[FrugalMomof3]

Our family lives paycheck to paycheck and DH get's paid the 5th and the 20th of each month, I am obsessed with having $100 or more in the bank by the time to next paycheck comes in, dont know why I just start freaking out if we have less, I panic!

For those who live paycheck to paycheck, do you have any money left by the time the next paycheck comes in? How do you manage to cope with that? DH just got paid we have $250 in the bank, so I figure it as $150 but then I think about it and I am like "We have $250, but we can only spend $150 for gas in the car, etc till next payday).

What was the lowest dollar amount you have had in the bank when the next paycheck came in? Am I just panicing or going crazy? lol

 

[baronmom]

the lowest amount would be $0. There were times that I didn't even have enough for gas for the week, and I would hope and pray I wouldn't run out. I am trying not to live that way, but we certainly don't have much left over after payday.

 

[cebsme]

We do live paycheck to paycheck the 10th and the 25th are our days. The least ive ever had is $5, freaked out for an entire week. A check i had written almost 3 months prior and thought had gone through cleared out of the middle of nowhere. Twas the scariest week i think of my life at the time. I like to have no less than a hundred. Except the rent money(soon to be mortgage) I always keep half from the first paycheck and half from the second paycheck, i guess for me it doesnt seem to hurt as bad then. But living paycheck to paycheck can cause some serious amounts of stress for us but I try to keep diligent on it, and if im organized i do okay.

 

[FrugalMomof3]

I guess I just freak out, one month we only had $60 left and payday was a few days away I totally freaked out...

I just paid the mortgage so what's in the bank that's whats left, then the 20th I take half of his pay and save it towards the mortgage and pay other bills with the rest, etc..

With the price of gas now I am scared to drive anywhere, so I go as close to home as possible to save on gas.

 

[acidcookie]

I get paid just once on the last day of each month (and only August-May) so I also live paycheck to paycheck. I can't honestly even say how much I have left because it sort of melds together. Plus I usually use my credit card so sometimes I go a bit over what I still technically have "that month" but the next paycheck comes in before the statement even comes out so I can still pay it in full and then have a bit less for the next month. I don't know, it always works out.

 

[geckoace]

we really live paycheck to paycheck but i work a parttime job and that makes up our "cushion" for the most part. Dh almost always has at least 100 in the checking and i keep a small savings on hand for emergencies that i jsut throw a few dollars here and there (like my work tips) into and dont figure in to the budget. we are trying to get 1 paycheck ahead

 

[brenda67]

I haven't seen those times in years..I can easily relate to freaking out with having so little in the bank..IMHO I would just go get a part time job so you don't have to worry about how much funds you have in the bank..With the way everything is increasing your gonna see much less in your checking account..and you'll worry more then you are now..again just my opinion..

 

[Missy]

my acct right now is at 2.40, yup, two dollars and fourty cents. will be that way till my brithday rolls around mid month. Paydays are all over the place for me, but dh gets paid every two weeks, and we live paycheck to paycheck too.

 

[FrugalMomof3]

my acct right now is at 2.40, yup, two dollars and fourty cents. will be that way till my brithday rolls around mid month.

Missy, how do you manage without freaking out?

I mean I dont want to use a CC, just what we have in the bank, I would only use a CC if it was an emergency and only then but would try my best to pay if off quickly. I dont want CC debt, oh no, not me!

I guess I am just a worry wart, I have a friend who used to have a few cents in her account till payday and she never freaked out, guess I dont have it soooo bad, gosh I wont be so panic-y once the middle of June rolls around, money really wont be an issue then.

 

[annymoll]

I cannot imagine living with so little paycheck to paycheck. I like being a SAHW but if it meant continual worry and heartache I would get a part time job, especially if the kids were in school.

 

[bee9984]

I remember those days and they were no fun!

Dh and I have not lived from pay to pay for a couple of years now thank goodness.

We like to keep enough $ in our other account in case something were to happen, we can cover the mortgage payment or an insurance deductable etc at the last minute if need be...It seemed to take forever to get things rolling but we are getting there.

If we do need to use that money however I do get a bit of anxiety until it is replaced.

 

[Ani]

This is an interesting question. We have a fully funded EF, as well as money in the bank for all upcoming irregular expenses that we can forsee in 2007. We also just have some random money in savings because I don't believe in spending any of our excess. We stick to what we have budgeted, regardless of whether we work OT and get extra on the check etc, we just stick the OT into savings.

So, in a way we live "from paycheck to paycheck" because anything extra goes right into savings. Sometimes our "account" (in my mind) is at "zero" (meaning I won't let us spend any more) because we've spent what we've budgeted, and we don't spend our savings unless planned or necessary. We've gone a whole week with our account at "zero" before.

I don't think that's quite what people mean though. We could easily live about 6 months without paychecks, so I think that disqualifies us from the living "paycheck to paycheck" group.

 

[cebsme]

To the comments about getting a part time job:

For me thats not possible and same for a lot of people. For family, personal or physical reasons. Sorry but everyones life is different and the answer is not always the same for everyone. For me to get a job a this point would have be my husband losing his job and not being able to go to school full time for some reason. On unemployment and that money we would be fine, and i know my husband would be fine with that.

 

[mommy4ever]

We live paycheck to paycheck BUT, there is money in the FA and EF and College fund. We have enough for a couple months if it were dire. We also have a line of credit that we could use if worse came to worse.

So, if we have money in savings, do we live month to month? I don't touch it, I pretend it's not there..lol. But I'm on a serious mission to get rid of debt. It means aside from savings contributions, every penny that isn't needed for kids or bills, goes to the debts. Dh isn't completely on board, but as he sees the numbers over the next while, he'll join in.

I have my spending plan and try to adhere ot it. I also have a bit of padding allowed if things go over a bit. yes, I worry, but not so much that there's not enough, but more like, where can I get more income to pay things off FASTER...lol

 

[FrugalMomof3]

To the comments about getting a part time job:

For me thats not possible and same for a lot of people. For family, personal or physical reasons. Sorry but everyones life is different and the answer is not always the same for everyone. For me to get a job a this point would have be my husband losing his job and not being able to go to school full time for some reason. On unemployment and that money we would be fine, and i know my husband would be fine with that.

Thank you for this! I am able to get a part-time job but it would totally screw up our routine and stuff like that, my DH never asks me or complains about me working and we like it with me home taking care of home, that is my job and it's not part-time it's full-time.

 

[annymoll]

I think being a SAH anything is a full time job. But like any job, if it makes you stressed and unhappy, or doesn't pay enough, then working is an option. Especially if you are frightened about finances. Every family is different. If you are happy in your job, then maybe some worry, or less money, is just part of the tradeoff, KWIM?

 

[Missy]

Missy, how do you manage without freaking out?

ROFL i AM freaking out!! i Am!! :down: Everything is ---> :fan: right now, this has been an awful week. But i am trying to hold it together. It has got to get better. it has got to.

 

[Dancing Lotus]

IM sure in one way or another we all would freak out but what does that accomoplish? Nothing. freaking out and thinking about it every minute is not going to change a thing. As long as you have money for a true emergency then you have what you truely need.

What is it that you think would happen if your balance went below 100, the world is not going to implode.

Yes I live pay check to pay check and no I do not like it and I certainly dont want to live this way forever. But I have just learned to accept it and do the best I can with the money I do have. It sounds to me like something is off balance , either your husbands child suport is too high, your morgage is too much or you dh needs to consider a career change. My dh makes what we thought was going to be a good living but we are learning that in our area 20$an hour is almost poverty. SO dh is going back to school and when he gets out he will start out at three times that.

I hope this is not taken the wrong way , Im not trying to sound judgmental.I understand where you are comeing from , Im just a relaxed person and dont seen the need to worry.

 

[FrugalMomof3]

I agree that if I go under $100 the world is not going to fall on me, like I said its an obsession for me. As far as paying too much CS yes I think we do, he doesnt make much for bascially supporting a family of 7 but according to domestic relations they dont/didnt consider OUR daughter when they made the support order, which isnt fair, she is his daughter too, so when they say that its like she doesnt matter at all, but she needs things too. That will all end in the middle of June, when all my worries about money will end too, it will be like I have a part-time job making $600 a month since we will no longer have to pay that out each and every month.

Our mortgage isnt that bad and it includes all our property taxes and homeowners insurance so we never worry about that, our electric bill is never over $60 a month, we always pay our car insurance on time, our water bill is $75 every 2 months and that includes recycling and sewer and our garbage bill is $75 every 2 months as well, never is a bill late. (thats why we have excellent credit).

I guess I just need to be a bit more relaxed, if I get to under $100 I just have to take it like a woman and realize the world is not going to come crumbling down on me.

 

[redhead68]

AnnK

What in the world is your spouse planning to do that will start him at $124k a year after graduating? Is that realistic? After 16 years in the tech industry, my spouse has just barely reached that salary.