Preliminary Basic Budget Minimum Wage Challenge

budgeting

I hate budgeting. I simply don’t like taking the time out of my day to run through the numbers when I could be doing so many more interesting things. One of the reasons that I think that I am relatively frugal is that by being so, I haven’t needed to budget for years. I don’t buy a whole lot of “things” so, within reason, I have been able to basically do whatever I wanted and still be well under the amount I was earning. There was never an issue of having to find where the money was going because I was spending far less than I was making. This is one of the wonderful perks of having my finances in order.

Of course, this minimum wage challenge bet changes all th

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6 Responses to Preliminary Basic Budget Minimum Wage Challenge

  1. nore says:

    I’d be more interested if you choose the housing option

  2. Samantha says:

    Self employment tax? This is the Minimum Wage Challenge, and as such it would be reasonable to presume that self employment tax will not be considered since, for people with employers, other “minimum wage-ers” would not have to concern themselves with it.

    Just sayin’. Not that you shouldn’t keep track of and pay Uncle Sam his due, but for the purposes of this challenge you should not have to reduce your income below minimum wage to cover the employer portion that self employed people have to pay.

  3. Megan E. says:

    Regarding taxes – worst case is 15% across the board for the income you are proposing. That would be after the $5,800 ish for standard deduction and the $3,800 for the personal exemption… in your case, it would be about 15% of $7560 or $1134. Then you have to include the SS & Medicaid taxes too (so another 7.5% or so = $567) With SE taxes, while you CAN do them, I agree with Samantha… So just those taxes gives you around $1,290 a month. Totally doable, I’ve done so as a graduate student for 2 years AND I had savings at the end of the time. I also received no government support but I did live in an apartment and whatnot.

    It sounds like it will be a fun challenge for you, best wishes.

  4. Andy Hough says:

    This challenge should be interesting. My expenses were just over $1100 last month and I expect them to stay around that for the next few months which would put them below your allowable minimum wage expenses. I know I could easily do this challenge and since you are pretty frugal I’m sure you will be successful.

  5. jeffrey says:

    Even though I’ve decided initially to try the travel option, I still hope you find in interesting.

  6. Gailete says:

    I know during most of my life, including those times that I lived on minimum wage, I donated 10% to charity so it is doable in that regard.

    I note that you are slashing off many of the big money gulppers that so many refuse to, including the TV watching payments, gym memberships, etc. All those things that people no matter how broke they are justify them as necessary. That will go a long ways into making you meet this goal.

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