Tuesday, July 20, 2010

Vagabonding: Can you live the lifestyle for $20 a day?

Can you actually live on $20 a day? Does that mean per person or for a family of four? $20 dollars a day is about $600 a month. For most people that is less than their mortgage payment or apartment rent. So, how do you live on such a small amount? For people living on just social security, the average benefit amount is $1000 a month. Can you live on that? Many seniors are finding it hard to do.

I personally spend less than $100 a month on food for one person. This does not include eating in restaurants. I am glad to do without high salt, high calorie, high fat food to enjoy a more liesurely lifestyle. I can also get by on $20 a month in propane plus $40 a month in gasoline. I limit the amount of miles I travel to keep my gasoline costs at a minimum. I use location to eliminate the need to fun an air conditioner or furnace. I also spend $30 a month for vehicle insurance. So, total those expenses are about $200 a month. I rarely paid for a camping site and If I do it is about $10 a night. I stay one night, refill my tanks, take a long hot shower, recharge my batteries, and dump my tanks.

The one thing not mentioned here is health insurance. You have to decide what you want to spend there based on your health history and what preventative measures you use to stay healthy.
A catastrophic hospital plan is a good idea. If you are 65 and over, that one is easy. It is called medicare with a supplement for $100 a month get you very good care. For those of us under 65 and in good health, we pay for any health care and keep a catastrophic plan for hospitalization. So, if you are 65 and over, you are now up to $300 a month in expenses. That leaves plenty of money left over from that $1000 a month social security.

If you are still working, you don't have to work much to make that kind of money. The expenses are so much lower than a traditional lifestyle that you will wonder why you didn't trade your current one for this new lifestyle sooner. Check out this family who did just that for years.

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