$550/month after rent is totally doable. That's a good bit more than what my wife and I live on (per-person). This is possible, in that we do it, so how?
March through February of last year my wife and I were living with another couple (who we met via craigslist, both couples hoping to save money) in a three bedroom apartment in Somerville MA. Food was communal, and we took turns cooking. All numbers I'm giving are per person per month.
utilities+food+household goods: $110. This included heat, hot water, internet, electricity. AC only in one room, and only on a few very hot days. By cooking our own food and not eating out we saved a lot of money.
clothing+other optionals: $150. My wife and I each give ourselves an 'allowance' for discretionary spending. Clothing, eating out, cell phones, entertainment. Clothing we mostly buy at the local thrift store. They have good clothing quite cheap. I'd go down once a month or so to look through things for an hour maybe. My phone now is $30/month and has unlimited texts and data (via t-mobile) but at the time I didn't have a phone (preferred to spend the money on other things).
transportation: $60. Unlimited public transit pass. (This is now $70.)
laundry: We did our laundry with a hand-crank machine at the apartment. Not worth it; too much work. When we used to use a coin-op washer that was about $20/month for two people ($2/load, 2 loads a week) so $10. We would hang clothes to dry, which also makes them last longer.
renters insurance: not worth it. Better to have savings. If our apartment had burned down we wouldn't have lost much of replacement value anyway.
credit card: if we couldn't afford it we didn't get it. Credit cards are a trap.
medical: paid for by my work. If we were buying it on our own that would cost about $150.
This comes to $480 (counting the health insurance costs and laundry).
(We're still spending a similar amount, somewhat less now, but I don't have the data as well organized.)
Why are we living so frugally? So we have more money to donate to effective charities.
> medical: paid for by my work. If we were buying it on our own that would cost about $150.
where on earth would you get health insurance for $150, and you have no copays of any kind for doctors or medication? or you're fortunate enough to have no medical issues ?
March through February of last year my wife and I were living with another couple (who we met via craigslist, both couples hoping to save money) in a three bedroom apartment in Somerville MA. Food was communal, and we took turns cooking. All numbers I'm giving are per person per month.
utilities+food+household goods: $110. This included heat, hot water, internet, electricity. AC only in one room, and only on a few very hot days. By cooking our own food and not eating out we saved a lot of money.
clothing+other optionals: $150. My wife and I each give ourselves an 'allowance' for discretionary spending. Clothing, eating out, cell phones, entertainment. Clothing we mostly buy at the local thrift store. They have good clothing quite cheap. I'd go down once a month or so to look through things for an hour maybe. My phone now is $30/month and has unlimited texts and data (via t-mobile) but at the time I didn't have a phone (preferred to spend the money on other things).
transportation: $60. Unlimited public transit pass. (This is now $70.)
laundry: We did our laundry with a hand-crank machine at the apartment. Not worth it; too much work. When we used to use a coin-op washer that was about $20/month for two people ($2/load, 2 loads a week) so $10. We would hang clothes to dry, which also makes them last longer.
renters insurance: not worth it. Better to have savings. If our apartment had burned down we wouldn't have lost much of replacement value anyway.
credit card: if we couldn't afford it we didn't get it. Credit cards are a trap.
medical: paid for by my work. If we were buying it on our own that would cost about $150.
This comes to $480 (counting the health insurance costs and laundry).
(We're still spending a similar amount, somewhat less now, but I don't have the data as well organized.)
Why are we living so frugally? So we have more money to donate to effective charities.