Pay-Check to Pay-Check

**Start-Living** · 10-18-2006, 01:40 PM

Hope you ladies/guys don't mind me posting this thread.

I'm just wondering: how many of you live Pay-check to pay-check?
if you don't live Pay-check to Pay-check, then did you? and how long did it take you to get out of that pay-check to pay-check cycle?

Me and BF are in our mid 20s, and we're living Pay-Check to Pay-check (for 6 years). We would be almost debt free by now if it wasn't for our bad spending habbits in the past.

A few months ago, we got pregnant, we discover FRUGAL and trying to break the Pay-check to Pay-Check cycle. It should be another 6 to 7 months before we pay-off ALL CC, and have enough EF build up, and stop living Pay-check to Pay-check.

If everything goes as plan, it should take us a total of 1 year to get out of this pay-check to pay-check cycle.

**FrugalMomof3** · 10-18-2006, 01:46 PM

We too live paycheck-to-paycheck for a family of 5 with only hubby working, we also pay child support of $130 a week, that finishes in June 2007 THANK GOODNESS! I am sure that once that is done with we might be able to go farther with saving but I dont forsee getting off this cycle for a while BUT I do know that with the extra $260 bi-weekly we can save more and hopefully get rid of the paycheck-to-paycheck cycle with careful thinking and planning.

Now mind you thats MY way of thinking, DH is already talking about getting a small compact car and use the money we were paying in CS but I dont want to, I told him I completely happy with 1 car and if I need to go somewhere I can walk. He doesnt realize that it's another bill and more car insurance to pay.

**lottaLove** · 10-18-2006, 01:59 PM

I think we do, if this means spending every cent you make, and not having much wiggle room. Between paying down debt, paying utilities and rent, day care, and our small entertainment/pocket money allowance, our paychecks are dried up.

I am only on contract for my job, and DH works part time (10 hrs/week) and goes to school full time. Hopefully soon, we will both have full time (non contract) positions, and the cycle will end.

**Sheila Q** · 10-18-2006, 02:03 PM

Hi,

In the beginning or our marriage we lived paycheck to paycheck. As time went on and finances went up that cycle dwindled. But currently as we save more for our adoption we have begun to live paycheck to paycheck. Once we accept our referral and pay the rest of expenses like travel costs etc we should be able to get back on track

**pammy** · 10-18-2006, 02:22 PM

Been with my husband for five years. The first four years it was paycheck- to-paycheck. What came in went out. No savings. Lots of payments. A disaster waiting for a place to happen. In the past year we've managed to get rid of all our debt except for the mortgage and student loan. As it is now we are living on about half of dh's income (he's the only income earner) and we're now building up a bigger emergency fund of about 4 months worth of living expenses before we start attacking those last two debts. Hope to hit that emergency fund goal by December.

At the moment we have almost one month's worth of expenses saved, so not sure if we've finally gotten off the merry go round. Soon... We followed Dave Ramsey's plan to get out of this paycheck-to-paycheck cycle.

Wishing you much luck getting off that roller coaster, you can do it!!

**Shellshome** · 10-18-2006, 02:39 PM

Right now we live pay check to pay check but hopefully now that I have a full time job with really good pay that will help us a lot to pay down our debt and then save save save.

We have been married for 14 years this month and we have had some really good time but we are now back to pay check to pay check because I haven't been able to find a job in our new town. But now that I have and am very excited about it that will bring in a extra $1000 or so a month that will help a lot. We are going to sit down and refigure our bills and go from there and see what we can trim and what we can save. We are doing better but still not much to save on. Our goal is to have at least $5000 in savings at all times so that way if something happens we have it and don't have to ask my parents or his to help us out. It will take sometime to get to that $5000 but that is our goal to have that saved in about 5 months.

I think you have to just be careful when you are pay check to pay check and I think there are more people out there that are like that then would admit it. I mean it is great to have new this and new that but I don't feel like I need to keep up with the jones or smiths or whoever anymore. I am happy with what we have and we are health and have a great family (1 dog and 3 cats tons of fish in and out and each other) I mean what more could we ask for. I have a great niece and nephew (another niece due any day now) and I love them to pieces. But we are cutting back on what we spend on them also so we can save.

I think and I am sure others do to that it is the way America is we want it now and not have to wait and save for it. We only have 1 credit card and it is the homedepot card it has my dryer on it and a few other things but my plan is to pay $100 on it this week. I think you just have to deicde what is more important having this or that or saving for something or if something happens.

Pay check to pay check is hard really hard if you are used to 2 incomes and then goto 1 but it can be done. Good luck with your situation and I am sure it will all work out and be better in the end.

**JustJoy** · 10-18-2006, 03:22 PM

We are pretty much living paycheck to paycheck here. We do manage to put a little away each month in two different savings accounts and DH contributes bi-weekly to a 401K and I have an IRA (which I haven't contributed to in a couple of years) :surprise: But it's still making money slowly. We will be doing much better financially in about 18 months. We have a monthly loan right now of $250 that will be paid off in 7 months. And DH will be done paying child support in 17 months!!

Which will give us another (close to) $1000 a month on top of the $250.

I'm counting the days!!

**FrugalMomof3** · 10-18-2006, 03:23 PM

Joy - I know how you feel we have 7 months to go till we're done paying child support too! WOO HOO!

**starsapphire** · 10-18-2006, 03:59 PM

Yes we're living paycheck to paycheck right now too but I will have all my CC's paid off next month (snowballing) and then get through Christmas and things will ease up for me. In January I'm going to start to save up 3 months worth of income for an emergency fund, and start putting money in my IRA again. And start saving for a car. DH almost has one of his CC's paid off (I'm so proud of him!) and is paying down the dentist bill. He just got a new job 2 months ago that pays a little more, and he will get a raise in a month. Child support will be done in 3 years at the most and that will be $400 a month more. Not too much longer and we will be doing really good.

**baronmom** · 10-18-2006, 04:04 PM

We do, and I hate it. every time I get things paid down and get the CC debt paid off, something happens and it starts all over again. I would love not to live this way, but right now, I do not know how to change that.

**thrifty gal** · 10-18-2006, 04:43 PM

We are living paycheck to paycheck. For awhile, we weren't. But, somewhere along the way we became complete idiots, and stopped living frugally. I could really kick myself in the butt!! But, we are trying to change all of that, though. We won't be able to do much until after Christmas, though. *sigh* Anyways, good luck!! Sounds like you have a plan, and that's always a positive!

**Hardy1** · 10-18-2006, 04:43 PM

There seems to be negative thoughts about child support - as someone who has married again, I've had child support from my ex for 'our' 2 (now stopped as they have left school) and my DH pays for 'his' 2. I just don't think of the time that will finish and I certainly hope my ex didn't think whew now I don't have to give money for my kids' upkeep anymore.
Sorry if something bad has happened though, to make you feel like it'll be a celebration, and I haven't meant to cause offence
W

**Mojjo** · 10-18-2006, 04:57 PM

We are. But we should be off it in about 18 - 24 months in that we will be living on my salary alone. DH won't stop working so we'll be banking his. i think it depends on what your definition of paycheck to paycheck is.

**FrugalMomof3** · 10-18-2006, 05:14 PM

Hardy1 - I totally feel that it's like party time when we have to stop paying, at the age of 18 they are grown adults and it's not the parent's (mother or father) to care for them or pay their expenses. My DH always says he can't wait till he doesnt have to pay anymore and it's not because he doesnt love them it's because he isn't a "dead beat" dad or anything like that but have finally reached the point as most parents do that their children are old enough to care for themselves without mommy or daddy.

How many times have you been excited when you received a check in the mail? That's how we are gonna feel when we stop paying child support like we are getting a check in the mail every month. JMO.

**FrugalMomof3** · 10-18-2006, 05:15 PM

What most people dont understand about paying child support is it's not a small amount of money, once we stop paying its like another paycheck coming in.

We will always be here for ALL the kids but we will not support them, we HAVE to live frugally now because of this loss of extra money we have to pay and we learned to adjust to it but again, by law we are only required to support our child (in PA) till 18 years of age or graduating high school. If we supported our kids their entire life how would they learn responsibility?