LogFAQs > #921691063

Lokarin posted...

According to me, minimum wage @ 48 hours per week should let you afford an apartment (or a house for dual income), a cheaper car, food, RRSP minimums and then maybe $50~$200 monthly luxury spending

Which, for me, is about $1400/month... obviously that's not for everyone.

Min wage varies by area but fed min wage is currently 9.25 and will be $10 by 2020..so lets just call it $10.

It's higher many places/states, but 10$ is a very easy number to use.

A 40 hour work week equals 400$ a week at min wage, and aproximately $1600 a month.

Taxes are taken out of that, but...as long as you take enough exemptions out on your W2 so you don't get much money back at the end of the year, or owe a bit, you actually pay a very small amount in taxes.

$1600 a month * 12 months 19,200$ a year. No taxes on the first 12k, and 10$ on the remaining 7,200. So total taxes are 720$ for the entire year. $720/52 (weeks in a year) is about 16$ a week in taxes (Social security etc will bring that up a bit...but the point is very little taxes).

You can, in most areas (Even where I live now) rent a 1 bedroom apartment and still pay the rest of your bills on $1600 a month (lets say $1500 after taxes).

$1000 for a 1 bedroom actually still leaves you $500 to spend on other crap, internet for sure (you can get that pretty cheap but lets say you spend $100 cause comcast is your only option, and you like it FAST, pay to rent eq etc). Still would leave $400 a month for food/transportation and entertainment. You ain't livin large, but you could survive on it.

Just not in the Bay area for instance (min for a 1 bedroom there is generally more then you make on min wage per month lol).
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