In 1980, you could work a minimum job full time, and bring home about $400 a month. I remember that was just barely enough to get by for COL in the town where I was going to college. You could split rent on an apartment, maybe get one bedroom in a 3bd 1ba apartment with two roommates. Have just enough money for utilities, food, and a very small amount of spending money. No car, but that was workable in that town.
Now minimum wage would pay about $1000/month after taxes. Surprisingly, in that same town you could actually get by. Split an $1100 3bd 1ba apartment with two roommates. Live on the cheapest groceries. Maybe work in a restaurant and get free food to cut down on the grocery bill. It's a minimal lifestyle, but then the numbers I remember in the 80s would only cover a minimal lifestyle.
Of course, the cost of living in that small midwestern town is far lower than the city I actually live in. It would be impossible to get by in my city on $1000/month. Also, you can get by on just rent, utilities, and groceries for a while, but eventually you need clothes, furniture, car, travel, etc. Even over as little as 1-2 years, you really can't get by without having to spend money on these things. If you just put them on a credit card every time that kind of expense comes along, you dig yourself in a hole forever. You have to make enough to budget for these kind of expenses.
