Living paycheck to paycheck?

[Mayfriday0529]

Yep, Paycheck to paycheck here. To many damn loans to pay off.

 

[DrPizza]

Yes and no. We don't have to live paycheck to paycheck. There's no worries of the money running out before the next paycheck comes in. But, we don't save as much as we could. Instead, we've been investing much of the extra pay in home improvements and getting our farm up and going. In the past 2 months, we have gone from just moving in, to getting a decent start in farming. I "invested" money in various livestock, all of which I could sell at auction (every Wednesday) for significantly more than I paid. i.e. chickens have gone up in value by at least 50%, turkeys have about doubled in value, etc. Taking out expenses (food), I'm slightly ahead... but ahead by more than if I had been investing my extra money in stocks.

 

[Vanman]

For the first time in a while I'm not living paycheck to paycheck thank god! I went through a bout with cancer 4 years ago which prevented me from working full time for close to a year, then about a year after I got back to work full time the company I worked for went out of business. In between medical bills & living expenses it drained savings (what little there was) real fast.

Now I finally have a bit of a cushion built up, about 6 months in living expenses if I cut back on some things (DSL, Cable TV, Etc.), but the funny thing is the more I have in the bank, the less adequate it seems. A couple years ago the $7500 I have in savings would have been great but after what happened a couple years ago it just seems so fragile....one or two things could wipe it out in an instant.

Those of you that have $20k & up in savings...does it ever feel like enough? I don't make a ton of money, right now my take home is around $32,500 which is the most I've ever made, but it's still tough to save much.

 

[squeeg22]

Originally posted by: Vanman
Those of you that have $20k & up in savings...does it ever feel like enough? I don't make a ton of money, right now my take home is around $32,500 which is the most I've ever made, but it's still tough to save much.

I know what you mean. When I had a few thousand in savings and was looking to buy a house, I was worried about using most of that savings on a down payment and having nothing left in case of emergency or to do home repairs. That was 1.5 years ago. Now that I have considerably more in savings (on top of the maxed 401k), I'm considering buying a "nice" condo instead of a house, which would take less in down payment, monthly costs and maintenance. This would leave me with enough savings left over for emergency costs (with some extra to spare), but I'm still gun-shy about making the upgrade.

 

[alkemyst]

I went all sides of this deal...I am 34 now.

as a teen had mom and dad paying my $300 month gas bill on a $40k car they bought me (1988ish)

During that time I was working for $6-10/hr in a bank since 12 really (1983ish), once I was driving worked the bank and did delivery...financed the first 7 years of my education on only $7k in loans and I didn't work.

Dropped out, bought a house with $40k down.

divorced...rented for a long time, partyed hard though....nice car and apartment, chicks and stuff.

went back to school again, met a fiancee, come home one day to no stuff in my apartment, $26k in two years of loans in school, a $17 job and find out she diverted my money and bought a 2000 Mustang GT and a Townhouse.

She turned off everything, and as someone on the lease, I couldn't just turn stuff back on.

Met a lot of chicks though and lived with them to basically take a hot shower and stuff....

Then I rebuilt.

I am getting ready to buy a home on my income alone. My parents did the same thing.

I may fall again sometime, but you have to know always you can get back if you dedicate.

I unfortunately see women and sun as a priority.