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Living on $12,000 a Year

Last post Sun, Jul 22 2007 11:29 AM by Deborahmichelle. 26 replies.
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  • Sat, Jun 30 2007 11:27 AM

    • Brandy
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    • Joined on Wed, Mar 28 2007
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    Living on $12,000 a Year

     The article Extreme Personal Finance: Living on $12,000 a Year begins with discussing another site. It covers some of the site's political stand. I found the information following that quite interesting though.

    I found that some of the tips offered are things we all do as part of our frugal lifestyles.  

    Can you live on a very low income? Have you been able to in the past?

     

     

     


     

    The Dollar Stretcher Community Manager



  • Sat, Jun 30 2007 12:55 PM In reply to

    Re: Living on $12,000 a Year

    Well, even I do not live on $12K annually.  I get annually $1,860 in Food Stamps, + $12,456 in Social Security Disability Insurance, for a total of $14,316.  I do not feel any hardship on my income -- just challenge.  If I only had about $2.5K less, I would be unable to live in expensive San Francisco, for sure!

    That is only my CASH income.  In addition, my medical expenses are completely paid for me, & my rental minus the $176 that I pay is completely paid for me.  With these additions, I opine that my in-kind income plus my cash income is more like $25K than $12K!

    Officially Recognized Stretchpert in Government & Charity Assistance

    Proud guardian of Heart, a black female Miniature Poodle, a Psychiatric Service Dog

    Enter His gates with thanksgiving, His courts with praise; give thanks to Him, bless His Name. (Psalm 100)

    Yours in thrift, Deborah



  • Sat, Jun 30 2007 2:20 PM In reply to

    • Brandy
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    • Joined on Wed, Mar 28 2007
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    Re: Living on $12,000 a Year

     I remember a time when we lived on $900 a month income with a young child and an infant. This was more than 10 years ago however and we owned our home and car. We did get WIC and Medicaid. We lived frugally and saved $100 each month in addition to paying our expenses.

    Two years ago, we were low income again. We were a family of five with an income that ranged about $800 after housing and utilities. I found this much harder that the prior experience with lower income since col had gone up.

     

     

     

    The Dollar Stretcher Community Manager



  • Sat, Jun 30 2007 2:25 PM In reply to

    Re: Living on $12,000 a Year

    We lived on 14K one year but it was with help.....and unfortunately credit card debt! We were both out of work with 2 little ones, 2 car payments and a mortgage. Doesn't take much at that point for things to cave in. I wouldn't go back there for nothin'.

    Ideally, it is advantageous to get the taxable income as low as possible without needing aid.

    Michelle in Northern Michigan

    "Those who would surrender liberty for security deserve neither" - Ben Franklin

  • Sat, Jun 30 2007 2:39 PM In reply to

    • Brandy
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    Re: Living on $12,000 a Year

     Michelle, unemployment is a hard thing to deal with. It's especially difficult when there is debt.

    Years ago, when our income was low, it was my husband's income from work. He was skilled as a fisherman and a machinist. Both fields were slow and he took a minimum wage job. We only gave a passing thought to my working at that time. We had an infant with health issues that I couldn't even find a sitter for a few hours for and transportation was an obstacle as well.

    The more recent experience with low income resulted from a business that drained us. My husband and I both worked in his martial arts school and he took jobs as able as a sub-contractor. The $800 was what we could pocket for personal expenses after the business' expenses, rent and utilities were covered. And if we were lucky, we wouldn't be dipping into those personal funds to pay for things that popped up with the business. I learned how to feed and buy supplies for a family of five on $180 a month. I never want to do this again.

     


     

    The Dollar Stretcher Community Manager



  • Sat, Jun 30 2007 4:50 PM In reply to

    Re: Living on $12,000 a Year

    I found this interesting.  Thanks for the link.

  • Sat, Jun 30 2007 4:56 PM In reply to

    • Pat
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    • Joined on Tue, Mar 6 2007
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    Re: Living on $12,000 a Year

     At one time I lived on about $100 a month, but it was years ago. My rent and utilities were free. Right now, if it wasn't for taxes and insurance, I could live on $500 a month. Having no bills makes all the difference in the world, as Greg Moore (Debt Into Wealth) keeps saying. How much you really need depends on where you live, too.

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  • Sun, Jul 1 2007 11:46 AM In reply to

    Re: Living on $12,000 a Year

    I wish!  I've read Dave Ramsey's Total Money Make Over and I want to be debt free!  My Dh doesn't believe it will happen.  But I will work at it!!  Right now we live in a house of cards and the slightest breeze could topple us. 

    I am actually considering finding a full time job rather than working part time to be available to my kids.  They are old enough that child care isn't neccessary, but I still feel they need me to be there. 

    Lorrie

     

    I am not behind! I don't have to catch up! I just have to put on my shoes and shine when I smile my sink!!
  • Sun, Jul 1 2007 12:15 PM In reply to

    • Brandy
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    • Joined on Wed, Mar 28 2007
    • Saving in South Mississippi
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    Re: Living on $12,000 a Year

    Graci, how are the options for getting a job during school hours. Or a part time job that is 30-35 hours which makes for a nice compromise between part and full time?

     

     

    The Dollar Stretcher Community Manager



  • Tue, Jul 3 2007 10:34 AM In reply to

    Re: Living on $12,000 a Year

    I admire you for having set aside enough savings to last you through the bout of unemployment that did not end until April.  Many folks (not on this ForuM!) live from paycheck to paycheck, without any food storage or cash ....

    Officially Recognized Stretchpert in Government & Charity Assistance

    Proud guardian of Heart, a black female Miniature Poodle, a Psychiatric Service Dog

    Enter His gates with thanksgiving, His courts with praise; give thanks to Him, bless His Name. (Psalm 100)

    Yours in thrift, Deborah



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