Monthly Archives: December 2013

Goal for 2014: Tighten the budget even more

The Living Wage Calculator is an interesting view on how much it costs to live. While I’m sure there are better resources for breaking down a budget, I think this is enough structure to shape my own. I’m trying to get us as tight as possible, without going nuts, so I can prepare for the future. The thought of our grocery bill when Max is a teenager gives me the willies.

Here’s the information in case the site changes:

Living Wage Calculation for Dutchess County, New York

The living wage shown is the hourly rate that an individual must earn to support their family, if they are the sole provider and are working full-time (2080 hours per year). The state minimum wage is the same for all individuals, regardless of how many dependents they may have. The poverty rate is typically quoted as gross annual income. We have converted it to an hourly wage for the sake of comparison. Wages that are less than the living wage are shown in red.

Hourly Wages 1 Adult 1 Adult, 1 Chld 1 Adult, 2 Chldn 1 Adult, 3 Chldn 2 Adults 2 Adults, 1 Chld 2 Adults, 2 Chldn 2 Adults, 3 Chldn
Living Wage $10.20 $22.97 $30.57 $39.76 $15.51 $19.21 $20.60 $23.97
Poverty Wage $5.21 $7.00 $8.80 $10.60 $7.00 $8.80 $10.60 $12.40
Minimum Wage $7.25 $7.25 $7.25 $7.25 $7.25 $7.25 $7.25 $7.25

Typical Expenses

These figures show the individual expenses that went into the living wage estimate. Their values vary by family size, composition, and the current location.

Monthly Expenses 1 Adult 1 Adult, 1 Chld 1 Adult, 2 Chldn 1 Adult, 3 Chldn 2 Adults 2 Adults, 1 Chld 2 Adults, 2 Chldn 2 Adults, 3 Chldn
Food $242 $357 $536 $749 $444 $553 $713 $904
Child Care $0 $788 $1,538 $2,288 $0 $0 $0 $0
Medical $127 $384 $412 $397 $263 $371 $352 $360
Housing $784 $1,128 $1,128 $1,383 $922 $1,128 $1,128 $1,383
Transportation $262 $509 $587 $629 $509 $587 $629 $640
Other $83 $208 $290 $395 $140 $182 $205 $235
Required monthly income after taxes $1,498 $3,374 $4,491 $5,841 $2,278 $2,821 $3,027 $3,522
Required annual income after taxes $17,976 $40,488 $53,892 $70,092 $27,336 $33,852 $36,324 $42,264
Annual taxes $3,236 $7,291 $9,696 $12,618 $4,930 $6,098 $6,527 $7,595
Required annual income before taxes $21,212 $47,779 $63,588 $82,710 $32,266 $39,950 $42,851 $49,859