I imagine this web page on living wages could be useful for budgeting and forecasting personal finances.
http://livingwage.mit.edu/ Or to compare yourself to what these researchers consider adequate for meeting a family’s basic needs. The researchers break down expenses by category. It also looks useful for those considering a geographic move (you can browse to regions of interest). When considering relocations, I recall finding a wide variation between cost of living resources. It was difficult to find ones from a reliable source.
This study comes from MIT and draws on data from the Bureau of Labor Statistics, HUD, USDA, Employee Benefit Research Institute, the Census Bureau, among others. And they’ve been at it since 2004.
From the technical notes:
“The living wage model is a ‘step up’ from poverty as measured by the poverty thresholds but it is a small ‘step up’, one that accounts for only the basic needs of a family. The living wage model does not allow for what many consider the basic necessities enjoyed by many Americans. It does not budget funds for pre-prepared meals or those eaten in restaurants. It does not include money for entertainment nor does it does not allocate leisure time for unpaid vacations or holidays. Lastly, it does not provide a financial means for planning for the future through savings and investment or for the purchase of capital assets (e.g. provisions for retirement or home purchases). The living wage is the minimum income standard that, if met, draws a very fine line between the financial independence of the working poor and the need to seek out public assistance or suffer consistent and severe housing and food insecurity. In light of this fact, the living wage is perhaps better defined as a minimum subsistence wage for persons living in the United States.”
