Can I save money on 1200/month?

Captain_Spatchcock
Captain_Spatchcock Posts: 136
in Chit-Chat
At my job I bring home 1200 a month. Rent is 600, food is 300, and misc is 300. I also get a monthly dividend check of 300/month. Can I save any money on this budget? 1200 just seems to low. My coworker was in the same situation and she went bankrupt.

Replies

  • fighterdiva
    fighterdiva Posts: 33 Member
    What is the $300 misc going on? Also, where is your dividend check of $300 going? You can save money on any budget.
  • buttons252
    buttons252 Posts: 2
    Move in with roomates or parents. I would of never moved out of my parents house... its just they moved out and left me here :-( good food, cheap rent, good company... assuming my dad wasn't in a mood.

    In all honestly, when i made $1200 a month I had a lot more disposable income, then i do now at $3200. I had two roomates so i only paid $250 a month for rent and utilities. I had a cheap car and insurance -- no dependents, no credit cards, no student loans, etc.

    Now i have a family of 4 on single income family, debt up to my ears...
  • k8blujay2
    k8blujay2 Posts: 4,941 Member
    I agree, you can save money on any income level... yes, it's harder when you have less, but you can do it. Just take out a percentage and have it automatically drafted to a savings account, so you never see it nor miss it.... Even though you make about half of what these people do check out this blog:

    http://thepeacefulmom.com/2012/02/20/new-series-living-on-less-than-28000-a-year-2/


    It's a blog about a family of 6 living on around $2200 a month... and they save a bit as well... particularly for emergencies.
  • cmriverside
    cmriverside Posts: 34,422 Member
    300 for food is not enough. You are going to go into starvation mode and die.
  • trojanbb
    trojanbb Posts: 1,297 Member
    Personally, I dont see how it is even possible to live on that budget, let alone save. Dont you also have other expenses? No insurance and bills, none at all?

    I really would not worry about saving. I'd spend every waking hour thinking of how to make more. You can spend you entire life budgeting and saving, but you wont get wealthy unless the income is there.

    Far easier to make 10% more than save 10% on that budget. IMO

    Edit: Your rent is far too high. 50% of your take home income on rent is insanity. Those rent prices are like metropolitan area rent prices, where income is higher as well. I would focus on moving somewhere cheaper.
  • TylerJ76
    TylerJ76 Posts: 4,375 Member
    Personally, I dont see how it is even possible to live on that budget, let alone save. Dont you also have other expenses? No insurance and bills, none at all?

    I really would not worry about saving. I'd spend every waking hour thinking of how to make more. You can spend you entire life budgeting and saving, but you wont get wealthy unless the income is there.

    Far easier to make 10% more than save 10% on that budget. IMO

    That's because you're in San Francisco.

    Can you do it, YOU BET!
    Just start with 50/month, it's better then nothing. I find when we look at our budgets, there is always something we can cut back on.
  • TylerJ76
    TylerJ76 Posts: 4,375 Member
    Edit: Your rent is far too high. 50% of your take home income on rent is insanity. Those rent prices are like metropolitan area rent prices, where income is higher as well. I would focus on moving somewhere cheaper.

    His rent is normal.
    Finding something cheaper would more then likely mean moving to a less safe neighborhood. Piece of mind is worth it to me..
  • trojanbb
    trojanbb Posts: 1,297 Member
    Personally, I dont see how it is even possible to live on that budget, let alone save. Dont you also have other expenses? No insurance and bills, none at all?

    I really would not worry about saving. I'd spend every waking hour thinking of how to make more. You can spend you entire life budgeting and saving, but you wont get wealthy unless the income is there.

    Far easier to make 10% more than save 10% on that budget. IMO

    That's because you're in San Francisco.

    Can you do it, YOU BET!
    Just start with 50/month, it's better then nothing. I find when we look at our budgets, there is always something we can cut back on.

    yes, I am aware of my location. The OP is paying the same rent prices as a person in SF sharing a room. That is crazy, assuming he lives somewhere much cheaper since his income is not comparable to even very low urban area incomes.

    OP, move somewhere cheap. Share a room.

    His rent is normal.
    Finding something cheaper would more then likely mean moving to a less safe neighborhood. Piece of mind is worth it to me..

    No, his rent is normal for someone making 35k a year. It is all relative. 50% is simply ruinous, no matter how you slice it.
  • Captain_Spatchcock
    Captain_Spatchcock Posts: 136
    So the take away message here is that with 1500 total income and 1200 total expenses, the 300 remaining dollars don't count, and just disappear somehow?

    Thanks. Now I understand the maths people use with their 1200 calorie diets.
  • jesusHchris
    jesusHchris Posts: 1,405 Member
    It's simple, really. Make more money.

    I'm always astounded at how much time and effort people put into stretching their dollars to fit their budgets. Most of these people put no energy whatsoever into advancing themselves and their careers.

    I realize that it is more complicated than that in a lot of scenarios, but I really hope you are pursuing this option as well.

    Check out mint.com. It is a great site to help you track your spending and build a workable budget. And go take some classes or something. You're 35? I hope there is more to the story than this. Is the dividend from a crippling workplace injury?
  • Ocarina
    Ocarina Posts: 1,550 Member
    At my job I bring home 1200 a month. Rent is 600, food is 300, and misc is 300. I also get a monthly dividend check of 300/month. Can I save any money on this budget? 1200 just seems to low. My coworker was in the same situation and she went bankrupt.

    Your coworker probably had really bad financial decisions and habits. You can be better then that.

    You could easily save money on any budget. It's a matter of priorities. Can you get a roommate because half of your income going to rent is really not optimal. Or rent out a room?

    300 for food for one person is more then enough. You could probably decrease this.

    Misc 300. Misc is not a good word for a budget. You need to really slice that up and see where it really goes. Excel spread sheets or whatever you need. Find out where you can cut. Eliminate debt.

    And save. Whatever it is, $50 a month even. It's better then nothing. You need to build habits that are good now which will make you so much better off in the long run.
  • pastryari
    pastryari Posts: 8,646 Member
    So the take away message here is that with 1500 total income and 1200 total expenses, the 300 remaining dollars don't count, and just disappear somehow?

    Thanks. Now I understand the maths people use with their 1200 calorie diets.

    Why did you even ask if you already know that you have 300 remaining dollars that you can obviously save?? Wtf?
  • Captain_Spatchcock
    Captain_Spatchcock Posts: 136
    I was testing. If it's so obvious why did nobody spot it?

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