How much money do you recommend one person should live on?

Question

How much money do you recommend one person should live on?

Answer 1

Depends on your situation, I suppose. Naturally, things will go up if you've got children to take care of and such. And things will varry depending on whether you're a homeowner or a renter. But assuming we're speaking from the perspective of a single adult who's renting?

I think it's feasable to live on about 75% of your income. Rent, utilities, household necessities, transportation, groceries, garbage, phone, etc. should hopefully not add up to more than this. Anything in addition to that, you can save for future home ownership, for retirement, furthering education, emergencies, etc.

I guess what I'm saying is that I need more info. :)

Answer 2

I would suggest that one person should live on about 75 percent of their income. That would give them 25 percent to save and invest wisely for their future.

Answer 3

I suggest that you keep your expenses to no more than 90% of what you earn after taxes.  Save the other 10%.

Answer 4

There is no hard and fast rule for amount you should spend.

Most financial advisors will recommend 10% or more of saving for the future, which gives you 90% to spend.

A lot of it depends on when you start saving and how much you want to save (retirement at home or traveling the world, etc etc).

How much should you save? As much as you can without killing your ability to have some fun.

Answer 5

$300 per week-for living expenses only, excluding housing and transportation

Answer 6

Depends on how much you make and where you live.  But a rule of thumb that I've been using is that $50 a week per person for food is a good amount (which includes fast food, etc.).  If you live in a high rent area, you might need to live on less.  Try to save at least 20% of your income. 10% for an emergency fund/long term savings and 10% for retirement.