I just read that 70% of Americans report living paycheck to paycheck. Is that true for your family? If you're not, do you have any advice for those that ARE?
I don't know how anyone gets ahead! There's always something, like house repairs, car repairs, doctor bills, or whatever, that eats up any extra that might come our way.
I would say that we are paycheck to paycheck now but a little over a year ago we were beyond our means. We decided that we needed to cut out un needed things, going out to eat, shopping all of the time, new clothes, new dvd's, cd's. Stuff that was definately unnecessary. NOw we are getting better and hopefully now that I am working we will eventually be below our means. That will be a great feeling!
During the late spring, summer and early fall- we usually are not living from pay to pay. It took me awhile to figure it out! Well- that is with the exception of this week- DH does not get paid for another 10 days and I have to take money out of our savings to cover our bills (DH car needed inspected and needed a lot of things I did not plan on and wiped out our budget! At least we have savings still- which is the longest I have had one with Dh since we have been together!).
My tips are this:
Have a stockpile for a lot of the things you need (food, hygenic supplies, cleaning supplies)- pick the stuff up on sale, use coupons and so on. This is great to have when an unexpectant bill comes up and it will greatly cut into your food budget!
Use cash for when you go shopping (use a list and stick to it!)- put your change in a change jar (it really adds up!).
Any extra money you can save helps out a ton. When me and my DH moved in together- we seemed to never have any money and it was frustrating. His mom suggested rounding up the checkbook- round up all of your purchases (except for your checks written)- it is hard to balance the checkbook at first- but it helped us start our first "cushion". Most people would not do this or recommend it- but it really helped us when we were first getting started!
Pay check to pay check.When we have extra it goes to remodeling something in the house or buying something we need or wanted.We are trying to stop doing this.
We weren't before DD but I say living paycheck to paycheck is worth getting to stay home with DD. While money is tight we do the whole pay yourself first bit. We are at 6% of our income going into Dhs 401K with a 3% increased planned until we get to 15% at least. Its compound interest it can bury you in debt and if you start early enough it could help build a fund you could retire on. I don't think the pay check to pay check will be forever for us. I am too much of a planner as soon as we have any extra it will go toward funds like emergency, new car, new furniture, DCs education, or a vacation.
__________________
Kimberly Proud Mommy to Bethany Rose April 2006 &
Organizer of the Coupon Clippers of Tacoma
We used to be horribly beyond our means each month. Now, I am actually proud to say we are paycheck to paycheck. Soon, I hope to be debt-free and have a lot extra each month. One step at a time. . .
__________________
If you need to get in touch with me, my email is teach1107910@yahoo.com.
I said "Beyond" our means... but we are working really hard to fix this! We usually only go over $100 a month, but that adds up. We just started doing Dave Ramsey...
__________________
Arrica (30)
DH (37) - Larry (married 10/14/00)
DD - Emersyn (08/25/06)
Furbabies - Loti and Cooper
we live paycheck to paycheck and barely scraping by until our next payday. I am aiming to get past this and get to a place where we will have extra money at the end and not be in the hole
__________________
Sam
Mom to Devin and Jordyn Anne
Loving Wife to Dave
Living Paycheck to Paycheck
Linear Mode
