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    Author Topic: Balancing a budget - what mininum wage should be  (Read 1723 times)

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    Offlinematzie

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    Balancing a budget - what mininum wage should be
    « on: August 16, 2016, 03:43:42 AM »
    I sat down and tried to balance a budget of a person making $20k a year. It is no easy task.
    At 40 hour work weeks, this comes out to $10/hr.

    Speculations:
    School - 2 semesters / year, 15 credit hours / semester. $100/credit hour,(commute not included)
    Work 40 hours/week, 5 days/week, 15 mile commute(one way)
    House payment @ current rates with great credit score(improbable) $420/ month (95k loan, 20% down)
    Gas prices @ $2.125/gallon
    Taxes (Illinois - 3.75% flat tax, $922.5 + 15% federal)
    Food at $200/ month (1-2 [small] person(s))
    Electric @ 88/month - cheap in illinois

    At the end of all of it, i ended up with around $142.22 to divvy up between natual gas bill, dental care, obama care, home insurance, car trouble/payments, school travel(gas), home repairs, and so on..

    What do you see as a good price that can work in these kind of situations? Math to support it would not be a bad thing.
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