Gunslinger08
Lifer
Polls.
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Full time employees: Do you live paycheck-to-paycheck?
- Thread starter Gunslinger08
- Start date
StinkyPinky
Diamond Member
Not paycheck to paycheck, but pretty close.
Probably have about 2 months worth of savings 🙁 My wife is studying so i guess if shit hit the fan she could start looking for work as well.
Probably have about 2 months worth of savings 🙁 My wife is studying so i guess if shit hit the fan she could start looking for work as well.
Engineer
Elite Member
I am and I'm not. I put 18% in 401k and another $800 into savings and have little left after the "regular stuff" right now. When wife starts work (school employee), it will be much better. Have about 4 months of living expenses right now. Will bump that up quickly once wife working again (actually have more but earmarked for kids college in a few years but still liquid). Will bump 401k to 20% when wife goes to work also (+ 3.5% company match) as well as increasing savings by an additional $600 to $1,000 per month.
amdhunter
Lifer
Since I paid off my credit cards -- no longer paycheck to paycheck. Now I am looking forward to things such as getting a new place somewhere nice.
I could probably live roughly 8-10 months if I still hang out and drive. Or maybe 18 months if I just stay home. This is of course if I get unemployment. If not, I'd survive maybe 6 months tops.
I could probably live roughly 8-10 months if I still hang out and drive. Or maybe 18 months if I just stay home. This is of course if I get unemployment. If not, I'd survive maybe 6 months tops.
Not paycheck to paycheck.
I have 8-9 months worth of paychecks in savings but that is more like 16 months worth of living without unemployment, especially if I cut back in some areas (which I definitely could). So it's getting to the point where I have enough of a net there and should be putting money elsewhere. Normally that is investments but my student loan rates are ~7% so I'm possibly better to pay them off early.
I have 8-9 months worth of paychecks in savings but that is more like 16 months worth of living without unemployment, especially if I cut back in some areas (which I definitely could). So it's getting to the point where I have enough of a net there and should be putting money elsewhere. Normally that is investments but my student loan rates are ~7% so I'm possibly better to pay them off early.
You are one smart cookie Engineer. I've been reading your posts on financial management for many a y ear at ATOT and you know how to budget right. The speed at which you've finished your house is impressive IMO.
I'm saving over 50% for sure. I haven't sat to do the calculations to see where everything goes, but i see the big raw numbers go by. I'm trying to save for atleast 12 months worth of living. To be safe, I'd prefer 18 months worth of living. Once I hit 12 months I'll probably slowly ease in 18 months and budget a certain amount to save every month. Right now all extra cash goes to the same money pit.
I have a LOT of student loans as well, and I'm just paying minimum at the moment. Eventually once I have more breathing room and satisfy my base requirements of getting a small nest, I'll start to pay off the high APR loans at a faster rate to knock them out of the picture faster
Red Squirrel
No Lifer
Right now I just bought a house so there are tons of expenses and I'm running in the hole but once it's done and I'm moved in, I plan to have at least 3 months reserve of emergency funds. Eventually I want to just accumulate that so I can have closer to a year. I'll probably save so that every 3 months, I have an extra month of reserve, or something. I also have my furniture to pay off which I want to have done before the due date (18 months from the date they deliver it).
Renovation costs are always higher then you expect though. I started off with 35k for renovations and now I'm in the hole by about 3k. 2k of that is getting the floors redone so I may have to just wait, but hoping to do it now as it will be easier without furniture in the way.
My parents also don't help the financial situation. It's great they are helping me with the house, but they insist on getting things done that could wait. For example, they insisted on getting gutters installed NOW, getting the doors changed NOW, all things that need to be done but could wait a couple months. I mean, the house is over 30 years old. It's not a few months without gutters that will kill the foundation due to too much water. I also wanted to do the taping and sanding myself but they went and got a guy to do it for 500 bucks. He does a good job and all and his work is worth that, but damn, I'm low on cash here! It's actually scary to look at my bank and see a 4 digit balance.
Renovation costs are always higher then you expect though. I started off with 35k for renovations and now I'm in the hole by about 3k. 2k of that is getting the floors redone so I may have to just wait, but hoping to do it now as it will be easier without furniture in the way.
My parents also don't help the financial situation. It's great they are helping me with the house, but they insist on getting things done that could wait. For example, they insisted on getting gutters installed NOW, getting the doors changed NOW, all things that need to be done but could wait a couple months. I mean, the house is over 30 years old. It's not a few months without gutters that will kill the foundation due to too much water. I also wanted to do the taping and sanding myself but they went and got a guy to do it for 500 bucks. He does a good job and all and his work is worth that, but damn, I'm low on cash here! It's actually scary to look at my bank and see a 4 digit balance.
Bignate603
Lifer
You bought furniture on credit? Personally I'd sit on the floor before I buy furniture on credit.
We've been slowly replacing our craigslist/particle board stuff that we got when we were in college and getting real furniture in place of it. We're doing it a piece at a time as we can afford it.
Engineer
Elite Member
Thanks but to be a smart cookie, I wouldn't have made the huge mistake in the stock market a few years ago (not the 401k dropping last year either).....While I'm still OK because I have no debt and still have a job (with wife working about 9.5 months out of the year currently), it could have been so much better. Actually, it should have been....🙁
By the way, for those that life to budget their life, I recommend a shareware program called Budget Calendar 1.4 (about $15 or so)....worth every cent to actually see the money on a calendar day by day.
Red Squirrel
No Lifer
This is credit from the furniture company, and it's 0%, so figured why not. But yeah, I'm not a big fan of credit, but I made the exception here considering I have 18 months to pay it which I know for sure I will be able to do. Worse comes to worse I will put my bonus, shares, and taxes on it (doubt it will get to that, but that is my backup plan).
Most of the stuff I got is cheap/mid end but still decent. I got a retarded insane deal. Full bedroom set, full living room set, dishwasher, microwave, washer/dryer, for 5k.
kranky
Elite Member
I was terrified of living paycheck to paycheck because nobody in my family would have been able to help me out if I was in a bind, unless it was $100 or less. So out of fear I scrimped until I had a cushion of 6 months. When I was making squat it was very tough to save, but it gave me peace of mind.
As I moved up at work I didn't have as much pressure (or need) to save but it was a habit by then. So now we live pretty far below our means and save quite a bit.
I answered the poll based on how many months of expenses, not of income. If we had no income we would only need enough to cover expenses.
As I moved up at work I didn't have as much pressure (or need) to save but it was a habit by then. So now we live pretty far below our means and save quite a bit.
I answered the poll based on how many months of expenses, not of income. If we had no income we would only need enough to cover expenses.
