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It is totally doable to live with this salary, he said.
You may just have to make a few adjustments with living below your means in certain spends.
Bureau of Labor Statistics.
Of course, $50,000 per year isnt the amount youll bring home.
The IRS will also take a cut, so youll need to factor that in.
Ready to find out how to divide your income up each monthto avoid overspending?
Use the following spending blueprint created by Loughery as a guide.
Savings
No matter what your salary, saving money is important.
For property owners, the median home value is $340,200.
Whether you rent or own your home, Loughery said having a roommate could help make this more affordable.
Food
Of course, you may have dependents, meaning youre not just shopping for yourself.
Regardless, Loughery suggested shopping in bulk at stores like Costco to save money.
If you cant walk to work, consider taking public transportation to cut costs.
Miscellaneous Expenses
You cant anticipateevery monthly expense, but you could make extra room in your budget.
Staying on budget isnt always easy, so he recommended using a budgeting app.
I like the app Monarch, and personally use this for my own budgeting, he said.
No matter how you choose to budget, sticking to it is the most important part.
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