?

[FML157]

26k annual salary for a single person with 0 dependents breaks down to $826 bi-weekly. You will need to have a paid off car for this to work but here's a rough budget

$1640 monthly income
(550) single bedroom or studio or rented room
(250) groceries
(150) occasional eating out and/or entertainment
(80) electricity
(80) cell phone
(200) gas.... not sure how far of commute you have or your gas mileage
(100) car insurance
(50) internet
------
$180 left to cover any debts and pay for unexpected expenses and save.

I think it is doable but the question is what type of quality of life you are willing to accept.

[logline]

Originally Posted by FML157

26k annual salary for a single person with 0 dependents breaks down to $826 bi-weekly. You will need to have a paid off car for this to work but here's a rough budget

$1640 monthly income
(550) single bedroom or studio or rented room
(250) groceries
(150) occasional eating out and/or entertainment
(80) electricity
(80) cell phone
(200) gas.... not sure how far of commute you have or your gas mileage
(100) car insurance
(50) internet
------
$180 left to cover any debts and pay for unexpected expenses and save.

I think it is doable but the question is what type of quality of life you are willing to accept.

No health insurance? That might blow the budget.

By the way, Straight Talk cell service with unlimited voice, data and text is only $45/mo., not $80.

[bellagal]

the guy with the 730 car payment, if you make 25 K a year that's maybe about 1700 after taxes a month. after a 730 car payment that would only leave you 970 dollars a month to pay for car insurance, gas and rent/mortgage and utilities and food. doesn't seem possible , and you say you have a family of 4.

[EA]

I always forget taxes. I never count them into my budget, I only deal with post tax income. Also, I did say a little more than 25k, and that was for the bills.

[bellagal]

ok. :-) I admire you.

[NLVgal]

I've lived on that amount, but it wasn't fun. (And it was a long time ago, when things were theoretically cheaper). The cost of daycare is what really buried us, though.

I guess a single person, with a paid-for automobile could do semi-okay in that range, but the slightest emergency (need new tires, tranny went out, etc.) will put you in a world of hurt unless you have a good emergency fund (and that's very hard to build at that income level)