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I voted "other" as we own our own business and don't have "paydays". A payday for us is when we have to pull $ out of the business account to cover living expenses. With the economy being in the tank, everything's slow, but we scrape by...
It's a shame that only 3% of Obama's spendulus plan is actually designated to infrastructure, regardless of the rhetoric while he was pushing for it. Infrastructure upgrades would be very good for our business (trucking related).
I have monthly income, and every two weeks income. Each set of income covers different things, and there is usually money left after those things are paid. Building our house we ended up with cc debt, so the extra goes towards that. We have a modest savings account.
I get paid twice per month. The second paycheck goes right into the bank for savings. We live off of one paycheck and I just refinanced my mortgage so now I can even save some from the first paycheck too. Didn't always used to be that way but I worked hard to get the debt down and we live below our means.
We usually are down to our last $50 by the end of the pay period, but we also pay much, much more than we need to towards credit cards/loans. We're trying to pay off all our debt (besides our mortgage), which is about $70k (including 2 cars), over the next two years. If we wanted to, we could lower all our payments and have much more left over each pay period. We also have quite a bit of cash in savings, which we don't touch but could if need be.
So...I voted for the second one. Even though we almost run out of spending $$, it's because we've chosen to only spend a small amount.
I am just now getting to a point in which I have a small savings for emergencies. It's definitely not 6 months of living expenses, but if my car breaks down I can pay for the repairs.
I only get paid once a month. I pay all of my bills at the beginning of the month and try to be careful with my money for the rest of the month. There are many times in which I only have $5 in checking right before payday, but at least I have a "cushion" in savings if I really need it.
The biggest thing that got me out of "living paycheck to paycheck" was paying down debts. To pay down the debts I have had to take on 2nd jobs and overtime over the last few years.
I just have to give you rep for the laugh you gave me!
That is exactly what my hubby would say (and it's true)!!!
We recently moved to southern CT, one of the most expensive places to live in the country and currently, we are living paycheck to paycheck. Never before have we done this and it is very scary for me. The only exception is we do contribute to our IRA's and the kids college accounts. However, the amounts we contribute are nowhere near where they should be.
Paycheck is 2x month and no, rarely is there anything left. We have very little debt (other than mortgage), credit card is almost paid off, we drive old cars that are also paid off.
We are working on an emergency fund but at the rate we are going, it will be years before it is worth much!
We know what needs to be done, we just keep doing the best we can!
We would have money in savings but we are working to pay off the $40,000 debt that we incurred when I took a stab at being a Real Estate Agent, so any spare cash goes towards that.
We are used to living on about 18K so the 34k I will make this year will be well spent on paying down that debt and moving us closer to being debt free. yay
20yrsinBranson
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