How far does $36,000 yearly take you?

Question

How much does it cost to rent an apartment, fill up a gas tank, and still eat? How much disposable income is left over after taxes and expenses? Just how frugally does someone living on $36,000 per year have to behave? For comparison's sake, assume that the cost of living is equivalent to that in Atlanta.

Answer 1

It depends. Is it just you trying to live on that, or do you have dependents? Do you spend a lot on silly stuff or are you very careful with the money?

I don't know what cost of living is like in Atlanta, but it's probably higher than here (a medium-sized Northern city.) I could live like a king on 36K, but it helps that rent is fairly cheap, I get 40 miles to the gallon on the highway, and I am naturally frugal. (My ex-girl friend told me once that she could put a lump of coal into my wallet and it would come out as a diamond. Hahaha!)

Try drawing up a budget. Here are some numbers, but they're based on little more than educated guess, sub your own in as needed.

$3,000 a month, so let's say you have $2,200 after taxes.
Rent is probably higher in Atlanta than here. Call it $600. (Rule of thumb, one should not use much over 30% of take-home pay on housing, so if you're spending much over $700 it's time to move.) Let's call utilities (including phone) as $200, food another $600, you've still got $1,000 per month after these basics have been taken care of.

Answer 2

Well, I live in the DC Metro area and $36,000/year won't take you very far at all, but it depends on your lifestyle, the cost of living in that particular area, etc. It's cheaper in the south so maybe making $36,000/year in a city equivalent to Atlanta's cost of living may take you far.

Answer 3

I have a co-worker from Atlanta that just moved here (to southern california) and from the way he describes it I think you could live quite comfortably off that. But Im sure someone in Atlanta will be able to give you a better answer! :)

BTW in Southern California 36,000 is significantly below the poverty rate and you would be considered "extremely low income". You cant make it on that unless you live with your parents or roommates.

Answer 4

It really depends on the individual. What kind of apt do you want? What part of the country will you be living in? Cost is different eveyrwhere. Do you tend to spend a lot of money going out? Do you have kids? What kind of vehicle do you drive? A jeep will eat up gas compared to a compact car. It's a hard question to answer, because it depends on a number of things. I wish you luck.

Answer 5

small apartment 750 car payment 400 health insurance 350 auto insurance 150 cable internet cell phone electric 200 credit card 200 magazine cd and other subsciption things 50 food 600 gas 450 entertainment whops you are out of money for this month and you didnot even make it to the mall or a concert or movies or dateing or flowers3000 a month is like nothing.