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Paycheck to Paycheck


iwishiwascool

Do you live paycheck to paycheck?  

106 members have voted

  1. 1. Do you live paycheck to paycheck?

    • Yes, and it sucks
      59
    • No, I have made sound financial decisions
      47


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The best way to save cash is have your job take money from your check $100 every week is the best and direct deposit to a new savings account. Heres the hard part close your eyes and dont even look at it, it will grow faster than you think. Remember pay yourself first! Also if you can take advantage of free money like 401k matches. Short term CDs are ok right now, my bank was doing a special of 6% for only a 11 month term way better than a savings, your not gonna get rich, but your not gonna lose it either.

 

 

Stop eating out!

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I lived [nearly] paycheck to paycheck until about 18 months ago. My sister set up a financial plan for me and I stuck to it pretty well. I was having over 1k/mo taken out of my checks and placed in an annuities account. I never really missed the money since it just disappeared before I even got it.

 

Now that I am in the process of buying and rehabbing a house, I dont save quite as much but that 18 months of sticking to my plan allowed me fund my recent ventures including the new car.

 

I think most people out there, regardless of income, can create a significant dent in their overall debt and get out of the red with a fair amount of planning and a whole lot of discipline.

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Roughly 1 out of 2 paychecks a month go to mortgage and all utilities. Then my other paycheck covers car, school loan, plus credit card, insurance, 401k. I only have $700 in my savings. I make like $400 profit a month.

 

Nothing changes. Its been like this for a wile. But at least I am not married with no kids.

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I've made some dumb purchases choices....

MONTE CARLO

-- But ehh Up until this month I had about 3 months of pay built up. But in preperation for the house and paying off some school loans and new tires I'm down on cash to only about a month buffer. But I do have a Nice 401K and I'm still trying to get my ROTHIRA setup

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week to week...by choice.

 

I am now paying off my schooling. I paid off my car and paying off my credit cards. I will be done in october of 07 with the plan I wrote out. Also while doing this I have 5% going to a 401k that the program matches, and 15% of my weekly income goes into two savings accounts.. In case there is every a problem one is directly feed into my checking to put it over the top so no overdraft fees. Plus I pull out $100.00 a week for spending money and gas.

 

My rents raised my brother and I like that so we wouldnt be broke. It just took me 2 years of making bad desicions to figure out they were right. I set the toys aside for now cause I would much rather have a good beacon score than a car this season.

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I have all my bills paid off in one weeks pay from my FT job. I also have a PT job a couple days a week so I'm banking a good amount, ATM. I'm saving to goto school down in Florida so I'll be broke again after I get out of the lease I'm in.
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