Poll:Living paycheck to paycheck

[tdv2]

Never lived paycheck to paycheck for two reasons. 1. I was fortunate to have work right when I graduated college and; 2. I had LYBM programmed in me from my parents at an early age.

 

[Nodak]

I grew up poor and after college for a few years I lived paycheck to paycheck in a small apartment furnished in early Salvation Army.

 

[GrayHare]

I worked enough during later college years to cover expenses, including tuition, then the week after graduation took on a 2nd job. Via that I avoided paycheck to paycheck.

 

[street]

I always saved and I never have lived pay check to pay check.

 

[FI_RElater]

It ain't real unless you remember picking up aluminum cans along the highway for, maybe, 12-13 cents a pound --- man those were tough times.

 

[socca]

When DH and I bought our first house, we used up all our savings for the down payment and lived paycheck to paycheck for several months until we started saving again.

After buying my first house in Chicago in the early '90s, I used to haul my trash to a local dumpster because I didn't want to pay for trash pickup. Living paycheck-to-paycheck? Heck no. I just wanted to get my $100k mortgage paid off ASAP (took four years). Not my finest moment from an ethical standpoint, but I guess every little bit helped.

 

[cranberryjoe]

When I was in grad school in a high COLA area, the paycheck from my job was barely more than my rent. I remember worrying if my paycheck was delayed I would miss the rent payment because my checking account balance was otherwise never quite enough to cover the rent.

Thinking back on those days it's no wonder I didn't have a social life - I couldn't afford one! After rent, cheap meals cooked in my apartment, and gas for the car, I think I managed to save $20 a month because I remember buying a lens for my camera during that time, probably about $125, which nearly wiped out my savings. What a relief when I graduated and started pulling a real paycheck. My frugal ways were set, though, and here I am almost 40 years later FIREd and spending whatever and whenever I want!

 

[Fedup]

Living paycheck to paycheck

I did live from paycheck to paycheck the first few years after college. I can't remember when I get my first credit card, but that helped with cash flow problem. I didn't have to worry about whether I have enough for food.

 

[FlaGator]

I'm in the 5-10 bracket, and closer to 10.

All through college, a few years after and then a few more in the late 80's-early 90's when my career plans changed without my permission

Never forgot what I learned from those experiences, and spending in later years was more prudent (and income more bountiful)

 

[Mulligan]

Until I was about 30 tbh. From 21-25 I would cut it very close. I remember rolling up quarters, or running to the grocery store to cash a check on a Wednesday because I knew it would float till Friday (payday) - before the days of insta-clear.

I played credit card floats and all sorts of silliness. From about 25 - 30 I would strictly budget a few paychecks out, got debts paid down, and got started on savings.

I cant let the silliness go. Even now I still have about 12k on a CC float. I bet I have owed the CC for 20 years running. I could pay it off but I get bombarded with 2% access checks 0% 12-15 months and just roll them over. Pay it down and something always comes up. My latest is my vehicle. Bought a used one on my credit card and pay it off as I go.
Of course I could pay it off, but I like running my debts through my monthly pension cash flow, not my savings/investments.

 

[W2R]

It ain't real unless you remember picking up aluminum cans along the highway for, maybe, 12-13 cents a pound --- man those were tough times.

Those cans were great income when the month lasted longer than the paycheck, though!

 

[ohyes]

I remember living paycheck to paycheck well. DH and I lived that way for years, looking forward to income tax refund time.

A couple weeks ago, we purchased a (used)computer tower from a local business. We are acquainted with one of the owners. We were reminiscing about the good old days. She joked that a group she meets with each Tuesday at a local pizza joint (same night DH and I often go and that is how we kinda know her) were talking about how great it is to be older.....when the checking account service charge no longer poses a threat. Ha ha, i totally get that.

DH and I still cut it close each month. The difference : these days, we have money in other savings accounts than can rescue us. We seldom use them, but we never had the luxury of their existence back-in-the-day.

 

[Luck_Club]

I could say never but chose the 5-10 year. I always met my obligations and only had a few times I had to pay a late payment fee more due to poor planning then not having enough.

With that said. I have used debt strategically my entire life to make sure the ball kept moving forward.

 

[RobLJ]

Undergrad through most of grad school.
I did borrow some, so it probably wasn't paycheck to paycheck, if you want to be overly literal; it was worse.
In retrospect, it was good times; I could afford a six pack of Old Milwaukee tall boys 2-3 times a week--that was Good Times!
(I don't think DW and I had positive net worth until about 1990, give or take a few years.)

In retrospect, borrowing 2k on my Dad's signature loan in 1980 to go across the country to grad school and then borrowing another 10k to fund the next two years was the best investment I ever made.
That's in retrospect, of course. I'm fairly sure I would not be here without my father's cosign or the gubbermint graduate loan program and living negative paycheck to paycheck; I would still be living paycheck to paycheck now, I suspect.
YMMV.

 

[Ready-4-ER-at-14]

Did a lot of schooling and advanced degrees, paid off all debts quite quickly, and had kids early by todays standards. Bought some of the middle class toys as well when young.

Sometimes what was in the freezer, what was in the cupboards, stored fuel oil for the winter, a token amount saved, and credit card spending balance were my three month emergency funds. Focused on no debt rather than passive income at start. Went through one lay off but found a job quickly.

Family was not really money centered nor money smart so I mostly stumbled upon ways to save money on expenses, and finally to have money work for me. Unexpected divorce send me financially below water for a while. Learned a lot about humility then.

Probably later than some others here I figured investing out and let money work for me. That was when I quit looking for capital gain and wanted cash flow.

 

[38Chevy454]

Being on a J-O-B scholarship in college, I was paycheck to paycheck for those years. Even once graduated and having a good job, trying to save and then buying first house in CA I was still essentially paycheck to paycheck. So per the poll I was in the 5-10 year period.

Funny story, while in college I literally sold my unwanted books at end of the year, resulting in enough money to buy a six pack of beer to celebrate finals being done and fill my car with a tank of gas to get home so I could start the summer job. Always worked full time summers, and part-time 25 hours/week during school. Holiday breaks were not vacation, rather they were opportunity to get more hours and higher paycheck.

 

[Dog]

Watched my parents live paycheck to paycheck and didn't like the stress it caused. Decided I didn't want to live that way. I've always saved and had a cushion. DH is wired the same. Let's us sleep at night. DD was similar until she attached to a spender/borrower

 

[MRG]

We had a hard start in life. Low wages and a money pit home. I remember eating liverwurst for lunch daily. I don't like liverwurst it was the cheapest calories I could eat. I went to back to school and changed careers in my late 20s.

Early on our savings were mostly in retirement accounts allowing limited access. Eventually wages caught up and available cash accumulated.

 

[candrew]

We had to live paycheck to paycheck for approximately 5-6 years after our two children were born and had serious health issues. Our youngest was a preemie, spent time in the NICU, home on a monitor and we piled up significant medical bills, even with my employer sponsored health insurance (it wasn't that great). Our oldest was a severe asthmatic, typically requiring hospitalization for his condition every several months. Again, what seemed to be endless bills that we had to pay. DW quit her teaching job for 5 years as it became impossible for us both to work with two children requiring so much hands-on care. During that time, DW would take on baby-sitting here and there and I took on 2nd jobs including driving a limo and working as a sports official to pay down our medical debt.

We finally worked our way out from under the debt. Having to pinch every penny for mere essentials quickly taught us the difference between wants & needs. Once the kids were healthy enough and in school full-time, DW was able to return to work teaching in the same school district. Having had to figure out how to live on my salary alone, pay mountains of medical debt plus regular living expenses, we realized that with DW back to work, we could save loads of money, which we did along with paying off our mortgage early.

Fortunately, both our sons have grown-up to be healthy, responsible, kind young men and have given us 3 amazing, beautiful grandchildren. DW & I pulled the plug and retired at 62 & 59 years old (not all that early, but hey...)

Not everyone lives paycheck to paycheck purely out of poor life choices. Sometimes sh*t really does happen.

 

[ABQ2015]

I lived paycheck to paycheck until about age 35, partly because my first college degree resulted in low paying jobs. Definitely floated checks. Even after I was better established, I was house poor and never had much of an emergency fund - maybe $2-3K by my early 50's. But I was buying a home, contributing to my 401k, and did not have large credit card balances so it did not bother me. Bought many large items like furniture and even some dental work on the six months, no interest plan and made sure that I paid it off in six months. And as silly as it seems now, I was not that financially astute and would pay any extra money on the mortgage rather than put it in an emergency fund. Fortunately I had a very stable job and never had significant medical issues.

 

[Koolau]

Although I did take on debt at times during my lifetime, I was never paycheck to paycheck. Living at home during college was a big help and then I got a real j*b as soon as I graduated. YMMV

 

[atmsmshr]

Enlisted in the USN senior year high school. Was paid monthly - spent most on beer, women and song - the remaining cash I just wasted. Uncle Sam was always ready with a bunk and 3 hot meals a day.

College was more of creating various income streams (unemployment after enlistment thanks to Reagan, GI bill, part scholarships, grants, PT work, loans and selling blood plasma for cash). Not sure that counts as paycheck to paycheck but it beat all alternatives.

Lucky and landed with a good company for 30 years - always been a balance / struggle with juggling kids, retirement savings, education, day to day,and unexpected medical. DW and I did many of the tricks outlined above, but never fully embraced the LBYM life - which means I'll work until 58-59.

 

[davismills]

I checked 2.1 to 5 years. The marriage to my ex lasted five years and for almost all that time we lived paycheck-to-paycheck, and that's why we got divorced. When I flat-out refused to even discuss taking out a loan to go on a trip, it was over.

That was also the only time in my life that I've paid credit card interest charges, was late on a rent payment, was late on a house payment, received a telephone call about an overdue bill, or had to routinely "play the float" to pay normal utility bills.

In hindsight I think it lasted as long as five years because I worked rotating shifts at the time and much of the time I either wasn't there or was asleep.

Same boat. Once the ex became the ex, the real saving began. My now forever wife is much smarter and very frugal. I'm a lucky man.

 

[IMATERP]

I lived paycheck to paycheck until January 1, 1990. I had just turned 29 years old - my life had spiraled out of control - and I had absolutely nothing. Thankfully, I didn't have any debt.

I put "the bottle down" and the rest is history. I never needed to live paycheck to paycheck again - and 27 years later I can pick and choose when and where I would like to retire.

Michael

 

[Dawg52]

First couple of years...... pretty close to pay check to pay check. Simply didn't make enough to save much. My first job I moved to an area where I didn't know anyone. If I had found a roommate, I could have saved some through shared expenses. My second job I did have a roommate so that made saving a lot easier. Then it just grew from there.