Can some break down on how to live on a 30000 salary?

Expenses:

-1700/year (full coverage insurance for new car %26amp; I have accident record) --- Do I need full coverage for new car or is there a better deal?

- 1800: 150 * 12 months (School Loans)

- 648: 57 * 12 months (2 year contract cell plan) -- not willing to cancel plan because I want to always keep my original number.

How much should rent, utilities, food, miscellaneous (medical, car maintenance, etc), %26amp; gas cost?

My gas almost $40 per complete fill.

Any advice would help!! I really appreciate it -- I%26#039;m moving/getting kicked out of my parents house with no help.

Can some break down on how to live on a 30000 salary?

Well, you didn%26#039;t say where you live, but in San Diego, you can get a small one bedroom apt and pay for utilities with $1000 a month. As for food and gas, you can easily get by with $500 a month, if it%26#039;s just you that you%26#039;re paying for, depending on how far you work, and how much you%26#039;re willing to go grocery shopping and eat at home.

Can some break down on how to live on a 30000 salary?

Here is how to start....

First gather all your bill and know how much you need to pay every month, that also including credit card bills. With credit card, you need to include the higher of minimum due OR the month interest accrued. Don%26#039;t forget the auto insurance or any other insurance (or let%26#039;s just say things you pay every six months or annually), and find the monthly amount for those bills. As for groceries and gasoline, you will need to start to see how much you need every month by tracking your spending. Now you are ready to total all the monthly amount required. Second, take your take home pay (after tax), and starting to subtract all the bills need to be pay. I hope is not a negative number. Okay, if you still have 15% of your income left, that is good. That means you live within your means. Save up all the 15% to a savings account. If you like to save even more than 15% of you take home pay, or you are negative after you deduct everything, start review your bills. Maybe your cell phone plan can cut down to $35 a month instead of $150 a month. Start to cut down the unnecessary stuffs. Start tracking your spending and know where your money is. If you owe more than one credit card, start paying off by focus on the highest interest rate first.

After you get a grasp of how to budget, start to look at bigger picture and focus on paying off your debts. Such as credit card debts...

Can some break down on how to live on a 30000 salary?

I think you can make that work. Here is my best go at it (by the way, I%26#039;ve helped all my brothers and sisters move out and set up budgets and stuff):

MONTHLY BUDGET

Rent/Mortgage ------------------ 1,300

Cell Phone ------------------------ 57

Car Insurance ------------------- 142

Car Registration ---------------- 15

Health Insurance ---------------- 200

Utilities ---------------------------- 100

Gas and Oil Changes--------- 100

Vacation -------------------------- 80

Clothes/Hair/Other Personal-40

Food ----------------------------- 125

Gifts -------------------------------- 30

Home Improvement ------------ 25

Entertainment -------------------- 25

Doctor and Medicine ---------- 50

Auto Repairs --------------------- 60

Dentist ----------------------------- 70

Christmas Gifts ----------------- 15

RANDOMS ----------------------- 50

That%26#039;s my best guess, and of course I don%26#039;t really know you, and you may want some more and some less. There%26#039;s also about 30 left that you can add somewhere else.

My advise to you is to divide which parts of that budget are the ones that you will be tempted to overspend on (mine are going out to eat, entertainment, clothes . . .) and the ones that you would never be tempted to overspend on (mortgage/rent, car payment, insurance . . . ).

Then add up the safe (like mortgage/rent) ones, and make sure you have that much in your bank account at the beginning of every month. You use your checks and debit cards for these ones.

Then get an envelope for each temptation spending one (like clothes), and write (in pencil because you%26#039;ll no doubt need to make adjustments) the amount you want to spend every month on it.

Get cash and fill up each envelope at the beginning of each month. Then you only use your debit cards and checks for the bank account ones, and spend cash (from your enveloped) on the other stuff.

It%26#039;s nice because you don%26#039;t have to keep track of all your spending, but it makes sure you don%26#039;t overspend. Just make sure you also make a %26quot;RANDOM%26quot; envelope for when you run out of one envelope early.

When your envelopes run out, you just have to wait till the next month before you fill them up again. I%26#039;ve been doing it for about 4 years now, and it%26#039;s worked really well. The most important part is to ONLY use your cards and checks for the non-overspend parts in your budget.

I hope this helps. Good luck!

Can some break down on how to live on a 30000 salary?

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