Anyone else living paycheck to paycheck?

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Discussion Overview

The discussion revolves around the challenges of living paycheck to paycheck, focusing on personal financial situations, budgeting, and the impact of income on living expenses. Participants share their experiences with income, expenses, and financial planning, while also touching on broader issues related to salaries and cost of living.

Discussion Character

  • Exploratory
  • Debate/contested
  • Technical explanation

Main Points Raised

  • One participant details their monthly income and expenses, highlighting the struggle to make ends meet with a $50,000 annual income.
  • Another participant questions the allocation of funds, noting discrepancies in expected income after taxes and deductions.
  • Some participants discuss the implications of low starting salaries for recent graduates, with varying anecdotes about income levels in different fields.
  • Concerns are raised about the high costs associated with car ownership and the potential benefits of switching to used vehicles.
  • Several participants express frustration over the costs of education and the burden of student loans, with one suggesting that public universities offer a more affordable alternative.
  • There are suggestions for reducing utility costs and re-evaluating service subscriptions to alleviate financial pressure.
  • One participant reflects on the possibility of moving back in with parents to save money, indicating a common sentiment of financial strain among young adults.

Areas of Agreement / Disagreement

Participants express a range of opinions on income levels, cost of living, and financial management strategies. There is no clear consensus, as differing views on salaries, expenses, and financial priorities are presented throughout the discussion.

Contextual Notes

Participants reference various financial obligations and personal circumstances, which may not be universally applicable. Discussions about income and expenses are influenced by regional cost of living differences and individual financial choices.

Who May Find This Useful

This discussion may be of interest to individuals facing similar financial challenges, recent graduates navigating their first jobs, and those seeking advice on budgeting and financial planning.

  • #61
Seriously guys, we're talking about this guy on a tight budget and a lot of this would be relieved if he moved back in with his parents, which he doesn't want to because everyone knows that's kinda fruity.

But I would rather be the one living with my parents then the one who eats bad, can't go to the movies, and can't have a drink at the bar.
 
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  • #62
Gib Z said:
Seriously guys, we're talking about this guy on a tight budget and a lot of this would be relieved if he moved back in with his parents, which he doesn't want to because everyone knows that's kinda fruity.

But I would rather be the one living with my parents then the one who eats bad, can't go to the movies, and can't have a drink at the bar.
he's far from impoverished.
 
  • #63
ice109 said:
he's far from impoverished.

Yeah.

It seems more like bad management of finances.
 
  • #64
Try the Chinese method I proposed - it works... :)
 
  • #65
You should contact this woman and find out how she does it.http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/SurvivingAndThrivingOn12000AYear.aspx"
 
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  • #66
JasonRox said:
Yeah.

It seems more like bad management of finances.

I agree. I earn around £16k which is at least less then half the OP earns, and I manage to get by-- of course I don't have a car, since it's just a drain on money. Plus I live in London where having a car is pretty useless.
 
  • #67
jimmysnyder said:
You should contact this woman and find out how she does it.http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/SurvivingAndThrivingOn12000AYear.aspx"

Awesome!

I find eating pasta really cheap too though.

Yeah, it's definitely doable. I spent a lot of money this year (help from father). Generally, I'm either cheap or I work even more hours for what I want. I spent years going through college and paying my way through ($5000 tuition). Bought my books, bought my car, paid my own insanely high insurance (started at $2600 a year), paid my own gas, paid for my own clothes and so on for 4 years. After the 4 years, I owed only $9000! That's a deal.

This year my dad started helping me (he always did, I just didn't see any money... long story) so basically I was able to finally buy clothes I want and go out fairly frequently.

I could of probably chose to become debt free instead but if all goes well I'll end up owing like $6000 when I'm done while owning a car and scooter (real one). I plan on hold onto my car for as long as I can and also my car insurance is at $1000 a year now (that's a real dream for me...I have no claims, tickets or accidents!).
 
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  • #68
gravenewworld said:
Whew! If I had a diet like that I'm sure my doc would want to slap me. When it comes to food, I absolutely refuse to be cheap. I don't mine shelling out extra $$ for fresh fruit and vegetables, more lean meats, and higher quality fish.


In reality, I probably spend about $300 a month on buying groceries. That leaves me with $200 for 4 weeks=$50 a week which I spend on going to the movies or hanging out with my friends and drinking beers at the bar.

You might want to cut back on fresh fish and get canned fish. The price of fish varies a lot depending on location, and in my area fish is easily $15/pound.

It might be a good idea to stop drinking at bars too. I'm usually the designated driver under the condition that people buy me food and soft drinks at the bar, so I get away with paying next to nothing :wink:
 
  • #69
ShawnD said:
You might want to cut back on fresh fish and get canned fish. The price of fish varies a lot depending on location, and in my area fish is easily $15/pound.

It might be a good idea to stop drinking at bars too. I'm usually the designated driver under the condition that people buy me food and soft drinks at the bar, so I get away with paying next to nothing :wink:

:smile: great idea. i don't like to drink and now i can profit from it
 
  • #70
Moving back in with the parents is a difficult, but financially wise decision. Even if you only live with them for a year, you'll be in an incredibly different position at the end of it.

Everything everyone has said about credit cards is absolutely true: they are essentially corporate evil. Thankfully, they are powerless so long as you never carry a balance. (Assuming you didn't get suckered into one that has annual fees.) The #1 priority in almost any personal financial situation is to eliminate credit card debt. Nothing is costlier than credit card debt.

I'd also have to say that choosing to skimp on good food is a terrible decision, compared to skimping on other things like cars. We have a tremendous health problem in this country, partially because crap like Doritos and Wendy's burgers cost so little, and green veggies and fruit cost so much. Skipping vegetables and fish because they're expensive is a terrible idea. Instead, try to find farmer's markets and so on with cheaper (and better) produce.

- Warren
 
  • #71
eating fish is equivalent to nutritional indulgence.
 
  • #72
ice109 said:
eating fish is equivalent to nutritional indulgence.

Because it's expensive? Because fisheries are not currently all that sustainable worldwide? Or because you think the rather unique nutrients you get from fish are completely unnecessary for good health?

- Warren
 
  • #73
chroot said:
Because it's expensive? Because fisheries are not currently all that sustainable worldwide? Or because you think the rather unique nutrients you get from fish are completely unnecessary for good health?

- Warren

because the "unique" nutrients in fish can be found other places for much cheaper.
 
  • #74
From a bottle of pills, which are made from fish?

- Warren
 
  • #75
chroot said:
From a bottle of pills, which are made from fish?

- Warren

from flax which is much richer in omega 3s than fish
 
  • #76
Fish is wonderful, as is fresh meat, fruits, and vegetables, but they can be pricy. When I got my own apartment in college, I slashed my food costs by concentrating on rice, pasta, dried legumes, and cheaper staple vegetables like potatoes and onions. I would budget for celery (good in lentil soup), green peppers (essential in spaghetti sauce), meats and cheeses, and yes, some fish from time to time. I brown-bagged every day, usually with a sandwich made from my home-baked whole wheat bread and an apple or a banana. There is no need to spend a lot of money on food if you can find the time to cook. I made soups, baked beans, casseroles, etc every week, and if I had managed to sell a pricey guitar or scored a 2-gig weekend playing guitar in my band, I might splurge and add a little pepperoni to my spaghetti sauce, along with some cheap hamburg. Meatless spaghetti was the norm, though, just for the sake of saving some money. Poor money management is the source of many (if not most) busted budgets. If you can't afford it, don't buy it. If you can cook for yourself and have lots of left-overs for other meals, it's a whole lot cheaper than eating out or buying "convenience foods" at the supermarket. I'd much rather take control of my own finances and live within my means than move back home with mom and dad, but I've got to admit that for the OP, returning to the nest would let him start paying down loans promptly without making the choices necessary to design and observe a budget. Easier, not necessarily "better" though, since living within your means is perhaps the most valuable skill-set one can acquire.
 
  • #77
ice109 said:
from flax which is much richer in omega 3s than fish

You know some of us (like me for instance) might actually LIKE the way fish tastes. It is all about personal preference. Fish is probably one of my favorite meals. I will not be cheap when it comes to food. Almost everything I eat never comes from a can or a box. And you can buy cheap fish like flounder or catfish. Not all fish is expensive like Halibut.
Poor money management is the source of many (if not most) busted budgets. If you can't afford it, don't buy it. If you can cook for yourself and have lots of left-overs for other meals, it's a whole lot cheaper than eating out or buying "convenience foods" at the supermarket. I'd much rather take control of my own finances and live within my means than move back home with mom and dad, but I've got to admit that for the OP, returning to the nest would let him start paying down loans promptly without making the choices necessary to design and observe a budget. Easier, not necessarily "better" though, since living within your means is perhaps the most valuable skill-set one can acquire.
Money management? LOL that is something they don't teach you until you get into the real world. Do you really think I would have went to a private school if someone easily explained to a 17 year old me that I would have student loans that wouldn't be paid off until 2042?

Personal finance 101 should be required at EVERY university by the state in order to receive a diploma.
 
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  • #78
gravenewworld said:
You know some of us (like me for instance) might actually LIKE the way fish tastes. It is all about personal preference. Fish is probably one of my favorite meals. I will not be cheap when it comes to food. Almost everything I eat never comes from a can or a box. And you can buy cheap fish like flounder or catfish. Not all fish is expensive like Halibut.

:confused: then don't complain about being broke.

you:"zomg I am broke and i don't know why"
everyone else: "it's cause you're spending all of your money"
you: "but i like to live in the lap of luxury and i still don't understand why I'm broke"
everyone else: "refer to line two"
 
  • #79
ice109 said:
:confused: then don't complain about being broke.
everyone else: "it's cause you're spending all of your money"

Yeah on STUDENT LOANS.

I'll come out and say what everyone is afraid to say right now--- higher education can be a RIP OFF.
 
  • #80
gravenewworld said:
Yeah on STUDENT LOANS.

135$ of 1015$ is most of your money :confused: you sound like you need to someone to complain to. maybe it's good that you're moving back into your parent's house.
 
  • #81
ice109 said:
135$ of 1015$ is most of your money :confused: you sound like you need to someone to complain to. maybe it's good that you're moving back into your parent's house.

$135+$250You know how much actually went to the principal last month? Only about $100 At a rate like that I won't have my student loans paid off until 2040+Higher education loans=SCAM.
Sounds like you don't know what it is like to carry a lot of undergrad debt. Come from a privileged family?
 
  • #82
gravenewworld said:
$135+$250


You know how much actually went to the principal last month? Only about $100 At a rate like that I won't have my student loans paid off until 2040+


Higher education loans=SCAM.



Sounds like you don't know what it is like to carry a lot of undergrad debt. Come from a privileged family?
:smile:
 
  • #83
ice109 said:
:smile:

:zzz:
 
  • #84
Lety's not argue over this, I think Gravenewworld has a good grasp of where his money goes, unlike my youngest daughter.
 
  • #85
chroot said:
From a bottle of pills, which are made from fish?

- Warren

There's nothing wrong with supplements, but people go about it the wrong way. Humans have survived for thousands of years without supplements, so the starting point should be eating good food. When you can't get "good" food (living on rice to save money), supplement whatever is missing. Stupid people have a nasty habit of going the other way around; they start with supplements then work their diet around supplements.
 
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  • #86
Anttech said:
Its scandalous that you have to pay anything for access to Education...

You don't. People don't understand that you can educate yourself without any college at all. But, you won't be recognized for it. You have to spend 10's of thousands for that piece of paper.
 
  • #87
ShawnD said:
There's nothing wrong with supplements, but people go about it the wrong way. Humans have survived for thousands of years without supplements, so the starting point should be eating good food. When you can't get "good" food (living on rice to save money), supplement whatever is missing. Stupid people have a nasty habit of going the other way around; they start with supplements then work their diet around supplements.

There is increasing evidence that supplements aren't nearly as effective as obtaining your nutrients from food. Do you think those supplements are just made entirely out of the vitamin it is supposed to be? No, you are also consuming all sorts of other formulation chemicals that hold the pill together. Also there are many many other compounds in food that no one has any idea how they interact in the body and contribute to nutrition. Beta carotene in the pill form has been found to be void of the cancer preventing effects that are seen when vegetables that are high in beta carotene are consumed.
 
  • #88
gravenewworld said:
Money management? LOL that is something they don't teach you until you get into the real world. Do you really think I would have went to a private school if someone easily explained to a 17 year old me that I would have student loans that wouldn't be paid off until 2042?

Personal finance 101 should be required at EVERY university by the state in order to receive a diploma.
Budgeting and home finances were taught (mostly to girls) in my HS in the 60's. I didn't need that course. I had been working full-time every summer from age 14 on, and part-time during the springs and falls, maintaining the town's cemetery. I didn't spend a bit of that money. It was understood that I WOULD attend college and that my parents COULD NOT help me much. I worked all through college, buying and selling guitars, amps, etc, and repairing and adjusting guitars for other musicians, as well as playing frat parties. When I applied for financial aid before attending college, I was told that I didn't qualify because I had worked and saved too much money for college. That's all right, I went on my own dime, with some help from my folks when I hit a rough patch or two. To save money, I went in on a house-rental with some band-mates in my junior year. I soon found out that my budget was getting busted, and had to lay down the law. Just because there was food in the refrigerator, it was NOT fair game. If they didn't buy it, and they didn't cook it, they couldn't eat it without permission. A couple of the guys were really used to sponging off their parents and they got a little offended by the notion that they ought to pay their own way, but they eventually saw the light when I showed them my budget and their impact on it. They even offered to pay for ingredients when they wanted to have spaghetti, chili, baked beans and biscuits, etc, and we smoothed it out. I didn't mind baking extra bread or making extra casserole dishes when I didn't have to bear the full burden of the cost and the time, and I could plan my meals for the week without getting "surprises" when my house-mates got the munchies and raided my food.
 
  • #89
turbo-1 said:
Budgeting and home finances were taught (mostly to girls) in my HS in the 60's. I didn't need that course. I had been working full-time every summer from age 14 on, and part-time during the springs and falls, maintaining the town's cemetery. I didn't spend a bit of that money. It was understood that I WOULD attend college and that my parents COULD NOT help me much. I worked all through college, buying and selling guitars, amps, etc, and repairing and adjusting guitars for other musicians, as well as playing frat parties. When I applied for financial aid before attending college, I was told that I didn't qualify because I had worked and saved too much money for college. That's all right, I went on my own dime, with some help from my folks when I hit a rough patch or two. To save money, I went in on a house-rental with some band-mates in my junior year. I soon found out that my budget was getting busted, and had to lay down the law. Just because there was food in the refrigerator, it was NOT fair game. If they didn't buy it, and they didn't cook it, they couldn't eat it without permission. A couple of the guys were really used to sponging off their parents and they got a little offended by the notion that they ought to pay their own way, but they eventually saw the light when I showed them my budget and their impact on it. They even offered to pay for ingredients when they wanted to have spaghetti, chili, baked beans and biscuits, etc, and we smoothed it out. I didn't mind baking extra bread or making extra casserole dishes when I didn't have to bear the full burden of the cost and the time, and I could plan my meals for the week without getting "surprises" when my house-mates got the munchies and raided my food.
I worked full time too all during high school as a bike messenger. I saved a few grand and opened up an IRA. I worked all through college, at one point I had 3 part time jobs. That was only enough though to cover the costs of textbooks, utilities, food, and gas. These days it is almost IMPOSSIBLE to find a student who can pay an entire college tuition on their own, even if they do work all during school without having to take out a loan because of the fact that tuition rates easily out pace inflation every year. College tuition costs are reaching outrageous levels even at instate schools for a lot of families and are becoming more and more of a burden on the future finances of new graduates. I recently read in the paper that the majority of new graduates with loans don't even expect to own a new home until they are well into their 30s because of how long it will take to pay off student loans. This day in age, the average student leaves school with almost 20 grand in debt. This also comes at a time when the Bush Administration has cut back on the amount of federal funding available for college student loans as well as raised the interest rate for federal student loans to 6.8%. What does that mean? Even more students then ever will be taking out even more higher interest private loans.
 
  • #90
gravenewworld said:
you are also consuming all sorts of other formulation chemicals that hold the pill together

Cheap pills like caffeine pills are generally held together with corn starch or calcium carbonate. Amino acid supplements (5-htp, phenylalanine) are gel caps filled with powder. Prescription drugs are more likely to contain "chemicals" as you call them in order to have a time release effect, which doesn't really apply to supplements.

You're right about needing other things.