Do you live paycheck to paycheck?

whatireallywant

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Some people have to, and that is understandable. For a young person or a college student it is hard to save.

It's not just young people and college students. I am financially worse off now than I have been since I was in my twenties (and I'm 44). I have exhausted my savings from when I was in my thirties and early forties, and the money I saved from my short-lived good paying jobs here. I also have around $15,000 in credit card debt (most of that debt was from moving expenses, car repairs, and dental bills), and my car has over 100,000 miles on it. If I have to have another car in the near future, I will have to cash in my 401k to get it. :frown1: I have been close to homelessness recently - got an eviction notice and had to ask my parents for money to cover the rent. And no, I don't go crazy spending. It all goes for bills and food. You just can't live on unemployment benefits...
 

Mem

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It's not just young people and college students. I am financially worse off now than I have been since I was in my twenties (and I'm 44). I have exhausted my savings from when I was in my thirties and early forties, and the money I saved from my short-lived good paying jobs here. I also have around $15,000 in credit card debt (most of that debt was from moving expenses, car repairs, and dental bills), and my car has over 100,000 miles on it. If I have to have another car in the near future, I will have to cash in my 401k to get it. :frown1: I have been close to homelessness recently - got an eviction notice and had to ask my parents for money to cover the rent. And no, I don't go crazy spending. It all goes for bills and food. You just can't live on unemployment benefits...

Yes, It's hard for families too. I just have to fend for myself, but if I had a spouse and kids to support it would be very hard.

I give people credit even when they are a two income family. It's harder to feed four mouths and clothe four bodies. (or more).
 

str82fcuk

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It's not just young people and college students. I am financially worse off now than I have been since I was in my twenties (and I'm 44). I have exhausted my savings from when I was in my thirties and early forties, and the money I saved from my short-lived good paying jobs here. I also have around $15,000 in credit card debt (most of that debt was from moving expenses, car repairs, and dental bills), and my car has over 100,000 miles on it. If I have to have another car in the near future, I will have to cash in my 401k to get it. :frown1: I have been close to homelessness recently - got an eviction notice and had to ask my parents for money to cover the rent. And no, I don't go crazy spending. It all goes for bills and food. You just can't live on unemployment benefits...

I was much better off fifteen years ago, now I dont live paycheck to paycheck simply because I dont get any checks from anybody. I work for myself and live more or less hand to mouth. I try to keep a backup of one month's rent in savings but if I get any more than that I pay off some debts. I have about 14k in debts and havent had any credit in a long time. I am going back to school in order to get some better credentials for my new career but lack of funding makes it all very slow. Actually I dont want to go that much quicker because I enjoy having a fair amount of free time because I enjoy living now and am not going to put that off until I retire ...
 

Pecker

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I had a pretty comfy 401K until the Internet Bust in the 1990's. Now I get by on Social Security. I've learned to pinch pennies instead of butts.
 

viking1

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I was much better off fifteen years ago, now I dont live paycheck to paycheck simply because I dont get any checks from anybody. I work for myself and live more or less hand to mouth. I try to keep a backup of one month's rent in savings but if I get any more than that I pay off some debts. I have about 14k in debts and havent had any credit in a long time. I am going back to school in order to get some better credentials for my new career but lack of funding makes it all very slow. Actually I dont want to go that much quicker because I enjoy having a fair amount of free time because I enjoy living now and am not going to put that off until I retire ...

That's the key. There is more to life than working your butt off for nothing.
Even making it to retirement is a chance. Having the health AND money to enjoy it, is a much bigger chance...
 

D_Martin van Burden

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I'm not absolutely busted at the end of every month, but I think I come pretty close. I had a small sum of savings until some life happened, and it had to fall by the wayside. My mom and my sister couldn't afford to fly home from Greece, so I paid for the air fare. I also had a substandard job and lived in a beyond-my-means apartment, and at the tail end of it, I started borrowing on my line of credit. I bite the bullet, took up residence with friends for the past few years, and I'm getting on track. I have forgiven myself for some mistakes, and I'm doing my best to stay responsible. It's very hard; I don't like it at times, but I would rather settle for this than the alternative.

Between my share of rent, a car payment, full coverage insurance, credit card debt, food, increasing gas, medical expenses, etc., I do okay. This month is a little stiff because I've had job transitions, delays in pay, and I'm now starting up at a new place. It's tough, but it's a process.

Sadly, I don't think my outlook is going to change, at least not for a good while. I juggle a couple of jobs that are, right now, good paying, and I'm looking at receiving quite a bit more income than I'm accustomed to. I'll start college next year and live on a fixed wage, and I'll have to learn how to pay for myself three months plus when I'm not teaching or doing research. I don't know. Maybe I'll be... eh... 40... before I get it right. Or win the lottery, too. I'm not sure.
 

B_NineInchCock_160IQ

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There was a time when I didn't used to. My philosophy was to avoid debt diligently, to minimize my own financial responsibilities and obligations, and never be wasteful. It put me in a position where I was able to support myself at 19 and afford my second-tier dream car when by the time I was 23. (Viper. First tier would have been a Murcielago roadster)

However... since getting that car my philosophy has changed somewhat and of course it had to since I would shackling myself to a pretty big financial obligation. I also decided that I wasn't getting any younger and I might as well enjoy my youth while I still had it... so I've spent the last many years digging myself under a pretty big pile of debt (started by the loan I took out for the car) traveling around the world and generally enjoying myself.

I'm working at getting out from under that debt now, but aside from paying that down my expenses at this moment are fairly minimal and I am making more money at my current job than I ever have in the past. I should be debt-free again by the time I'm 30 or so at which point I'm probably going to pick up and start traveling again.
 

D_Gunther Snotpole

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I was able to support myself at 19 and afford my second-tier dream car when by the time I was 23. (Viper. First tier would have been a Murcielago roadster).

Boy, you aim high. I used to want a Miura.


I live totally cheque to cheque. It's getting tiresome. But it bothers me less and less.
But if I had a stroke, say, and couldn't work ... Jeez, what would I do?
I guess I would be institutionalized.
However, my situation is no worse than that of a lot of peeps.
 

oneguy67

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I've managed to avoid the check-to-check thing since I got out of school. Two things probably helped that:

1. Back then, credit scared the hell out of me. Still does. I just pay it off every month and never pay interest, except for the house and car--and no, I will NEVER buy a car with a loan ever again.

2. I managed to graduate with practically no student loan debt. How? A small head start from mom and dad, studying my ass off for tuition scholarships, and working 60 hour weeks at two jobs every summer, all summer, no vacation.
 

RamIt

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As the owner of a construction company, its feast and famine for me. Sometimes, so much work comes in I cant keep up with it all, other times, I have to scrounge and drop my bids dangerously low to stay busy. When the money is coming in, I feel I need to pour it back into my company or my investments. Then when famine comes alone, I have no fall back. The idea is to get big enough to avoid the slow times, but it might not be possible.
 

vince

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In my teens I was a good saver, but after college I spent very penny possible! When our kid was very young, we lived check to check. I was working at a good job, but as usual expenses were more than income and we faced some lean times. Eventually my wife's career got going and everything was much better. Except that we worked too much and eventually it wrecked our relationship!

I hate credit. After learning the hard way, I don't use credit to buy things that lose value. Such as cars. I only use personal credit to leverage investments in real estate and art. I learned that if I was patient and made due with what I had, I could save the money to buy a car or whatever in less time than it takes to make the payments. Then I start saving for the next car and in a year or two can have enough $ to cover the depreciation and have a new one way more often. If I need cash, I can sell the car and not have to pay the bank first.

Profits stay in the company and I live off a fixed salary. I have seen so many people start to get successful and go nuts spending. Then a crisis comes along and they are in the shit again. I re-invest 50% of profits back into the business, pay the workers a 15% share, and hold the rest for a rainy day or retirement, whichever comes first!
 

lucky8

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i live pay check to pay check.

I'm a poor college student with high ambitions.

It blows.


ditto...except my parents pay my rent and bills n shit...when i do have a job, i see it as extra money to burn
 

simcha

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I live paycheck to paycheck. I never used to. I had a job that was like golden handcuffs. It paid really well but I hated my life and the job.

So, I moved to the most expensive place I could find because it has the school I wanted to attend to become what I've always wanted to be, a psychotherapist. I was 32. Now I'm 37, almost 38, and in major student loan debt and consumer debt. I graduated with honors and I'm in intern earning hours toward licensure, which takes years. I'm happier than I ever was. I'm doing what I know I'm meant to do.

I will be consumer debt free by the time I'm 40ish. The student loans will nag me probably through retirement. I'm willing to pay that price because the school was that good and there was no other way to finance it...

So, life is for the living. Money doesn't do you any good once your dead. So, money should be spent by the living.

I'm no longer the tightwad cheapo I used to be. I live within my means these days, I always have even while racking up the debt. If you looked at my consumer debt it was used to pay for frivolous things like utilities, rent, auto insurance, gasoline, food, and school supplies. Nothing is cheap here where I live. That buried me.

Oh and I worked full time while going to grad school full time. I even took overtime. Still that didn't make ends meet.

If I moved somewhere else though I know I could get a job that pays similarly and live like a king. But I'm not done with my licensing. I'm going to finish to get a California license because it'll make it easier to get a license in another state where the cost of living isn't so insane. At least that's one of my plans... We'll see... I just might stay, who knows...
 

SpeedoGuy

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I've always striven to find a comfortable way to live below my means so that I could save and invest for the future. Its required some personal sacrifices but those seem worthwhile when keeping a longer term goal viable. That's much of what financial management is all about.
 

Principessa

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I'm a student so it's more like I live pizza to pizza.
hahaha I remember those days.

Some people have to, and that is understandable. For a young person or a college student it is hard to save. How magnanimous of you . . . When I was in my early 20's I spent a lot of money. I never had much extra money growing up, so I went a little crazy. I remember my first credit card purchase I thought "wow they are letting me out of the store without paying for this". hahaha, Whoa! I wasn't that bad, I knew it had to be paid for, unfortunately I was completely ignorant of how interest rates and late fees worked on credit cards. :redface::frown1:If you can save $100 a week that is around $5000 a year. $50 is $2500 a year. If you brown bag a lunch, or cut out some other things it is easy save $50 as week.
Save $100 a week? :eek: Are you high? :confused: Very few people I know can do that. Actually off the top of my head just one of my friends does that.
I grew up in NJ so I know it is one of the most expensive states in which to reside. If you don't mind me asking, how much rent do you pay and what is your car insurance?
 

Mem

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I grew up in NJ so I know it is one of the most expensive states in which to reside. If you don't mind me asking, how much rent do you pay and what is your car insurance?

I have been in a small one bedroom apartment with a galley kitchen for 13 years. I live in Union County, we have rent control and the rent can only go up 3% a year. I now pay $705, heat (too much heat and I can't control it, I have the fan on because it's 84.2 degrees in my bedroom) and hot water included. I have a used car and with minimum liability only, it's about $600 a year.