Full time employees: Do you live paycheck-to-paycheck?

[Engineer]

Originally posted by: Skoorb

Originally posted by: Jumpem

Originally posted by: Sasiki
Put the max for the company match into 401k until your savings is 6 months worth of expenses. If the company matches 50% of 4%, only put 4% in.

The 10% we put in maxes out our company match. I don't really want to go below that.

The next thing I want to do is start paying off credit cards and home improvement loans. We have student loans as well, but those can be worried about in the future.

Your mortgage and utilities will never go away. Day care may depending on situation. What you should look forward to is the evisceration of car and other consumer loans, because then you can truly start to swim. The thing a lot of people do , though, is when they get a lot of their car paid off they go and buy another, so they just have endless car payments. Imagine if all you had now was mortgage, utilities, daycare? Comparitively you'd be awash with money.

The hell you say? :shocked:

(snickers at skoorb 😛 )

 

[coloumb]

Yes - living from paycheck to paycheck unfortunately [due to excessive spending habits which I forced myself to give up about a year ago]. If I were let go tomorrow and I couldn't find another equivalent paying job within a few months [I'd definitely file for unemployment benefits] - I'd have to file for bankruptcy and possibly craigslist/ebay luxury items around the house.

I like living on the edge. 🙂

 

[Jumpem]

Originally posted by: Skoorb
Your mortgage and utilities will never go away. Day care may depending on situation. What you should look forward to is the evisceration of car and other consumer loans, because then you can truly start to swim. The thing a lot of people do , though, is when they get a lot of their car paid off they go and buy another, so they just have endless car payments. Imagine if all you had now was mortgage, utilities, daycare? Comparitively you'd be awash with money.

The mortgage will go away in fifteen years. 🙂

The car payments will never go away. In three years we put 100k miles on a car, and get another one. I never expect to have a paid of car.

 

[zzuupp]

Full time.

I said 1yr+, but... that mortgage, basic utilities, basic food, car insurance and gas, and a wild guess at health ins. If anything out of the ordinary happens, it's 9-12 months.

 

[StageLeft]

Originally posted by: Engineer

Originally posted by: Skoorb

Originally posted by: Jumpem

Originally posted by: Sasiki
Put the max for the company match into 401k until your savings is 6 months worth of expenses. If the company matches 50% of 4%, only put 4% in.

The 10% we put in maxes out our company match. I don't really want to go below that.

The next thing I want to do is start paying off credit cards and home improvement loans. We have student loans as well, but those can be worried about in the future.

Your mortgage and utilities will never go away. Day care may depending on situation. What you should look forward to is the evisceration of car and other consumer loans, because then you can truly start to swim. The thing a lot of people do , though, is when they get a lot of their car paid off they go and buy another, so they just have endless car payments. Imagine if all you had now was mortgage, utilities, daycare? Comparitively you'd be awash with money.

The hell you say? :shocked:

I make an assumption that if he's doing daycare chances are he's not that old and chances are he's looking forward to a lot more years of payments!

 

[Engineer]

Originally posted by: Skoorb

Originally posted by: Engineer

Originally posted by: Skoorb

Originally posted by: Jumpem

Originally posted by: Sasiki
Put the max for the company match into 401k until your savings is 6 months worth of expenses. If the company matches 50% of 4%, only put 4% in.

The 10% we put in maxes out our company match. I don't really want to go below that.

The next thing I want to do is start paying off credit cards and home improvement loans. We have student loans as well, but those can be worried about in the future.

Your mortgage and utilities will never go away. Day care may depending on situation. What you should look forward to is the evisceration of car and other consumer loans, because then you can truly start to swim. The thing a lot of people do , though, is when they get a lot of their car paid off they go and buy another, so they just have endless car payments. Imagine if all you had now was mortgage, utilities, daycare? Comparitively you'd be awash with money.

The hell you say? :shocked:

I make an assumption that if he's doing daycare chances are he's not that old and chances are he's looking forward to a lot more years of payments!

lots more years does not equal never. I had daycare too...and paid mine off in 6 years and 8 months...so never say never! 😛

 

[spidey07]

Originally posted by: Engineer


The hell you say? :shocked:

You got lucky on timing. You had better be putting everything you have into your portfolio(wealth building)/401k/retirement. You're gonna get hit by HCE, just because you didn't this year doesn't mean you can count on that.

I am very happy for you, your house is paid for, but don't discount that for many people that isn't a good option depending on income.

 

[dquan97]

Full time, but savings was depleted after getting 3day furlough. Now going through short sale of the house.

 

[BlahBlahYouToo]

Originally posted by: JulesMaximus

Originally posted by: spidey07

Originally posted by: JulesMaximus
I'm making $950 every two weeks on unemployment and I have no health insurance for myself or my wife or our son. I am not behind on any bills though so we're doing okay I guess. Fucking sucks that we are basically screwed if one of us needs medical care though. Yeah, nice fucking country we live in where you have to just pound sand if you get laid off and you need medical care. People with no ability to pay can go to the emergency room and get care but I'd lose my house if that happened to me. Fuck the citizens of this country...politicians tell us that it is somehow in our best interest to keep healthcare free and somehow people believe it...What a complete load of bullshit. :|

Go troll elsewhere and while you're at it get medicaid. You qualify.

Hey dickhead. I don't qualify.

sell the lexus.

 

[Engineer]

Originally posted by: spidey07

Originally posted by: Engineer


The hell you say? :shocked:

You got lucky on timing. You had better be putting everything you have into your portfolio(wealth building)/401k/retirement. You're gonna get hit by HCE, just because you didn't this year doesn't mean you can count on that.

I am very happy for you, your house is paid for, but don't discount that for many people that isn't a good option depending on income.

Unless I move jobs, I doubt that I'll ever worry about HCE again. I'm so far under it on "base" pay, it isn't funny (no longer get paid overtime and in years past, I more than doubled my base with OT).

As for "luck" on timing, not sure how it was luck. I worked my butt off and paid every extra cent that I had. I took the sure 7% mortgage off the table. Not sure how that is luck. By the way, you surely don't assume that I didn't put money into my retirement accounts during that time do you? I put 15% in my 401k during most of that time while also fully funding two Roth IRA's (myself and wife). Of course, took a bath on them the last year+ but they are coming back a little.

 

[BlahBlahYouToo]

8 months of living expenses, trying to get up to 12 months.
it's hard to sock away a lot when my monthly expenses are $4k a month.

 

[Jumpem]

Do you guys with 6+ months saved up have a decent amount of expenses ($3-4k)? Or did you live as cheaply as possible to save and pay off debt?

I always think I am doing good saving and paying things down when I can, but these threads make me 🙁.

 

[Engineer]

Originally posted by: Jumpem
Do you guys with 6+ months saved up have a decent amount of expenses ($3-4k)? Or did you live as cheaply as possible to save and pay off debt?

I always think I am doing good saving and paying things down when I can, but these threads make me 🙁.

You're doing a fine job. I would say that a few in these threads are just like the typing speed thread....everyone (except me) typed over 120 words per minute with no mistakes, lol. Everyone (except me) on ATOT makes 6 figures, has beautiful cars, beautiful women (I do have a lovely and loving wife) and no debt. 😛

 

[MovingTarget]

Yes, 0. Burned through my savings over the summer looking for a teaching job. I have a job now, but no more funds until that first paycheck gets in.

 

[JulesMaximus]

Originally posted by: Engineer

Originally posted by: Jumpem
Do you guys with 6+ months saved up have a decent amount of expenses ($3-4k)? Or did you live as cheaply as possible to save and pay off debt?

I always think I am doing good saving and paying things down when I can, but these threads make me 🙁.

You're doing a fine job. I would say that a few in these threads are just like the typing speed thread....everyone (except me) typed over 120 words per minute with no mistakes, lol. Everyone (except me) on ATOT makes 6 figures, has beautiful cars, beautiful women (I do have a lovely and loving wife) and no debt. 😛

And nobody is unemployed...except me of course. 😛

 

[SacrosanctFiend]

Full-time. I can go about 18 months without my employer's paycheck and be just fine.

 

[JulesMaximus]

Originally posted by: BlahBlahYouToo

Originally posted by: JulesMaximus

Originally posted by: spidey07

Originally posted by: JulesMaximus
I'm making $950 every two weeks on unemployment and I have no health insurance for myself or my wife or our son. I am not behind on any bills though so we're doing okay I guess. Fucking sucks that we are basically screwed if one of us needs medical care though. Yeah, nice fucking country we live in where you have to just pound sand if you get laid off and you need medical care. People with no ability to pay can go to the emergency room and get care but I'd lose my house if that happened to me. Fuck the citizens of this country...politicians tell us that it is somehow in our best interest to keep healthcare free and somehow people believe it...What a complete load of bullshit. :|

Go troll elsewhere and while you're at it get medicaid. You qualify.

Hey dickhead. I don't qualify.

sell the lexus.

We will need two cars once I start working again. Like I said, we are all healthy (knock wood) and I hope to be gainfully employed before too long.

 

[BurnItDwn]

Currently, about 1 month between checking and savings, and about 2 months if I were to sell some stocks. I have plenty more tucked away in my retirement plan.
(I recently spent just under 2 months worth of salary as a down payment on a car, which ate into my savings quite a bit.)

Originally posted by: Skoorb

Originally posted by: Jumpem

Originally posted by: Sasiki
Put the max for the company match into 401k until your savings is 6 months worth of expenses. If the company matches 50% of 4%, only put 4% in.

The 10% we put in maxes out our company match. I don't really want to go below that.

The next thing I want to do is start paying off credit cards and home improvement loans. We have student loans as well, but those can be worried about in the future.

Your mortgage and utilities will never go away. Day care may depending on situation. What you should look forward to is the evisceration of car and other consumer loans, because then you can truly start to swim. The thing a lot of people do , though, is when they get a lot of their car paid off they go and buy another, so they just have endless car payments. Imagine if all you had now was mortgage, utilities, daycare? Comparitively you'd be awash with money.

That's true to a point, however, once the car starts getting old, it can cost as much as, or more than car payments to keep it running. I spent around 3K in the last 12 months on various repairs for my old car, so I figured it was time to dive in and start making payments again. I'd rather be sure to pay $250 per month, and know that I've got 5 years of warranty than play the $0-$1500 monthly gamble my last car was.... Anybody wanna buy a 1999 300M? muahahahahahaha

 

[skyking]

Originally posted by: JulesMaximus

Originally posted by: Engineer

Originally posted by: Jumpem
Do you guys with 6+ months saved up have a decent amount of expenses ($3-4k)? Or did you live as cheaply as possible to save and pay off debt?

I always think I am doing good saving and paying things down when I can, but these threads make me 🙁.

You're doing a fine job. I would say that a few in these threads are just like the typing speed thread....everyone (except me) typed over 120 words per minute with no mistakes, lol. Everyone (except me) on ATOT makes 6 figures, has beautiful cars, beautiful women (I do have a lovely and loving wife) and no debt. 😛

And nobody is unemployed...except me of course. 😛

I'm not really unemployed either. Just severely underemployed😛

9 hours last week, maybe 16 this week, IF I get a full day tomorrow. I get various sized checks from unemployment.
That sucks about no insurance man. I know, healthy and all right now but the prospect of any problems just sucks. I am very fortunate that my insurance has a bank system and I have benefits until about December if I don't work at all. If it keeps up I'll get on my wife's plan for some $$$.

 

[MovingTarget]

Originally posted by: Jumpem

Originally posted by: Skoorb
Your mortgage and utilities will never go away. Day care may depending on situation. What you should look forward to is the evisceration of car and other consumer loans, because then you can truly start to swim. The thing a lot of people do , though, is when they get a lot of their car paid off they go and buy another, so they just have endless car payments. Imagine if all you had now was mortgage, utilities, daycare? Comparitively you'd be awash with money.

The mortgage will go away in fifteen years. 🙂

The car payments will never go away. In three years we put 100k miles on a car, and get another one. I never expect to have a paid of car.

100k miles?!?!

Bah, thats just breaking it in! 😛

 

[RedCOMET]

If i could last 5-7 monthes living off of savings assuming i could live on a budget during that time and could controll my expenses and spending.

Right now I got about 8k in my 401(K), and another 5.5K in an employee stock purchase plan.. so i'm doing pretty decent i think with stuff.

I could put more away in both.. but i wanted to have enough caseh in my checking/ savings account since i've been looking at moving about 1,000 miles away.. and i have a lot of junk to haul with me.

 

[Scouzer]

I have 68 months of savings last time I checked.

 

[A5]

Been working 2.5 months, wife's been working 1 year. We're lucky to not have any student loans or car payments (thanks to each of our absurdly generous parents), and right now we have 8-9 months of expenses saved (but it's about 3.5 months of salary).

 

[Nightfall]

My wife and I just started using YNAB for our budgeting and it works great. We used to have about 2 months of liquid assets but now we are planning on increasing that and being smarter about doing it.

 

[acheron]

Have about 4 months worth of expenses specifically designated as 'emergency savings', plus a lot more saved designated for other things that could be used if needed too.