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No. of Recommendations: 7
I could pay my basic expenses on Social security at this point.

I too found it useful to have a frame of reference for establishing low cost budget.

Many years ago, my employer had announced layoffs were coming. I assessed my situation: 1)I had very little in savings and 2) Even though I had good paying job, my state's stingy unemployment benefits meant benefits would replace only small % of earnings. So I decided to lower my expenses so that even if I worked at minimum wage job then I could still cover my expenses. With that in mind, I bought a condo which lowered my housing expenses significantly.

I survived the layoff and started saving at accelerated rate. Ironically I did get laid off many years later--however by that point I had sufficient savings to that I didn't have to work at all.
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