That’s not bad overhead for an apartment let alone a house in the populous areas of California. You should be able to at least hold your own on 50K a year, won’t be saving a lot, probably fortunate to even fund a 401K, but still better off than a lot of people, particularly young people coming up or trying to.
If you keep your credit cards cleared and run a tight ship, you can do okay. Like you said though, will you be able to buy a half to one million dollar home? I don’t think so. Will you put away a tidy sum for your 401k? Will you get to spend a reasoned amount on R&R. Will you be able to buy the insurance you need? Will you be able to purchase a decent car and replace it in four years?
I consider myself fortunate. I developed a spread sheet that allows me to plan my expenses down the road up to 15 months ahead. I know at any given moment what my standing will be at not only the end of this current month, but over a year in future.
Honestly, I don’t know how I’d keep track of things if I didn’t have it.
I toss my savings, credit accounts, and non-receipt payments that I need to declare for tax purposes.
By the end of the day on December the 31st, I have everything all ready for tax purposes.