In Florida's Bay County, basic expenses for one adult total roughly $49,000 annually.
Here's what to know
The estimate covers necessities such as housing, food, and utility bills, WJHG reported, citing data from the U.S. Department of Health and Human Services.
Savings and nonessential purchases also factor into a comfortable budget. A separate SmartAsset study puts the annual income needed for a single adult to live comfortably in Florida at more than $100,000, allowing for spending beyond essentials while setting money aside.
According to WJHG, SmartAsset applied the 50-30-20 budgeting rule, directing half of income toward necessities, 30% toward wants, and the remaining 20% toward savings. This approach builds saving into household budgets instead of leaving it to whatever remains after the bills are paid.
More background
Ken April, who has lived in Bay County for 10 years, is among those changing daily habits to manage expenses. Throughout the Florida Panhandle, household budgets face pressure from expensive housing and increasingly costly groceries.
Financial advisor Alex Astin of Burns Estate Planning and Wealth Advisors attributed the strain to sustained price increases for products and services.
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"When you have that happen, you have no ability for discretionary income, you have no ability to save," Astin warned. "And so, after 30 or 40 years of work, you have nothing to show for it."
What can be done?
Higher earnings should not become a reason to spend more, Astin advised.
"Do not have your expenses meet your income," he said.
According to WJHG, financial advisors recommended putting aside no less than 10% from every paycheck and spending less than half of total income on housing.
For unexpected costs, the advisors recommended having money in a rainy-day fund rather than having to turn to high-interest credit cards.
Eating out and grocery shopping are two areas where April has adjusted his spending.
"Everybody's dealing with it," he said. "We don't go out to eat as much, and we've just been a little bit smarter about going to the grocery store."
Where can I learn more?
Residents elsewhere in Florida are also struggling to cover everyday costs.
• Florida transplants say their expected savings have vanished, while health care has worsened.
• In Florida, 440,000 lose ACA plans as health insurance premiums jump 58%.
• In Tallahassee, home values rose 59% while incomes increased by only 35%.
• In South Florida, $67,000 salaries face $600,000 homes.
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