Comment on The salary a single person needs to get by in every U.S. state
Showroom7561@lemmy.ca 10 months agoI think the article suggests living wages to live like a king.
The criteria they used is that “50% of income is used to cover necessities, such as housing and utility costs, 30% goes toward discretionary spending, and 20% is left for savings or investments.”.
I don’t know anybody who makes under six figures and saves or invests 20% of their income, and 30% discretionary spending seems like a LOT.
If the article were more realistic, the living wage amounts would be significantly lower than reported. As stated, it would leave people very comfortable.
bob_wiley@lemmy.world 10 months ago
Showroom7561@lemmy.ca 10 months ago
That may be the key, though. I’m not American, but was looking at Canadian household figures, and I’m seeing something like 40% of food spending going to restaurants! “Communications” being over $2600 a year ($216 / month for phone and internet???)! Private transportation being over $11,000 a year (10x what public transportation would cost). Drugs and alcohol accounts for nearly $2000 a year with gambling being another $200.
Sacrifice doesn’t mean to be poor, but it does mean that people need to spend wisely. If done right, you could live an even better life while spending less!
To that, I wonder what the real cost of living would be if people were more reasonable with their spendings.
bob_wiley@lemmy.world 10 months ago
Showroom7561@lemmy.ca 10 months ago
This would go a long way to help people get control of their money.
I’m very fortunate to have access to “pay-as-you-go” insurance, so at most I pay around $250 a year (two drivers) for up to 1000km, and every additional 1000km is around $50-60.
Since I’ve been able to move much of my car driving to cycling, I’m saving in gas and insurance. Easily $3000+ a year.
Even if someone isn’t physically able to cycle, investing in an ebike to offset some of their driving can also have an impact on their wallet.
But if you’re stuck with car payments, a rigid insurance plan, and are forced to buy gas often, then it’s a very tough situation.
Haha. I don’t think what they meant was to actually live like a poor person, but to be frugal with your spending. This can have a profound effect on how much money you keep!