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National Poverty Guideline for one person in the continental United States in 2014
Annual Salary: $11,670
Per month: $972.5

The National Poverty Guideline, also referred to as the poverty line, this is the income level you must maintain to not be considered in poverty in the US.

Self Sufficiency Standard (SSS) for one person in Monroe County, NY 2010
Annual Salary: $20,042
Per month: $1,670

The SSS was calculated for each of the counties within New York State by a committee charged with the task. Based on credible sources, multiple categories of household costs and standard methodology, the SSS was intended to provide a measure of the minimum income required in order for a household to pay for all of its needs without relying on any assistance from the government or others.

SSS estimated monthly costs for a single person living in Monroe County in 2010 as follows:
Housing: $672
Food: $215
Transportation: $261
Health Care: $147
Miscellaneous: $130
Taxes including tax credits: $245

The Miscellaneous section is for other essentials such as toiletries, cleaning products, clothes, shoes, telephone service, and household items; not recreation, debt repayment, or savings. This expense is calculated as 10% of other accounted for expenses before taxes.

Taxes are based on the assumption that you are making a wage matching that of the SSS.

Overall, these costs may vary for you, for instance, if you do not have a car or if you are still on your parent’s health insurance. In addition, it does not account for the cost of paying for college. Nonetheless, this sample budget provides an outline on what expenses the average person needs to cover and provides a point of comparison for where your budget may stand.

Click here to read the article.