Have you ever calculated how much you need to live?

James

DTVUSA Member
#1
I am trying to take a good look at what I need to make in order to live. I found an online calculator that shows actual take home pay after taxes. Next I am looking the last few months of spending. I started inputting data into a simple spreadsheet to see where the money goes.

Anyone else have any tips?
 

Aaron62

Contributor
Staff member
#3
For tips on how to calculate how much you need, I'd say your plan of making a simple budget spreadsheet will do. I do this quite often and update frequently.

It's so hard to save extra these days. Plus, being single means more spent on going out.
 

James

DTVUSA Member
#4
Tips as in...calculations on. however anyone breaks down their expenses. Do you separate food vs cleaning supplies? Eating out vs dining in? How do you personally hunt down ways to find needless expenses? I have my ways but I was interested in hearing from others. Most people do not budget or think about where the money actually goes. I have heard for years that a first step is to look at every expense in order to actually see and understand exactly where every dollar goes. It can be shocking.We've seen dramatic savings by shopping certain food markets vs the "nicer" chains.
 

James

DTVUSA Member
#5
Since this topic is getting views I will add more info. Tonight I happened to bump into an account acquaintance. My wife blurts out "Ask about that question." I say "About money markets?" "No...that wage question.". Ohhhh yea. Just what an accountant wants to talk about on his off time. To the point the conclusion was to itemize spending to see where the money goes. See what is essential and what is not. Calculate as close as you can, what you squeak by with. Then upgrade it a bit more. Then, if you want, do it again with a higher wage, extra savings, etc. Now with these three ballpark figures in mind, one can go into a job search and know where things stand. If a job pays below the threshold, pass it by.
 
#6
I'd say your plan of making a simple budget spreadsheet will do. I do this quite often and update frequently.

It's so hard to save extra these days. Plus, being single means more spent on going out.
 
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