65,000 is a good salary for one person.
It would be considered a lower middle-class income in the United States, and it is more than enough to cover living expenses and provide some room for savings.
If you’re single, you’ll need to take into account the fact that your expenses are likely going to be higher than if you were sharing them with another person. But assuming you’re not planning on getting married or having children anytime soon, 65k should give you a reasonable amount of financial flexibility.
You can use our calculator tool below to figure out exactly how much 65k will be in your area.
Is 65k A Good Salary For A Single Person
A key element of your job search is a salary that can support your life and things you value, such as your family and health. When you receive a job offer, you may want to consider the salary amount before you make a final decision on the position. Deciding if a 65k salary is a fair wage for the role may take some examination of your experience and current lifestyle. In this article, we answer questions you may have about how to determine if your salary is enough and offer tips for making best use of the salary you have.
Read more: What Is a Good Salary for You?
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Is 65k a good salary?
A job offer comes with a salary offer, which you need to accept before starting work. It’s important to consider how this amount can affect your life before deciding on a job offer. For example, $65,000 could be a great salary for one person’s cost of living, their work hours and their experience, but $65,000 may be too low of a salary for you to afford your current lifestyle.
Before taking a job offer with an annual salary of $65,000, ask these important questions:
What is your cost of living?
The cost of living is the sum of expenses in your life that are necessities such as food, housing and healthcare. Your personal cost of living accounts for expenses to maintain your lifestyle standard, including your living situation and entertainment. Here are expenses you may need to account for:
- Mortgage or rent
- Taxes
- Utilities
- Credit card bill
- Groceries
- Healthcare
- Education
- Car payments and insurance
- Gas and car maintenance or public transport costs
- Clothing
- Personal care items
- Pet care fees
- Entertainment
- Internet
How can you calculate the cost of living?
The Bureau of Labor Statistics calculates cost of living for each city using the Consumer Price Index (CPI). Their calculation is an average of expenses for a family of four. The Consumer Price Index measures the prices of thousands of goods and services and weighs their importance based on how often a family of four uses these items or service.
There are other tools available online, such as city databases and calculators, that can determine the cost of living in different cities. These tools are useful not only to evaluate a new city but also to help determine what salary you need to afford the cost of living.
You can also list each of your expenses and add them together for a monthly average cost of living. Compare this to your monthly salary, and ensure your salary covers all of your expenses. A good salary, at minimum, covers your cost of living and in best cases, also provides extra money to save for emergencies.
Read more: Cost Of Living: Definition and How To Calculate It
Where do you live?
Examine the average wage for the area where you live. A salary of $65,000 can be a high income in many parts in the United States but below average in other parts. The cost of living can vary greatly between different areas, because of fluctuations in housing prices and availability, insurance pricing, healthcare costs, food pricing and availability and more. A $65,000 salary may easily meet your budget needs in an area with a lower cost of living but may just cover your basics in an area with a high cost of living.
What is your desired work-life balance?
Work-life balance is a concept that focuses on the benefits of balancing your work and life priorities. It is important that a $65,000 salary can support your lifestyle, but it is also important to consider what role your job and its responsibilities may take in your life. Examine the job description to gain an understanding of the commitment the role requires. A job position that offers balance may be more beneficial than a larger salary. Try to organize your priorities and determine how this position fits into your life.
How do you find balance?
You can find work-life balance by defining what is important to you and managing your time to ensure everything has a place. Consider your family, friends, hobbies and other interests, and make sure your career is not interfering with the time you want to spend on what is most important to you.
Happiness at work is important as well. You can increase your satisfaction with your job by setting goals for yourself. Achieving even small goals can boost your mood and sense of self-fulfillment at work.
Read more: How To Achieve a Healthy Work Life Balance
Why is having a work-life balance important?
Attaining a good work-life balance is important to achieving happiness and offers these key benefits:
- Improves your mental and physical health: A clear boundary between work and free time reduces stress and gives you time to enjoy hobbies, relax with loved ones and take care of your personal wellness.
- Improves your productivity: Better time management can clear your mind, provide energy and make you more productive at work.
- Leads to success: When you improve your work-life balance, you may feel more confidence to find success both in your career and life.
Does your job pay you for experience and your education?
An employer should offer a salary that reflects your experience and the level of education you have earned. As you gain more experience, your salary level often reflects your increasing value and the skills and abilities you can offer a company. If the position requires a college education, and you have earned an associate’s or bachelor’s degree, $65,000 would be reasonable for most professions. However, if you have earned a master’s or doctorate degree, then $65,000 may be a low salary that does not reflect your years of study.
Consider your field of work, however, when seeking an average salary range for your position. Some careers have salary ranges not based on education levels or experience.
Read more: Career Salary Averages by Industry and Education Level
How can I negotiate my salary?
If the job offer is too low considering your experience or too low for you to accept and be able to afford your lifestyle, try to negotiate with your employer. Go into a negotiation with two numbers, one being the lowest you can accept and the second your desired salary. Ask your employer about their expectations and the salary they offered. Leverage your education or experience in order to get a larger salary. Use these negotiation tactics when asking for your desired salary:
- Make salary comparisons: Use the national average salary for your career and the averages from your industry to compare to the offer an employer makes.
- Justify your request: You can prepare facts such as average salaries or your experience to explain why you may deserve a certain salary.
- Disclose other offers: If you have received other job offers, it may be wise to inform employers of the other salaries you could earn. This can inspire competition and help get an offer from the employer who you find more desirable.
Read more: When To Negotiate Your Salary (With Tips and Examples)
How can you increase your happiness with your current salary?
A salary of $65,000 can provide for you and give happiness, even if it is lower than the salary you desire. It is a middle-class salary and a higher wage than what most Americans earn. Here are tips for how to make the most out of your current salary and increase your happiness:
Learn to budget
Learning how to budget with the salary you have can increase your happiness by limiting your financial stress. Make a plan to save money from every check. You can set goals for vacation, retirement, college funds or save money to help in emergencies. Here are useful tips for creating a budget:
- Plan each month
- Use different accounts for different purposes
- Organize bills and receipts
- Prioritize your needs over items you want
- Use budgeting tools
Read more: 8 Budgeting Methods To Help You Save
Maintain a work-life balance
Maintain a boundary between work and free time so that you can reduce stress and make time for what makes you happy. It is useful to understand the worth of your career compared to other aspects of your life. Keeping a balance can improve your general health, well-being and your job satisfaction.
Try helping others
Consider activities that don’t involve making or spending money, such as volunteering, connecting with your community and helping it become a better place. Doing good work can provide life satisfaction and improve your own happiness and self-worth, regardless of your salary.
Focus on your priorities
Set priorities so that money is not at the top of your list. Pursue happiness in aspects you have greater control over. Build relationships, invest in your hobbies and foster your passion for life instead of setting goals based on raises and higher salaries.
Supplement your income
If you feel you need more income, look for opportunities outside of your job to supplement it. You could work occasional temporary jobs, take a part-time position or start an online shop. Consider items in your home you could sell if you no longer need them.
