Living Expenses under $10k/year - can it be done?

[Chuck1986]

Originally Posted By: Gary Allan
A minimalist existence has its rewards. It doesn't mean that you have to go without fun experiences, nor without some of the finer things in life. It just means that you don't fall into the trap of living at the razor's edge of what you can afford. I wish I could have avoided it for the front half of my life. Now it's kinda a mandate and, naturally, adopted too late to get full benefit out of it.

We live in a culture where your first rule is to chase a buck. The second is to hold on to it for the shortest time possible. In the middle of that is a whole lot of squirrel cage spinning.



EXACTLY EXACTLY EXACTLY!!

I still have plenty of fun and live a very rewarding social life. It just so happens to be that I'm not the type who derives proportional enjoyment out of the amount of $$ spent.

My hobbies include working out at the gym (lifting and cardio) - which is free since it's included in my tuition..reading pharmacology journals at the library - again, it's free..renting movies from Netflix - it's not free but the amount it costs for one month costs less than one night at the movies..browsing BITOG - it's free haha..those are just a few of the things I do in my freetime that don't cost much money.

 

[Chuck1986]

Originally Posted By: mechtech2
Why did you neglect to mention the Gym fees?


Gym is included in my grad school tuition, which I don't have to pay

 

[Chuck1986]

Originally Posted By: fdcg27
Finally, what is life without a spouse?
Two really can live as cheaply as one


I do date and I haven't ruled out marriage but the girls I've dated tend to have these grandiose dreams of a life of luxury and 3-5 kids haha. Women are extremely efficient at spending money.
Based on the statistics, there is a very real chance of divorce in which case I'd be forking over alimony or 1/3 of my pay for child support. No thanks.

 

[Chuck1986]

Originally Posted By: msparks

I'll be content living mine, and not living on peanut butter and Ramien for the rest of my life....yikes (you probably won't live to 40 eating that stuff.



So what am I supposed to eat a quintessential American diet of pizza, beer and potato chips? Telling me that I have a diet that won't get me to 40 is very ignorant. I emphasize high amounts of soluble fiber (from oatmeal, beans and fruit), while keeping saturated fat and trans fat in severe moderation.

Just for the record I do watch the nutritional content of my foods and my cholesterol and triglycerides are outstanding. I don't have the numbers in front of me but I do remember triglycerides and LDL both being in the double digits.

 

[L_Sludger]

Originally Posted By: Chuck1986

My hobbies include reading pharmacology journals at the library

That sounds so exciting. Let's read up on the latest beta-3 agonist analogue.

 

[tonycarguy]

Originally Posted By: Chuck1986

18 oz peanut butter 1.49
16 oz kidney beans 1.75
42 oz raw oatmeal 1.79
(4) 5-oz cans chunk lite tuna 2.76
8 oz cheese 1.99
2.5 lbs bananas 1.24
loaf whole wheat bread 1.69
(6) packs ramen noodles 0.99
1/2 gallon milk 1.60
(2) 16-oz spaghetti 1.38
29 oz tomato sauce 0.89
(2) 16-oz frozen veggies 2.00
1 can frozen orange juice 1.29


There's only 10,000 calories in here. A typical male needs 18000 cal per week (typical being 160 lbs). Unless you're 105 lbs, 10,000 won't do.

 

[fdcg27]

You need only find a woman who shares your values.
My wife and I never embraced the consumerist lifestyle, and we both get satisfaction out of finding a bargain.
You do seem to have a somewhat uninformed view of women.
Women are fully our equals.
Find the right one, and you'll have strong mate and partner for life.
You are young yet.
Your views and ideas will develop more fully over the years.
I do not intend this as a slight.
I did not view things in general as I do now when I was your age.

 

[greenaccord02]

I could do it, too, but I wouldn't want to.

Life is too short. Don't be extravagant, but living for tomorrow is a waste of your life. You could die of a heart attack at 40 or get killed next week. I just turned 25, myself. Even looking at things in an optimistic way, you have to realize that your life is 25% spent at best and probably more like 30%. You're going to wake up one day at 70 and think what the [censored] have I done to myself.

I'm just saying. Financial planning is a great plus, though. Have you considered consulting with a qualified planner? They can help put things in perspective, too.

 

[rjundi]

Sounds like a good plan for staying single

Save some money, enjoy life and see where you go.

 

[SecondMonkey]

Originally Posted By: Chuck1986
According to salary.com, as it stands the average salary for the profession I am entering is $110k/year. I figure if I work hard and set aside $5k/month (after taxes and cost of living expenses) - assuming it earns about 3% interest per year, compounded monthly - I would have $1.2 million by the time I am 40 and I could certainly retire and live off that for many years

So, you'll live a miserable life for 20 years only so you can take a 3? year break and spend your $1.2 million and then go back to work? You do realize $1.2 milion is hardly enough to retire on today, but it 20 years, a million bucks will sound like nothing, and life expectancy will probably be over 100 years. Are you going to live 60 years on 1.2 million?

I do know one guy that lived on less than $10k/year if you don't count all the meth he bought. He lived in my barn, yes, barn, not a fixed up interesting place to live, but a dirty hole with a gravel floor that smells like pee. ($600/month) He probably just froze his nuts off and sat in the dark to save money, but I pay nearly $100/month in utilities just for that place. (not counting my house!) He also rarely changed his clothes, didn't eat, or sleep, or do laundry, almost died twice, didn't have to pay for insurance or gas because he had no license, and finally left in the middle of the night wearing some shiny new bracelets and getting a free ride in a nice Crown Vic. I almost regret saving his life.

He worked hard though. Made like 20k/month. Got divorced, went down hill REAL quick.

I will say that I'm not much older than you and I do save more than half of my income, but no way in [censored] I'm eating on $20/week for the rest of my life! I do have a significant amount of money in the bank waiting for me when I'm old, or I could just stop now and live for a few years without any work and start up again when I run out of money. The latter seems like your plan.

If I die tomarrow, I'm going to feel really stupid about saving all that money.

 

[Chuck1986]

Originally Posted By: tonycarguy
Originally Posted By: Chuck1986

18 oz peanut butter 1.49
16 oz kidney beans 1.75
42 oz raw oatmeal 1.79
(4) 5-oz cans chunk lite tuna 2.76
8 oz cheese 1.99
2.5 lbs bananas 1.24
loaf whole wheat bread 1.69
(6) packs ramen noodles 0.99
1/2 gallon milk 1.60
(2) 16-oz spaghetti 1.38
29 oz tomato sauce 0.89
(2) 16-oz frozen veggies 2.00
1 can frozen orange juice 1.29


There's only 10,000 calories in here. A typical male needs 18000 cal per week (typical being 160 lbs). Unless you're 105 lbs, 10,000 won't do.



Geez that's funny cuz just the peanut butter, oatmeal and spaghetti alone combine to over 10,000 calories. I guess that's why my diet sustains a lean 190 lb physique?

 

[Chuck1986]

Originally Posted By: L_Sludger
Originally Posted By: Chuck1986

My hobbies include reading pharmacology journals at the library

That sounds so exciting. Let's read up on the latest beta-3 agonist analogue.


Exactly, it's very exciting - especially the example you cited. Beta-3 receptors are highly important in lipolysis (breakdown of fat). Finding a drug with high specificity for this receptor and a lack of specificity for B1 and B2 sounds like a very worthwhile endeavor.

 

[crinkles]

if I am lucky I can save only $650 per month LOL.

you guys saving half your income must be miracle men, have working wives or/and no kids, and have jobs paying 100k out of university...

 

[Propflux01]

Originally Posted By: Chuck1986

I do date and I haven't ruled out marriage but the girls I've dated tend to have these grandiose dreams of a life of luxury and 3-5 kids haha.


And if your not careful, some of those women will make that happen whether you planned on it or not!!!

"Chuck......I'm Pregnant.... and it's yours!

"

 

[L_Sludger]

The most horrifying words you'll ever hear a squeeze tell:
"I'M PREGNANT.....






I'M KEEPING IT!!!!!"

 

[Pop_Rivit]

Originally Posted By: Chuck1986
Apartment rent: 749/month
Heating & Electric: 50/month
Food: 15-20/week
Car Insurance: 1200/year
Fuel: 5/week


I don't see health care or dental costs in there. Even if you get health care insurance through an employer you don't mention day to day things, co-pay's, asprin, etc. What kind of an apartment can you get for $749/month? Any chance your car will need repairs? Tires?

What about vacations? Planning on sitting at home eating banana's and Ramen Noodles for your vacation?

Originally Posted By: Chuck1986
18 oz peanut butter 1.49
16 oz kidney beans 1.75
42 oz raw oatmeal 1.79
(4) 5-oz cans chunk lite tuna 2.76
8 oz cheese 1.99
2.5 lbs bananas 1.24
loaf whole wheat bread 1.69
(6) packs ramen noodles 0.99
1/2 gallon milk 1.60
(2) 16-oz spaghetti 1.38
29 oz tomato sauce 0.89
(2) 16-oz frozen veggies 2.00
1 can frozen orange juice 1.29


Ramen noodles as a diet staple? Packed full of sodium and not much else-those are some pretty empty calories. Not to mention they taste like flavored cardboard. I can't imagine living on a diet like that for a year, let alone for the rest of your life.

Originally Posted By: Chuck1986
assuming it earns about 3% interest per year, compounded monthly - I would have $1.2 million by the time I am 40 and I could certainly retire and live off that for many years


Retiring at age 40 with 1.2 million will allow you to live-just about like you budgeted already. And if you can't do better than a meager 3% return then you should let someone manage your money who knows what they're doing.

There are so many day-to-day costs that are missing from your list that it starts to become funny. It's completely unrealistic.

And I have to ask, since you're so eager to retire from your choosen career at age 40, why didn't you choose a career that you like?

 

[Gary Allan]

That's just what he's doing to make money. The career he's filling out the prerequisite for is retirement.

 

[PandaBear]

If you want to live under 10k a year, here is a few things you need to do:

1) rent a room from someone or share an apartment, instead of 750 a month on apt.

2) if you are using only $5 fuel a week, might as well just drop the car instead of car insurance and fuel

3) what are you going to be doing for the income part of the equation?

4) tax? medical expense? you don't want to file bankruptcy at the age of 25.

 

[PandaBear]

Originally Posted By: tonycarguy
Originally Posted By: Chuck1986

18 oz peanut butter 1.49
16 oz kidney beans 1.75
42 oz raw oatmeal 1.79
(4) 5-oz cans chunk lite tuna 2.76
8 oz cheese 1.99
2.5 lbs bananas 1.24
loaf whole wheat bread 1.69
(6) packs ramen noodles 0.99
1/2 gallon milk 1.60
(2) 16-oz spaghetti 1.38
29 oz tomato sauce 0.89
(2) 16-oz frozen veggies 2.00
1 can frozen orange juice 1.29


There's only 10,000 calories in here. A typical male needs 18000 cal per week (typical being 160 lbs). Unless you're 105 lbs, 10,000 won't do.



Let's see how we can do in an alternative:

Pasta $2/lb dry, enough for about 8 full meal servings (lunchs and dinners), 25c per meal.

Pasta sauce $2 per bottle, enough for 2 full meal servings, $1 per meal.

Ground beef $2 per pound (Ranch 99 fatty ground beef, type B), enough for 4 meals, 50c per meal.

Top Ramen 40c a pack, alternative meal item vs pasta and sauce, + an egg or spam makes it 1.40 a meal

Let's say $2.50 a meal for safety margin reason.



Cereal on sale, $2 per box enough for 5 meals, 40c per meal

Milk $3 per gallon, enough for 10 meals (well, you are eating nothing but cereal), so that's 30c per meal.

Fruits is probably $1 (Naval orange or banana) a day to keep you healthy if you are in California, otherwise $3 a day.

Let's say $2 per meal for breakfast for safety reason.



Combine everything makes it about $7 a day for food, about $50 a week or $200 a month. I am able to pull in $200 a month for my wife and I because we have free food from work all the time, and we basically live off cereal and are malnutrition. If you really pull it off $20 a week is doable if you never eat out or buy anything that is not expiration special.


My parents grew up in a famine, and they enjoy eating, so their food bill is $800 a month. Most college students I knew back in the days are about $100 a month, after 10 years of inflation I'd say $150 a month is typical.

 

[msparks]

Used bicycle? Growing some vegetables? Some cost saving ideas.