Monthly nut question

[Shuman4413]

Is it possible to live/retire with $2057 a month in U.S with wife and two young kids?

If so where and what would be the monthly bill/budget breakdown?

[ketchup]

I'm sure it is possible.  Many families live on that.

With no other details though, any breakdown someone hands you isn't very useful.

[ysette9]

Sure, just spend no more than $2057 a month for everything, taxes included. There are a million different ways that budget could be formed and the specifics will depend on your situation. You haven’t provided enough info for anyone to help you.

[Shuman4413]

No taxes
health insurance paid
no debt
will move anywhere

[ketchup]

With all of that wonderfully elaborate information, here is my starting point of a budget for you:

$700 rent
$400 food
$100 coloring books for the kids (that's a kid thing people buy, right?)
$300 cocaine
$200 fire extinguishers
$357 legal fees

Please let us know which parts of that should change for your particular situation, and we can adjust accordingly.

Seriously though, I know it's 9am on a Tuesday and I'm just feeling snarky, but maybe if you post your current budget someone could help you create an idealized version of that.

[Shuman4413]

its a broad question if its possible. I am in no terms close to this just wondering if it can be done a yes or no question

[ysette9]

With all of that wonderfully elaborate information, here is my starting point of a budget for you:

$700 rent
$400 food
$100 coloring books for the kids (that's a kid thing people buy, right?)
$300 cocaine
$200 fire extinguishers
$357 legal fees

Please let us know which parts of that should change for your particular situation, and we can adjust accordingly.

Seriously though, I know it's 9am on a Tuesday and I'm just feeling snarky, but maybe if you post your current budget someone could help you create an idealized version of that.

+ 1 gold star for you, my friend

[Shuman4413]

thanks for the information

[erutio]

Is it possible to live/retire with $2057 a month in U.S with wife and two young kids?

Yes, very easily.

If so where and what would be the monthly bill/budget breakdown?

With all of that wonderfully elaborate information, here is my starting point of a budget for you:

$700 rent
$400 food
$100 coloring books for the kids (that's a kid thing people buy, right?)
$300 cocaine
$200 fire extinguishers
$357 legal fees

Please let us know which parts of that should change for your particular situation, and we can adjust accordingly.

Seriously though, I know it's 9am on a Tuesday and I'm just feeling snarky, but maybe if you post your current budget someone could help you create an idealized version of that.

Ketchup has a great sample budget set up for you as an example.  Though I would add, with a $300 coke budget, you'll need a $400 line item for hookers, so I'd reduce the fire extinguisher and legal fees parts of the budget.

[Dragonswan]

Seriously people?  (Although I did laugh) You're not being helpful.

Shuman, it is possible for a family of 4 to survive on ~24K a year.  You will not be thriving and may have to deny yourselves some quality of life items and opportunities, but it can be done.  I would suggest moving to a small town/city where the COL is very low but without the lack of diversity issue common to such places.  I'm familiar with upstate NY, so you could look into moving there.  The real estate is cheap - 70K if you put some work into the place- (but the property taxes are high) and at your annual figure, the taxes shouldn't be too bad. Depending on your hobbies and what you like to do for recreation would depend on what town.  If you like winter sports and outdoor living, further upstate.  If you like cultural things, more central NY.

Not into snow?  There are some small towns in the southwest you could research.  If you don't have to work your choices are better because you don't need to worry about any industry or competing for very limited jobs.  The tax rate in those places tend to be lower (Texas and Nevada have no state income tax).  Things tend to be more spread out in these places with a more relaxed and friendly atmosphere.

[Shuman4413]

thanks for your serious response wouldn't have to work I'm from pa so ny would be good but where at?

[Dragonswan]

I would look at Auburn and surrounding towns and Oneida County.  Parts of Herkimer County are nice too.

[Awesomeness]

I lived in Alabama briefly and enjoyed it quite a bit. I’m in the Midwest now but I toy w the idea living there someday. Specifically the Montgomery area as they’re military friendly.  You can get a 3bed 2 bath house 1200 sq ft in good shape for 100k. Here’s some numbers I’ve ran and are doable for me.

550 house, taxes and insurance
75 auto policy
24.09 tricare
40 internet
250 all utilities
11 Netflix
200 food
50 dog
100 house and auto maintenance
100 personal, hair and clothes
1360 total

So adjust based on more people so more food and higher utilities, healthcare etc. 

These numbers work for me as does the location.  I’ve got family and friends spread around the US and this even allows me to travel. 

My income now is 2055.  I live in the Midwest w a higher house payment so I do other things too. To get a place for 550 a month here I’d need to downsize to a condo which would be fine but I don’t want a house cheaper than what I have now. So that gives you an idea of housing expenses.

Speaking of travel. If you got creative and had an rv you could travel the US as a family. Staying on BLM land for free or cheap state parks etc. Lots of ideas for this on the internet. 

[pecunia]

Move up North to small towns in Northern Michigan, Minnesota or Wisconsin.  Heat with wood you cut and split yourself.  Build your own furniture.  It's pretty cheap with logs or 2X2's.  Pick a lot of berries.  You can pickle the fish you catch.  Small game can provide nourishment.  Go to the library and find what wild plants you can eat.  Go to bed early and meagerly use LED lights.  Batteries and solar cells can help provide what you need for light.  The garden is essential.  It can be done.  Lots of used clothing out there with use left in it.  Libraries have lots of free books.  There is an added benefit in that these small towns may have a slower more relaxed lifestyle.

[Dave1442397]

Check out places like Wichita, KS, or small towns like Ambridge, PA. I only pick those two because I know people who live there, and housing is cheap.

Ambridge has some decent-looking houses in the $50k+ range, and the mortgage on the 3-bed one for $50k is only $220/mo, according to Zillow. A lot of the rust-belt housing is cheap these days.

[Cassie]

Wichita is very cheap. I used to live there. Kids get more expensive as they get older.  If you have a military pension why not have your wife work at least part time to increase your family income.