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

[Gooberlx2]

I used to have about 4 months in savings. But we needed to get some dental work done....now I have 2 months savings.

 

[arcenite]

Originally posted by: Strk

Originally posted by: arcenite
I live pay check to pay check because I put whatever I have left over after bills and calculated expenses into savings

Unless whatever leftover is some picayune amount, you're not really living paycheck to paycheck, are you?

I suppose not... but it feels like I am, which is good, right?

 

[ja1484]

Been working full time for 7 months, 6 months of living expenses in savings. 5 year target is to have 12 months take-home salary in liquid savings, which is about 2.5 years of living expenses.

 

[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. :|

 

[arcenite]

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. :|

It sounds like to me it would be in your best interest, no?

 

[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.

 

[Jeff7]

Full-time. I've got about 2.5 months' pay in savings - mainly because I'm reasonably fresh out of college, and haven't had much time in which to build up any savings since getting this job.


I've never really lived paycheck to paycheck. Throughout college, my income was in fact negative, thanks to lots of loans, but I did always have money to pay the usual bills.

 

[Sasiki]

3 months worth in savings but even that is dwindling down every month. My wife stays at home with our 1 year old son but if we got really desperate, she could work part time in the afternoons.

 

[Bignate603]

Originally posted by: oogabooga

Originally posted by: Engineer

Originally posted by: Bignate603

You bought furniture on credit? Personally I'd sit on the floor before I buy furniture on credit.
.

I buy all mine on credit...of course, I take advantage of 0% financing for 12 to 24 months on all of it. Let their money work for me.

what I was thinking. If you have the money to buy it check the terms and then let their money work for you too.

I don't have a large cushion thanks to a large number of recent expenses. But i'm not paycheck to paycheck either so savings continues to go up.

Eh, I guess my thought is that if something doesn't work out and you can't pay in the time needed you get stuck with a pretty hefty bill for the interest. I guess if I had the cash set aside for it getting interest I'd think about it but my personal preference is to minimize any possible financial liabilities. I don't really think of anything more than basic furniture as an absolute necessity so I'm wary of owing anyone for it. To each his own I guess.

 

[Sasiki]

Originally posted by: Strk
The savings part is kind of an issue. My mother's borrowed heavily from me, so while I should have enough to last around a year, I have enough to go around three months.

So what are you going to do if crap hits the fan and you need that other 9 months worth of pay? I have learned to NEVER loan money to anyone. I learned the hard way though.. it cost me $3,000 a little over 3 years ago.

 

[jinduy]

i can live off rice, eggs, broccoli, and soy sauce for a very long term

 

[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.

No, actually...I don't qualify.

 

[Modular]

Full time. 6-9 months now, about to buy a house, so that's about to change.

 

[Sasiki]

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.

Look into a plan with Blue Cross Blue Shield. I checked on one a couple months ago and for me, my wife and son.. 25, 27, and 1 year old respectively, it was $280 per month. Dad is on unemployment and making $550 every 2 weeks.

 

[Cal166]

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. :|

Sorry to hear that man, best of luck to you and your family.

 

[ja1484]

Originally posted by: Sasiki

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.

Look into a plan with Blue Cross Blue Shield. I checked on one a couple months ago and for me, my wife and son.. 25, 27, and 1 year old respectively, it was $280 per month. Dad is on unemployment and making $550 every 2 weeks.

The only problem with that is that they'll pay for, oh, about nothing in the event that you actually need to use the coverage.

 

[JulesMaximus]

Originally posted by: Cal166

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. :|

Sorry to hear that man, best of luck to you and your family.

Thanks man. We're all healthy and we aren't having trouble paying our bills so I remain hopeful that I'll find something soon.

 

[Strk]

Originally posted by: Sasiki

Originally posted by: Strk
The savings part is kind of an issue. My mother's borrowed heavily from me, so while I should have enough to last around a year, I have enough to go around three months.

So what are you going to do if crap hits the fan and you need that other 9 months worth of pay? I have learned to NEVER loan money to anyone. I learned the hard way though.. it cost me $3,000 a little over 3 years ago.

It's a concern. The part that sucks especially is the likelihood is it won't ever get paid back. I know some will argue the family thing (there have been threads asking that basic question), but when it actually happens is another story. It's different when it never happens or, if it does, it's less than a week's pay versus several thousand.

 

[StageLeft]

Full time. Not a ton in liquid savings because wife or I losing our job wouldn't be a disaster; the other's job plus unemployment would keep us going without touching savings.

Four more payments on our last vehicle and the only debt we'll have is our mortgage and some modest student loans left.

I was laid off at the beginning of my career almost a decade ago and the lesson was well-received. Since then we've always lived comfortably and I've always made purchases only after answering the question "How does this fit in our budget if I'm out of work for a while?" It didn't take long to think that layoff would be a nice lesson and it's paid off in spades.

It is really something I feel strongly about: More people need to live on cash they have, cut credit out, and live below their means. It brings a peace to one's life that a shop-obsessed fool cannot appreciate until they taste it in their own life.

strk Have you ever seen trainspotting? Begbie is an absolute atrocious animal, but Tommy simply shrugs his shoulders and says "But, he's a mate, so what you gonna do?" It's like that with family, really. Easier said than done telling them to piss off if they need money. At least I presume that's the way my mom has always seen it when she's given it to me

 

[Sasiki]

Originally posted by: ja1484
The only problem with that is that they'll pay for, oh, about nothing in the event that you actually need to use the coverage.

The one I looked into was decent. The price was lower than like say an employer plan because there are fairly strict requirements to join. They review your medical history and stuff unlike most employers.

 

[Jumpem]

Not paycheck to paycheck, but not super comortable. The mortgage, car payment, day care, utilities, etc come to about $4k. I put 10% into 401k, and am putting another $200/week into savings trying to get that built up.

 

[Sasiki]

Originally posted by: Jumpem
Not paycheck to paycheck, but not super comortable. The mortgage, car payment, day care, utilities, etc come to about $4k. I put 10% into 401k, and am putting another $200/week into savings trying to get that built up.

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.

 

[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.

 

[StageLeft]

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.

 

[440sixpack]

Full time self-employed, got probably a year or so liquid. Probably more cash than I should be holding but I've always been pretty good about staying within my means.