In my first year at the regionals, I made probably around $18,000 in those 12 months. Give or take. I was able to live fairly comfortably, but that is just my own perspective. Comfortably for me might not be for someone else. I did move back home in the with the parents, which really wasn't bad since I was on the road quite a bit either flying or using my travel benefits to go to Vegas, Oahu, DC, Daytona Beach, the Poconos, New York... all for VERY cheap since I knew people and had places to stay. One month I slept 5 days in my own bed. I was able to purchase a new car (because I HAD to), but did so wisely... got a Saturn and got a few extra safety features which in the grand scheme of things saved me much $$$ in insurance costs. Also, I don't have mondo student loans to pay off compared to many pilots are burdened with the $100,000 flight training loans. I only have around $17,000.
The key thing is to analyze your current financial situation (living costs? Loans? Car payments? Insurance? Kids? Wife? Mortgage?) and decide what you need and what you can do without. When you determine how much your NEEDS will cost you, see if you can afford those first few years in the regionals. Maybe it will mean moving to your base (be wary: some companies change bases a lot, like Air Midwest as I understand) to lower your housing expenses and avoid the extra burden of a crashpad. Living in base also frees up that commuting time to possibly pursue other sources of income... waiting tables, landscaping, real estate, web design, or whatever else fits your fancy.
The simple answer to all of this is that it CAN be done. However, it will take a lot of adjustments to your quality of life and the will to live within your means. Be smart with your finances in the beginning, don't get in too much debt, and when you start moving up in the world to higher pay (is there any high pay anymore??) then you'll be able to enjoy the extra cash. Particuarly if you hold strong to the standard of living you had when making $30,000 compared to $130,000!
Just my two cents.