I think it is possible to survive on 500.000 Ft but it would be a tight budget and may require some sacrifices in terms of lifestyle. Rent, utilities, groceries, transportation, and healthcare can all add up quickly and may be more expensive than you anticipate.
Assuming that you are renting a small apartment in a decent neighborhood, your monthly rent alone could easily be between 150,000-200,000 HUF. Utilities, including gas, electricity, water, and internet, could add an additional 50,000 HUF per month. Groceries for two people could cost anywhere from 60,000-100,000 HUF per month, depending on your eating habits and dietary restrictions.
Transportation costs in Budapest can also be significant, especially if you need to use public transportation regularly. A monthly pass for unlimited travel on all public transportation in the city costs around 10,000 HUF per person.
All of these expenses add up quickly, leaving little room for discretionary spending or unexpected expenses. While it is possible to live on a tight budget, it may not be the most enjoyable or sustainable lifestyle in the long run.
Therefore, it would be best to try to secure additional sources of income for your wife or consider other ways to increase your household income to ensure a comfortable life in Budapest.