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Rising Star
For quite some time, I was living paycheck to paycheck while even making $180k+, but equally I was heavily in debt trying to rectify some financial mistakes I made and thus saving was out of the question. That said, I’ve gotten over that hurdle in my life—now debt free—and am finally able to maintain a comfortable lifestyle and to invest/save my money.
Proud of you!!
We’re investing and saving a down payment. But also living paycheck to paycheck because the money is auto deposited into those accounts first. I’d say we save half or a little more than half of our take home pay and the rest is stretched thin by bills/rent/food at the end of the month. We have had to cut down on our spending and it’s rough at first.
He’s moving into a different career that will be a large pay jump so that will be a very welcome reprieve. Worth it in the end though(if we don’t die young).
How do you live paycheck to paycheck on a consulting income?? How much do you guys spend???
We have 3 kids, soon to be 4. Two of these kiddos are in pre-potty training daycare and 2 have child support obligations. All of this to clarify, kids do not have to be a reason for living P2P. We max out retirement, save for their college, and aggressively donate to charity.
Now unpaid student loans - that may be a reason for P2P living and a great motivation to hustle hard to get them paid off as quickly as possible.
I have so much of my paycheck diverted before it hits my checking account that some months it's tight.
You're right - I'm never in danger of missing a meal or not being able to make rent. But it's also money I don't "see" and pretend that it doesn't exist. I just did the math and 60% of my pre-tax income doesn't even hit my bank account. I know I'm in a very fortunate position in life for all of this to be true. The best part of last year was when I realized I was a worthless person - for the first time in over a decade.
I invest everything into GME. WE CAN BREAK THEM
💎 🙌🏻
Budgeted to max all retirement accounts, for money to hit savings accounts, investments, bills paid, etc then with the leftover money that comes into my checkings account I live by paycheck
This!
Rising Star
Save and invest
Both
I think others have explained better, but since a lot of my pay goes to IRA and mortgage, I feel like I’m investing and living check to check simultaneously.
Live paycheck to paycheck due to saving and investing.
….and buying a house, getting married, and having a kid.
Who let's their parents have access to their bank account? I never trusted my parents with that info at 18 and opened an account at a bank that wasn't in my dad's area at the time.
Save and invest. I live below my means and save roughly 70% of my income each month
No. I live in a LCOL area. Apartments are on the cheap side for a nice and standard one($850) in a great area and I paid for my car all cash earlier this year. I drove my previous car until it no longer was able. And just saved up money during that time.
Rising Star
Anyone in Consulting and living paycheck to paycheck is doing it wrong
I live paycheck to paycheck but that's because I am determined to pay off my student loans within the next year. I pay over $3,700 a month. I'm only required to pay $950, but I just want to be done with them! After that I plan to invest a lot more.
Save and invest. A lot.
I save 50-60% of my pre tax total comp.
Rising Star
I only spend around $25k/year. I just don’t have very expensive tastes.
I live on $30k for all living costs in NYC ($7500 for coop fee for a 1 br that I paid for in cash, then $22500 for food, travel, going out, shopping).
Porque no Los dos? I try to limit how much money actually hits my bank account. Max 401k (13%) ESPP (10%) and anything else I don’t spend goes to taxable brokerage. Lately not much going to brokerage admittedly…
I save and invest but about to move to SF for husband’s job, so will have to save less due to taxes and more expensive housing
Rising Star
I save and invest. I also have a third of my check go straight to my savings.
The amount of people who are interpreting paycheck to paycheck to mean, after saving/investing/paying bills is… astonishingly high.
I think this is what that usually means haha
Following that up- how do you split your income?
What app do you use? I want to do this!
I live payycheck to paycheck...
When you back out the money I put to savings and investments.