Comments on: Preliminary Basic Budget Minimum Wage Challenge

By: Gailete

Gailete — Wed, 12 Dec 2012 20:04:29 +0000

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.

By: jeffrey

jeffrey — Wed, 12 Dec 2012 17:02:04 +0000

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

By: Andy Hough

Andy Hough — Tue, 11 Dec 2012 18:52:12 +0000

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.

By: Megan E.

Megan E. — Tue, 11 Dec 2012 16:34:25 +0000

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.

By: Samantha

Samantha — Tue, 11 Dec 2012 06:18:34 +0000

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.

By: nore

nore — Tue, 11 Dec 2012 03:28:06 +0000

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