Living paycheck to paycheck
Guess I'm in the minority here. My wife and I both work, if either of us lost our jobs, both of us make enough to pay all our bills on our own.....if both of us lost our jobs we've got enough saved up to make it about 6 months before we'd have to start doing things like liquidating retirement accounts.
I don't understand why people can't just live within their means.
https://www.forbes.com/sites/zackfriedman/2019/01/11/live-paycheck-to-paycheck-government-shutdown/
CareerBuilder found that 78% of U.S. workers are living paycheck to paycheck.
This number may be further exacerbated by the recent federal government shutdown, which has resulted in more than 800,000 federal employees not receiving paychecks.
So, what can you do to battle financial pressure?
Here's what you need to know and how to improve your financial profile.
Living Paycheck To Paycheck
According to the 2017 survey, CareerBuilder, a leading job site, found some startling statistics related to debt, budgeting and making ends meet.
For example, here are some findings from the survey:
Nearly one in 10 workers making $100,000+ live paycheck to paycheck
More than 1 in 4 workers do not set aside any savings each month
Nearly 3 in 4 workers say they are in debt - and more than half think they always will be
More than half of minimum wage workers say they have to work more than one job to make ends meet
28% of workers making $50,000-$99,999 usually or always live paycheck to paycheck, and 70% are in debt
The survey also found that 32% of the nearly 3,500 full-time workers surveyed use a budget and only 56% save $100 or less a month.
I don't understand why people can't just live within their means.
https://www.forbes.com/sites/zackfriedman/2019/01/11/live-paycheck-to-paycheck-government-shutdown/
CareerBuilder found that 78% of U.S. workers are living paycheck to paycheck.
This number may be further exacerbated by the recent federal government shutdown, which has resulted in more than 800,000 federal employees not receiving paychecks.
So, what can you do to battle financial pressure?
Here's what you need to know and how to improve your financial profile.
Living Paycheck To Paycheck
According to the 2017 survey, CareerBuilder, a leading job site, found some startling statistics related to debt, budgeting and making ends meet.
For example, here are some findings from the survey:
Nearly one in 10 workers making $100,000+ live paycheck to paycheck
More than 1 in 4 workers do not set aside any savings each month
Nearly 3 in 4 workers say they are in debt - and more than half think they always will be
More than half of minimum wage workers say they have to work more than one job to make ends meet
28% of workers making $50,000-$99,999 usually or always live paycheck to paycheck, and 70% are in debt
The survey also found that 32% of the nearly 3,500 full-time workers surveyed use a budget and only 56% save $100 or less a month.
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Many people live beyond their ability to sustain a long absence from work by choice and many struggle to make it day to day.
Most of us grew up in an America with a different attitude, and understand that putting money away every week or month is a necessity, as we strive for self-sufficiency.
In the younger generations we see a much greater acceptance of receiving things from government such as health insurance or tuition.
Many of my/our generation are falling into this same trap, however, and seem to be content with and actually demand that their children and grandchildren support them with unrealistic demands upon the Social Security and Medicare systems.0 -
living beyond their means is a RIGHT !!! they should get WHAT THEY DESERVE !!! ask any >>> LAWYER <<< says so on tv 0 -
We have highs and lows here, so its not paycheck to paycheck all of the time.....but it can get there pretty quickly. No matter how good you are at planning and keeping a budget the world can slap you around. Its having the ability to get through the hard times while realizing its not forever and not going totally BONKERS with your money if you find yourself having more than you need. Its really hard for some people to do both of these things. 0 -
Wife and I used to live paycheck to paycheck when we were younger. Sucked
Now the house we bought in 1981 is paid for the small farm we bought in 2000 is paid for and all of our vehicles are paid for.
We have no debt I can sympathize though, some people just don't have high enough earnings to do much more then dog paddle.0 -
Ever since I was about 40, I have kept enough money to pay all of my bills for 5 years in a savings account, money market, or short term CDs,....something I can get my hands on quickly if need be.
If I can do it,...I figure anyone else can too, IF they really WANT to. This of course refers to 'able-bodied' people that are capable of working and caring for themselves.
I shake my head in disbelief, and a bit of sadness when I read these figures about the economic situation of the majority of Americans.[:(]0 -
Given that a third of American families live on less than 32K it only stands to reason that at least a third of Americans have no back up resources.
We can argue all day that they should have gone to school or learned a trade Etc. but in reality someone has to make the beds and do the dishes.
Not everyone is cut out for higher skilled positions. I don't fault anyone who gets out of bed every day and drags their ass to work at ANY job.
I do fault those who lay in bed and draw off of others when they could contribute something.
I have no idea how some people get away with it, I posted about Wendall before, he had a stroke and one side of his body is about useless, however he pushed a shopping cart around collecting metal.
I know of another fellow who had a heart attack years ago and works every day on the side while somehow collecting SS disability.
Go figure
Either way I will not fault a person who works regardless of the income they earn0 -
I'll have the kids out of school and the house paid off soon enough that things will not be so tight whenever any event happens. This past year or so was more stressful for us because we have two in college (Karen is going to Dental school and Liam has been going for Welding), one (small) wedding, replaced the water pipes from the meter to the house and had a car break down that wasn't worth paying to fix, so we bought Larry a Tundra......some years are tests to see what you can deal with.
We aren't what you call paycheck to paycheck.....but both of us are working as much as we can to keep ahead so these things don't put us in a pickle.
I try not to look down on anyone that finds themselves in a bad financial situation. Its how they handle getting out of it that really matters.0 -
quote:Originally posted by mogley98
Given that a third of American families live on less than 32K it only stands to reason that at least a third of Americans have no back up resources.
We can argue all day that they should have gone to school or learned a trade Etc. but in reality someone has to make the beds and do the dishes.
Not everyone is cut out for higher skilled positions. I don't fault anyone who gets out of bed every day and drags their ass to work at ANY job.
I do fault those who lay in bed and draw off of others when they could contribute something.
I have no idea how some people get away with it, I posted about Wendall before, he had a stroke and one side of his body is about useless, however he pushed a shopping cart around collecting metal.
I know of another fellow who had a heart attack years ago and works every day on the side while somehow collecting SS disability.
Go figure
Either way I will not fault a person who works regardless of the income they earn
I know a guy about 30 that is collecting a high percentage military disability check for a supposed back injury that took place while in the service.
Funny thing is he also works for his father who owns a large HVAC company. What's his job you say?,......running around picking up big loads of material, and delivering it all to the job sites. He loads, as well as unloads it all with his 'bad back'.
I would turn his azz in if I thought anything would come of it, but we all know it never does.0 -
The whole concept of living on less than you make escapes most folks...
Cable TV, expensive Smart phones with big data plans, internet services, eating out way too many times each week, multiple vacations flying or cruses etc, Leasing or buying expensive vehicles and buying stuff not needed and often never used...
It spells disaster for those not willing to live inside their means...0 -
quote:Originally posted by William81
The whole concept of living on less than you make escapes most folks...
Cable TV, expensive Smart phones with big data plans, internet services, eating out way too many times each week, multiple vacations flying or cruses etc, Leasing or buying expensive vehicles and buying stuff not needed and often never used...
It spells disaster for those not willing to live inside their means...
I agree with everything you said William, except for internet services. IMO, the internet is essential to our lives today. You just about have to be connected to do all of the things needed to get by.
From applying for work, banking, filling out many various forms these days, and to communicate with family, friends, and bosses. The expense of keeping internet service is pretty much essential.
One of the up-beat things about being CONSERVATIVE is that this chosen mindset and lifestyle contributes greatly to being penny smart and dollar wise![;)]0 -
I cut off all that expensive crap.
I turned off pay TV, no home phone, lowest possible cost on Verizon cell service, got rid of the wife eleven years ago saving untold tens of thousands, hunt for meat raise chickens for eggs.
Now I conserve by just buying stuff for my Cessna 172 airplane and more gun stuff. [^][:D]0 -
Remember back when Pelosi say you don't have to work the Government is here for you.[V][xx(][:(][}:)] 0 -
quote:Originally posted by mogley98
Either way I will not fault a person who works regardless of the income they earn
Being financially sound has two parts:
1) Making money
2) Spending less than you earn (and giving yourself a financial cushion with the rest)
It doesn't matter how much you earn. The important thing is spending less than you make. I know plenty of people who have too much house...or who paid way too much for a car they didn't need.
I have a neice who is a school teacher. School teachers in Kentucky aren't badly paid, but they aren't rich either.
My neice has taken SEVEN vacations in the last year. She's been to Disney World 5 times, went to California for a week (and of course went to Disneyland while there, and did a week in Mexico on the beach.
Her parents do ok, but not great...and certainly not enough to fund that many trips, so she has to be paying for it herself.
So, if she suddenly had some kind of financial emergency does she not have only herself to blame?0 -
Responsible vs the irresponsible
Shrinking vs growing
conservative ideals vs gimmie dat ideals.
Low population growth vs high population growth.
our Republic's demise is inevetable.
Sad[V].0 -
Fortunately I am at a place in my life where God has blessed me so that I dont have to live paycheck to paycheck and that each month I can set aside some savings....however when I was a 21 and married, I had just graduated college with a total of 5 thousand in student loan debt. My wife that I married had a substantial higher amount of student loan debt. When we first married we had to live paycheck to paycheck. And looking back even if we had no debt we would have still been living paycheck to paycheck for several years honestly before we got to a comfortable savings number.
When you are veryyoung...you tend to be poor.
And as Casey said...even with a comfortable savings it still does not take but one or two unfortunate life events to take that away quickly. A bad car accident can do that in under a year! You cant work, but still have to pay your bills....watch how fast that savings number drops with no income to regenerate it coupled with daily expenses and who knows what kind of medical bills. That can make a 6 figure savings account disappear!0 -
Disagree a little, of course living within ones means is essential but reality is people cleaning hotel rooms don't have to live "above their means" to not be able to make it. I know their are plenty of stories of rich janitors but reality is if you are low income even well managed money isn't going to go but so far.
When my wife and I married we had nothing, no degree no college debt either though. We both worked and drove crappy cars, lived in the cheapest place we could find, I took side jobs she took side jobs, we still barely made it by. We never ate out, we packed our lunches for work (Buddig sandwich meat and we were only allowed two slices!) We did the laundry at the washamat, no vacations, I wore the same work clothes until they were no longer acceptable on the job.
We raised two girls and in time we increased our income by moving up in the companies we worked for, we worked hard we had no toys, not everyone makes enough to save, for some of us time is the only way to finally get ahead.
quote:Originally posted by Rack Ops
quote:Originally posted by mogley98
Either way I will not fault a person who works regardless of the income they earn
Being financially sound has two parts:
1) Making money
2) Spending less than you earn (and giving yourself a financial cushion with the rest)
It doesn't matter how much you earn. The important thing is spending less than you make. I know plenty of people who have too much house...or who paid way too much for a car they didn't need.
I have a neice who is a school teacher. School teachers in Kentucky aren't badly paid, but they aren't rich either.
My neice has taken SEVEN vacations in the last year. She's been to Disney World 5 times, went to California for a week (and of course went to Disneyland while there, and did a week in Mexico on the beach.
Her parents do ok, but not great...and certainly not enough to fund that many trips, so she has to be paying for it herself.
So, if she suddenly had some kind of financial emergency does she not have only herself to blame?0 -
These aren?t hard times. When I was growing up, we saw hard times. Why, I?ve seen my dad go buy groceries and not have a drop of liquor in the house. 0 -
My generation came of age between 1938 and 1958. Raised by parents who grew up picking cotton and raising their own livestock and food. They were people who knew poverty and hard word work like the back of their hands. My parents left the country and moved to the city where they both worked practically every day except Sunday, just to put bread and beans on the plate at night. So, many of us grew up one step away from being farm laborers like them. Our parents went from using coal oil lamps, pot bellied stoves/heaters, fresh water wells, outhouses, washtubs and scrub boards, and radios to new style electric lighting, stoves, heaters, indoor plumbing, new style washing machines, and TV, etc., all in one move, and by the time their kids were starting school, the parents attempted to keep up with Dr. Spock and the Joneses where they were concerned. Given this environment, I learned an awful lot about the two extremes of poverty and having too many material things by the time I was a teenager, but money was still hard to come by and remained that way until I got a paper route and started mowing lawns. A lot of people lived day to day back then, and some things will never change. 0 -
I am trying to remember where it is written that, All jobs are guaranteed for life, once you have it. Ever notice that they never ask any of these people that are laid off, what do you think of building the wall. I am sure most would say, give him the money to build it and we can get back to work. 0 -
Crimp save work hard. Making a living the old hard way works. If one is tough enough to do it. 0 -
Too many people work just to buy a car. I used to pay cash for what I could afford & then start saving for the next one. Collect interest instead of paying it. That was when I was younger, now we could buy just about any car for cash but neither my wife or I really want any new cars. Paying interest (except maybe for a house) is a fool's game. 0 -
I'd be willing to bet that 25-30% of the residents of the county where I live are living paycheck to paycheck. If the "pig factory/pork plant" shut down, within a couple of weeks those folks would be scrambling to buy food and a lot of vehicles would be for sale. 0 -
A friend of mine is a loan officer at a local bank. She said it's almost impossible to believe how much people will finance.
Guys will come in and finance a loan on a bass boat, then realize their car or truck won't pull it.....so they go buy a new full size truck, rolling their old loan into their new one.....and suddenly they have $100,000 in debt because they want to go fishing on the weekends.
It's insane.0 -
My Brother and his (3rd) Wife, custom built a huge very nice house in Richmond, had new cars, (Volvo etc.) bought a $63K boat etc. When the economy tanked, they walked away. Moved out to New Mexico and started over. Bought another huge house. (I'm not sure how.)
I helped move them out. Drove a vehicle cross country pulling a large trailer with amongst other things, his Custom Harley in it. He drove a large U-haul truck towing his $63K boat. When I went with him to look at about 10-15 houses while I was out there, I was flabbergasted. Thinking, You just have not learned your lesson have you? (The boat is now long gone.)
When they were back East a few months ago to visit my Mom, they came over. I got the distinct feeling they were looking down upon my domicile. (Not up to their "Standards.") Not Custom, no all new furniture, no state of the art kitchen with all new appliances/granite countertop etc. They made a couple comments. I just laughed at them. Told them, "My house is PAID for, my vehicles are PAID for, etc. Where are you at?" Kept laughing.
I pride myself on living within my means, and working whatever difficult job I can, in order to make that happen. Not going to apologize to anyone for that.0 -
I have been paycheck to paycheck before. Raising a family without well paying jobs. Living in rural areas has challenges as well. They key is people have to want to change- make a lifestyle change.
Often those too poor to pay their bills seem to have money for tobacco and alcohol.
Another observation. We are only TWO days after the first paycheck was missed. How can the world be coming to an end in only TWO days!!! I think a lot if it is media sensationalism aka Fake News.0 -
I'd say we mostly all start out living paycheck to paycheck. Some realize that is not good and save some money. Most don't.
But then what is the constant message we we hear these days? You deserve it, if you want it but it!
And if you see it on TV or read it on the internet, it has to be true, right? Most of us laugh at my last statement, but it is truly amazing how many really feel that way.
It is harder to think for yourself than just go with the easiest information to obtain.
And for so many, when financing anything the only important question is 'how much will my payment be?'. Which is basically why the 1st thing the salesman ask is 'how much do you want your payment to be?'.
By all means, avoid the questions of actual cost and APR!0 -
I guess another 'sign of the times' is all the $15,000-$20,000 mobile homes you find with $80,000 worth of Trucks/SUVs parked outside. I'd imagine in most of these cases, the mobile home is a rental too. To each his own, but seems a little backwards to me. 0 -
quote:Originally posted by KX500
And for so many, when financing anything the only important question is 'how much will my payment be?'. Which is basically why the 1st thing the salesman ask is 'how much do you want your payment to be?'.
^ Bingo!0 -
The best way to get ahead is to not finance anything and pay cash for ALL of your purchases, even vehicles and property. Wait until you have the cash to pay for things. You would be surprised at the discounts you can negotiate when you offer cash and how much more you can get for your money. You would also be surprised at how much the average person pays in loan and credit card interest.
I bought a house in Chandler 15 yr ago. My offer was one of 10 offers the seller received in the first week his home was on the market. The seller chose my offer, which wasn?t the highest, because it was an all cash offer. Cash really simplifies a transaction. Try securing financing to buy a parcel of vacant land. You?ll discover that few lenders will finance vacant land. I?ve gotten smoking deals on vacant land by having cash available.
If you use credit cards, pay the balance each month. To maintain a running balance on any credit card is just plain dumb. I use credit cards like Discover that offer a cash back discount so as long as I pay the balance each on each statement. I actually make several hundred dollars in cash back each year by using my Discover card.
There is a reason people say ?Cash is King?.0 -
quote:Originally posted by Bottom Gun
The best way to get ahead is to not finance anything and pay cash for ALL of your purchases, even vehicles and property. Wait until you have the cash to pay for things. You would be surprised at the discounts you can negotiate when you offer cash and how much more you can get for your money. You would also be surprised at how much the average person pays in loan and credit card interest.
I bought a house in Chandler 15 yr ago. My offer was one of 10 offers the seller received in the first week his home was on the market. The seller chose my offer, which wasn?t the highest, because it was an all cash offer. Cash really simplifies a transaction. Try securing financing to buy a parcel of vacant land. You?ll discover that few lenders will finance vacant land. I?ve gotten smoking deals on vacant land by having cash available.
If you use credit cards, pay the balance each month. To maintain a running balance on any credit card is just plain dumb. I use credit cards like Discover that offer a cash back discount so as long as I pay the balance each on each statement. I actually make several hundred dollars in cash back each year by using my Discover card.
There is a reason people say ?Cash is King?.
I'd agree with that. I worked out a Cash deal on the house I am currently in. Got them down 15-20K from asking price. It was a good deal at the asking price. IMHO.
Cash, is King - when it comes to negotiating.0
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