How much discretionary income allows you to feel like you're not living paycheck to paycheck? (million, taxes)

[pinipig523]

So, how much of a discretionary income lets you feel like you're not living paycheck to paycheck?

I've been thinking about this and it seems like it takes a good amount to make me feel like I'm not P2P, considering if I cut a few shifts from my work, I can easily drop down my income significantly.

[bigbuddahboy]

I make 4k a month after taxes and its never enough, no matter how much I get paid. Lol.

[Themanwithnoname]

1year of expenses in the bank.

[darrell2525]

No debt makes me feel good. Period.

But about 1 million dollar would do it

Anyone want to give me some money.

[MrRational]

Originally Posted by pinipig523

So, how much discretionary income lets you feel like you're not living paycheck to paycheck?

I think you're approaching the Q backward.

Of the income needed to maintain your obligations and responsibilities...
a) what % of that do you actually earn?
2) what % beyond that commitment do you have available for extras?

[mysticaltyger]

Originally Posted by pinipig523

So, how much of a discretionary income lets you feel like you're not living paycheck to paycheck?

I've been thinking about this and it seems like it takes a good amount to make me feel like I'm not P2P, considering if I cut a few shifts from my work, I can easily drop down my income significantly.

I agree with Mr. Rational. If you are waiting for a magic dollar amount in order to feel like you have extra money, it will never happen. You can live paycheck to paycheck on any income.

[pinipig523]

Originally Posted by mysticaltyger

I agree with Mr. Rational. If you are waiting for a magic dollar amount in order to feel like you have extra money, it will never happen. You can live paycheck to paycheck on any income.

Yeah I think you're right.

We're still building our emergency fund.

[freemkt]

Originally Posted by mysticaltyger

I agree with Mr. Rational. If you are waiting for a magic dollar amount in order to feel like you have extra money, it will never happen. You can live paycheck to paycheck on any income.

Not sure about that, I've been borderline poor for so long that I have very few "wants". I used to work a few blocks from a shopping mall; out of curiosity I walked through the mall one day and decided there was NOTHING there I wanted.

At that time I had about $1300/mo income for 12 months and saved up $4,000. Then my income returned to normal and I was staying even with each paycheck, then I lost my job and spent down the $4,000.

So I can get by on about $900 or so a month, and with extra income I can save up money.

[oaktonite]

Originally Posted by mysticaltyger

You can live paycheck to paycheck on any income.

Yes indeed, but while there are those who are simply doing it wrong, there are some income levels where one simply has no choice in the matter, and some where one can't even make paycheck-to-paycheck happen anymore. There are consequences to bleeding the middle class dry.

[techcrium]

I would have to say anything over $1500 per month as a single guy. Bump that up to $2000 if you are in a relationship.