3 answers

What is the minimum salary you have to get in order to provide for yourself? for a family?

Updated New York, New York

I think that many of us take our homes as guaranteed, especially if our family still supports us. We don't realize how much money they use to support us. So, what is the salary we have to earn in order to live by ourselves? What is the salary we have to earn in order to sustain a family or 2? 3? .. #career #money #family #hom #financial-planninge #home

3 answers

Ben’s Answer

Updated Menlo Park, California

Awesome question! To answer this question you have to ask yourself some questions?

How much do I have to pay per month in -housing/rent -food -transportation costs -utilities (electricity, water, etc.) -internet costs -phone bill -cable tv(maybe) -clothes -toiletries (shampoo, toilet paper, tooth brush/paste, soap, etc) -entertainment costs -misc. costs.

Calculate the total amount and it should give a good estimate on how much money you want to ideally earn to support yourself and your family. When your living with your partner/spouse they will ideally help you pay the bills so the weight won't all be on your shoulders.

Hope this gets you thinking! Feel free to reach out in the comments if you have any further questions!

Hope’s Answer

Updated Arlington, Texas

Hi, Tiffanie! Ben gave you a fantastic list. Remember the number is different depending on where you live and HOW you live. In addition to the list Ben mentioned, consider groups that offer free resources. For example, when I moved on my own, I volunteered for a nonprofit group that told me about another group that gave anyone a box of groceries every month for only $25/mo. The box had enough to feed me (just me) for a whole month. I didn't buy cable, but internet was a must. I limited myself to one new outfit every 2 weeks and only bought outfits that were classic and I knew I could match with a lot of other clothes. I bought toiletries in bulk when they were on sale. I also got tips from wealthy individuals about how they saved money. With Ben's list and a few ways to spend smart this should certainly get you started. Get ready for a great adventure!

Marco’s Answer

Updated Campinas, Brazil

As I do not know the costs of your state or country, I will give you tips on how to get the amounts of the supposed salary you need to earn for you and your family: make a spreadsheet considering your fixed costs in an apartment of the level you want to reach if you are in the beginning of your career, choose a small apartment, if you want to consider a family, consider a bigger apartment. Flat costs are monthly costs such as rent, water, electricity, telephone, fuel, car insurance, etc. Variable costs should also be considered, such as school enrollment, vacation trip, annual car repairs, birthday gifts, etc. In this way, you will find your annual costs and you will already be able to verify if the level of your costs will be compatible with the salary compatible with your proposals.