How do u live on $700/month, truly?

[Vegan Vanner]

I talk to many nomads who will state (well, actually gripe or complain) that they're living on a "fixed income." Upon further inquiry they "get by" on $2k, have a home base somewhere - or storage with stuff.
How they manage to have no money left at the end of the month is beyond me.
What I would like to know is how you, dear reader, live on, say $700/month. Period.
Not after house/car payment, not "after" whatever.
Let's say you're a healthy senior on original Medicare, with no more than the $700 of SSI (after Part B withholding).
ALL your expenses come out of that amount, yes, food and drink, gas and vehicle insurance/maintenance (van or small RV, paid for), CC and other fees, clothing, everything.
How do you live with any degree of comfort on that?

 

[Ripper238]

O how nice it would be to live off a fixed income. My 30 years of working in sales has had me at the highest highs and lows lows (with money). It would be so nice and predictable to have a consistent stream of income so I could budget properly. Even if its not much.

So I have been practicing reducing any costs to live and saving for whatnot. So far I came up with 1000-1500 a month would be very comfortable. But just yesterday I wanted to calculate how low I could really go living on the road if I found free land to stay at and did less driving. The below assumes no vehicle payment and $$$ saved for emergency repairs and whatnot.

Car ins- 100
Phone- 100
food/Msc- 300
gas- 200
=700
I quite likely could cut food costs and gas usage even more.

The one thing ill need to figure out is health insurance. Which would be a big chunk to add since i am not close to retirement age, but you don't have to have insurance.

Comfort is me sitting by a fire in the woods with no-one around. Pure Gold!

 

[justanothermaroon]

I only put in 8-10k miles a year and don't go to restaurants. Also single (I know- what a shock, right?)

 

[gizmotron]

Let's say you're a healthy senior on original Medicare, with no more than the $700 of SSI (after Part B withholding).

You would be eligible for part B assistance at that earning level. So now you can add back $144 or $170 a month if you go get it. It depends on your zip code. Perhaps that alone is a problem.

 

[mattvei]

Set up a real address with family or friends in a home state and from there apply for Medicare help Medicaid snap benefits and anything else you can get. snap food stamps are usable across the entire continental United States not just in the state where you get them from You would have to return to your home state to get any benefits from Medicaid usually includes dental and vision. If you apply for the extra help program you will also have your part A Medicare premiums paid As well as qualify for Part D prescription coverage usually with no copay or premium. I've asked many millennials Who are paying for these benefits for us seniors through their taxes if they mind. none has said they do You work your whole life take advantage of it, and ask for senior discounts everywhere you go

 

[user 423]

Let's say you're a healthy senior on original Medicare, with no more than the $700 of SSI (after Part B withholding).
ALL your expenses come out of that amount, yes, food and drink, gas and vehicle insurance/maintenance (van or small RV, paid for), CC and other fees, clothing, everything.
How do you live with any degree of comfort on that?

If you're a healthy senior there should be no reason you couldn't find some way to add to your income.

Seasonal jobs, selling on Etsy,eBay or whatever.

My expenses during the 4-6 mos. I travel each year are about $850/mo. The four things I spend the most on are food,gas,van upkeep and entertainment which amount to about $550. So if I can get by with driving less, eating less (or more cheaply),keep my van repair bills down by doing most maintenance myself and watch how much I spend on entertainment, I could get by on $700/mo.

 

[GoingMobile]

I just turned 64 and am on the cusp of going with a smaller fixed income and using Medicare as health insurance. Planning on working until May of 2023 when I'll be 65 and living in my van full time after that. My retirement investments are 401k style rather than a pension. Starting to try to figure this all out. I'm guessing my 401k savings is counted against receiving any government subsidies even though I don't have any arrangements such as an annuity that translates into monthly income. Trying to wait until 66 to take S.S. as its a more substantial monthly amount by then.

After turning 64 I've been bombarded by private special interest messaging advising me what to do. But I'm guessing most of that is more in their best interest than in mine. I'd be interested in any sources of information, government websites, groups such as AARP, etc. others have found useful for developing a strategy to best utilize available resources.

 

[Camper]

We live as well as we can on what we have.

 

[Sofisintown]

Gas 200
Food 200
Insurance 55
Internet/phone 75
Van maintenance 100
AAA 9
------------------------------
639
Travel less to reduce gas, and save the maintenance money religiously every month, because you will need them
Also account for the yearly registration fees, that may add up to $10/month or thereabouts.
I assume that you will get as much as you need from home for clothes, but space is limited, so future clothes purchaces will be basic stuff from goodwill or discount stores.
Also if you use propane for heating and cooking, that's another 10-20 dollars a month.

Generally, try to have everything set up for maximum comfort BEFORE you leave, so you don't have to buy stuff on the road.

Best of luck!

 

[frater secessus]

You may be interested in this thread from a few days ago. I answered there.

This entire forum was predicated on the idea of living cheaply in an RV. Searching keywords like budget should reveal metric truckloads of prior discussions on the topic.

 

[JDub]

It's ironic that this morning my daily Quora thread in my mailbox dealt with folks relating their experiences living on social security - regular, disability, supplemental etc. Pretty eye opening and more than a little depressing. The common theme was cutting costs, doing without things they used to take for granted, making tough choices at the end of the month (meds or food), and taking advantage of free entertainment and public goods such as libraries and parks.

I'm very fortunate to not have to try to exist on 700 bucks a month but I think I could make it work. I have low expenses, rarely if ever eat out (excuse a bit of hubris here but I'm a far better cook that most of the restaurant crowd slinging schlock), have cheap entertainment requirements- books, the internet, free outdoor activities - my favorite is a whole day in the woods at a CoE park free, they even provide picnic areas so you can grill out - working in my yard, etc. My big expenditures that I save for are what most of you are doing already - traveling. It can take quite a bit to outfit your rig (even more if you have payments on it), make sure it's reliable (especially if it's older), get AAA, have an emergency fund, pay for gas and insurance, occasional nights at a motel, food, etc etc... I think I could do it but there simply wouldn't be anything leftover at all... Tough choices for folks who don't HAVE a choice...

Cheers.

 

[frodo2222]

being somewhat healthy I try to supplement my income by odd jobs or make money for 3 months working straight and then not for a year or 2..The highest cost things have been vehicle maintenance and 5er...bought cheap tires for truck.. broke apart in first year so there went 500 bucks, bought again new GOOD tires Micheling 10 plys there went 1200, needed front end work on van parts 200, I do all my own work if you can't figure 4 times that at least, truck started running rough.. new 3 u joints 200, needed harmonic balancer 140, 2 years ago needed rebuilt Injector pump 1300 bucks my Park rent is only $700 a year for 7 months..food I could cut in half if wanted to but like good food so 400 a month tequila beer etc 120 a month, propane30 a month and diesel for diesel heaters about 20 gallons a month for the 3 I have so another $70...Vehicle maintenance is the High ticket item along with fuel, but been that I paid $1000 for my truck and have put over 90000 miles on it so far it is FAR cheaper then a new truck or even a used truck payment of 350 a month..and I still get 13 MPG pulling or 22 on highway by itself...I probably spent about $2000 on solar stuff but now I NEVER have to pay to stay anywhere and can run my AC all day as well as residential fridge, freezer 40 inch tv etc etc so no need for fuel for generator which in summer can run as high as 30 a DAY!...Bartering or trading or getting stuff free or very cheap from folks that upgrade is a great way to keep a budget as well.. most of my batteries (have 12 6 volt trojans) I got for free or very good price running on 6th year now from folks that upgraded to lithium.. I live mostly on SSA and still under a grand a month after the raise we all got this month

Here is a link to my Facebook page on HOW to do a lot of things cheaper https://www.facebook.com/cheapRVlivingnow

 

[scaredycat72]

If someone is living on $700 a month, then they qualify for food stamps. That covers their food costs. That leaves monthly costs of cell phone for $50-$75, liability car insurance for $50-75, and gas for $160 (gas is assuming they're not traveling and getting about 18-19 miles to the gallon). That leaves more than enough money for miscellaneous, entertainment, and savings.

 

[frodo2222]

If someone is living on $700 a month, then they qualify for food stamps. That covers their food costs. That leaves monthly costs of cell phone for $50-$75, liability car insurance for $50-75, and gas for $160 (gas is assuming they're not traveling and getting about 18-19 miles to the gallon). That leaves more than enough money for miscellaneous, entertainment, and savings.

Assuming no repairs at all which is never the case ie tires, oil changes plus breakdowns I have found are the major part of unexpected costs which are totally expected in some ways just never sure when they will happen!

 

[scaredycat72]

Assuming no repairs at all which is never the case ie tires, oil changes plus breakdowns I have found are the major part of unexpected costs which are totally expected in some ways just never sure when they will happen!

Nope, that's not assuming no repairs. My total costs equal $310 a month, leaving $390 for miscellaneous, entertainment, and savings. The savings portion will take care of breakdowns and tires. Oil change are every 3 to 6 months and can be paid out of the monthly income.

 

[frodo2222]

If someone is living on $700 a month, then they qualify for food stamps. That covers their food costs. That leaves monthly costs of cell phone for $50-$75, liability car insurance for $50-75, and gas for $160 (gas is assuming they're not traveling and getting about 18-19 miles to the gallon). That leaves more than enough money for miscellaneous, entertainment, and savings.

My sister who got $761 a month SSi when she was alive did get food stamps in AZ $16 a month...not sure that I could make it on that but maybe you can....there is also the cost of heating, repairs oil changes tires etc etc

 

[frodo2222]

Nope, that's not assuming no repairs. My total costs equal $310 a month, leaving $390 for miscellaneous, entertainment, and savings. The savings portion will take care of breakdowns and tires. Oil change are every 3 to 6 months and can be paid out of the monthly income.

I'd love to see that breakdown of $310 a month..maybe learn something

 

[scaredycat72]

If you're a healthy senior there should be no reason you couldn't find some way to add to your income.

Seasonal jobs, selling on Etsy,eBay or whatever.

My expenses during the 4-6 mos. I travel each year are about $850/mo. The four things I spend the most on are food,gas,van upkeep and entertainment which amount to about $550. So if I can get by with driving less, eating less (or more cheaply),keep my van repair bills down by doing most maintenance myself and watch how much I spend on entertainment, I could get by on $700/mo.

SSI isn't social security. It's for low income people with a disability. So when the OP said healthy, I assumed they meant physically healthy and that they were getting SSI for a mental illness. Unfortunately for a lot of people, having a mental illness that qualifies the person for SSI means they're unable to maintain consistent employment for any significant length of time. I had a friend who received social security and SSI for a mental illness. Even though they reduced her SSI for any income she made over $65, she would still try to work. She could only maintain it for a month at most before her condition interfered with her job and then her dad would have to jump through hoops to ensure that her SSI wasn't negatively affected. It's usually more trouble than it's worth for people on SSI to work.

Just wanted to spell that out for anyone else reading this post.

 

[scaredycat72]

I'd love to see that breakdown of $310 a month..maybe learn something

It's in my first comment. Food stamps to pay for food, $75 a month for phone, $75 a month for insurance, and $160 a month for gas (assuming the person isn't traveling).

 

[scaredycat72]

My sister who got $761 a month SSi when she was alive did get food stamps in AZ $16 a month...not sure that I could make it on that but maybe you can....there is also the cost of heating, repairs oil changes tires etc etc

That sucks. I thought western states would be higher. Thankfully vanlifers aren't stuck in AZ. If food stamps are only $16 a month there, I would apply in a state where it's higher. In North Carolina and South Carolina, it's at least $200 with an income of $700.