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It's because whatever amount of money I put into my savings once I get paid, the money that is leftover has to last me 30 days. What I mean by that is I am only able to saving a good chunk of money when I get paid in the middle of the month. That's the non-rent check I am talking about and after I take a certain amount to put in savings, the money that's left over has to last me until the next non rent check. For example, I was paid on 8/19 and the money that was leftover after putting money into my savings had to last me until 9/16. I am do ok so far but I still have 2 more weeks to go before I reach 9/16
That is part of the reason why I have a online savings that is not easily accessible. If I need money it's takes 2 days to land in my checking account which is how I want it. But food is where most of my money go so I struggle to have the leftover money last 30 days.
And I can't save anything out of the rent check because once the rent comes out the money left is for food only. So it's easy to save but hard to keep it in there.
I remember having similar thoughts over 40 years ago. My conclusion, and it still holds true today, I need to earn more money!!! It took me a few years to do that. I had to learn a new skill, work that new skill past a beginner level, etc. But it did pay off.
Just food for thought.
Edited to add: I am nothing special, trust me. It can be done
I remember having similar thoughts over 40 years ago. My conclusion, and it still holds true today, I need to earn more money!!! It took me a few years to do that. I had to learn a new skill, work that new skill past a beginner level, etc. But it did pay off.
Just food for thought.
I am making more than I did in 2013 from annual COLA raises and live in a cheaper apt so that has helped a lot. But like you said the key is more money but something won't allow me to focus on that right now because the job is stable. And since I was laid off 4 times between 2009 and 2013 I wanted to stay here 5 years before I started thinking branching out.
I remember having similar thoughts over 40 years ago. My conclusion, and it still holds true today, I need to earn more money!!! It took me a few years to do that. I had to learn a new skill, work that new skill past a beginner level, etc. But it did pay off.
Just food for thought.
Edited to add: I am nothing special, trust me. It can be done
yep ,we all had the same issues starting out . 40 years ago i had to find a new career as the one i planned on as a drummer was already being obsoleted by dj's and live music was dying .
i had 3 different jobs going on in my 20's so i always made sure i was saving something . i came from a nyc housing project and raising my own family their one day was never going to be an option . i devoted a lifetime to making sure of that .
The best thing is that you are in the habit of saving. You don't casually toss money away uselessly. In the long run this will pay off. Either you will be noticed as doing a great job at work and be given more opportunities, or one day a new option will present itself, as long as you keep your eyes open and your sneakers tied and ready to sprint into the future.
It's because whatever amount of money I put into my savings once I get paid, the money that is leftover has to last me 30 days. What I mean by that is I am only able to saving a good chunk of money when I get paid in the middle of the month. That's the non-rent check I am talking about and after I take a certain amount to put in savings, the money that's left over has to last me until the next non rent check. For example, I was paid on 8/19 and the money that was leftover after putting money into my savings had to last me until 9/16. I am do ok so far but I still have 2 more weeks to go before I reach 9/16
That is part of the reason why I have a online savings that is not easily accessible. If I need money it's takes 2 days to land in my checking account which is how I want it. But food is where most of my money go so I struggle to have the leftover money last 30 days.
And I can't save anything out of the rent check because once the rent comes out the money left is for food only. So it's easy to save but hard to keep it in there.
No I don't and I plan to work on that today. I got the idea from someone in another thread and it makes sense to set a cap for each and every thing I spend money on.
It's because whatever amount of money I put into my savings once I get paid, the money that is leftover has to last me 30 days. What I mean by that is I am only able to saving a good chunk of money when I get paid in the middle of the month.
What percentage of your income (NET!) is spent on "housing" costs?
Total up what you spend on rent + utilities + fees
Whatever that number is becomes how much you need to NET every week.
Or... find a place to live that one weeks paycheck can manage.
I remember having similar thoughts over 40 years ago. My conclusion, and it still holds true today, I need to earn more money!!! It took me a few years to do that. I had to learn a new skill, work that new skill past a beginner level, etc. But it did pay off.
Just food for thought.
Edited to add: I am nothing special, trust me. It can be done
Yep, increase the spread between earnings and expenses / increasing income and reducing expenses.
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