I really don't see how you can't live for $4160 - $1200 = $2960 a month? Heck, I could live on $500/month easily (after rent and taxes), if I wanted (as far as I'm aware, living costs are a lot cheaper in the US than were I'm from). That would make my yearly salary $20.400 (ignoring taxes, since I don't know what the rate for US is).