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Message
Doing well financially, but still living paycheck to paycheck
Posted on 6/17/25 at 2:38 pm
Posted on 6/17/25 at 2:38 pm
Mid forties. Began studying personal finance ten years ago with heavy reading and listening to audiobooks. I’ve done well. A good chunk of each paycheck is auto diverted to investments and savings. To date I’ve paid off about 4/5s of my nuisance debt. Only a little bit more to go before being debt free with exception of mortgage. I pay all my regular bills on time. My income has double since I was 35.
But I still find myself living paycheck to paycheck. After all of the above are paid for in each pay period, I blow through what is leftover pretty quickly. I’ve been tracking how much I spend on groceries, gas, home improvement supplies, etc. unexpecteds come up then I find myself giving myself a pay day loan from a credit card or something. I always pay myself back but I’m just wondering if there is a tool or some program I’m not aware of that can help me track my leftover money??? None of the books I have read or listened to focus on this topic.
Any suggestions are appreciated.
But I still find myself living paycheck to paycheck. After all of the above are paid for in each pay period, I blow through what is leftover pretty quickly. I’ve been tracking how much I spend on groceries, gas, home improvement supplies, etc. unexpecteds come up then I find myself giving myself a pay day loan from a credit card or something. I always pay myself back but I’m just wondering if there is a tool or some program I’m not aware of that can help me track my leftover money??? None of the books I have read or listened to focus on this topic.
Any suggestions are appreciated.
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Posted on 6/17/25 at 2:39 pm to Gerry Laval
if you are automatically investing a portion you are not living paycheck to paycheck IMO
Posted on 6/17/25 at 2:45 pm to Gerry Laval
i guess we have different interpretations of living paycheck to paycheck.
when people say that, they don't have money to put aside in investment vehicles, it is literally come in and come out in the bank
when people say that, they don't have money to put aside in investment vehicles, it is literally come in and come out in the bank
Posted on 6/17/25 at 2:58 pm to Gerry Laval
quote:
A good chunk of each paycheck is auto diverted to investments and savings.
You are paying yourself first.
quote:
But I still find myself living paycheck to paycheck.
Meaning you aren't paying the vendors of consumer garbage as much because you already paid yourself.
IMO that's a good setup.
You aren't living paycheck to paycheck. You are recognizing the psychological impact of immediately and automatically investing your income into growth accounts.
You are miles ahead of most Americans and probably your own neighbors and friends. Buy yourself the cheapest, bottom shelf champagne you can find and enjoy a celebratory drink for that.
Keep putting money into your savings and investment accounts. Don't buy consumer garbage when you don't have to. Enjoy financial security.
Posted on 6/17/25 at 2:59 pm to Gerry Laval
quote:
A good chunk of each paycheck is auto diverted to investments and savings.
quote:
home improvement supplies
People who live paycheck to paycheck can't do any of this.
You are choosing to delay gratification. Well done.
Posted on 6/17/25 at 3:01 pm to Gerry Laval
You’re probably investing way more than you really need to every month (which isn’t necessarily a bad thing)
This post was edited on 6/17/25 at 3:02 pm
Posted on 6/17/25 at 3:22 pm to Gerry Laval
I completely understand how you feel. My husband and I both do pretty well. We have our 401k contributions and life insurance payments automatically deducted from paychecks. Then I put money aside for tithe and savings first thing from each paycheck. I then move money for all bills to another account and they're auto drafted from there. It feels like what's "left" isn't enough, but in reality, all of the necessities are handled up front. We started using the Every Dollar app a few years ago, and it's really helped. They actually encourage you to budget down to zero, and categorize every transaction, which really helps you see where your money is going.
Posted on 6/17/25 at 3:28 pm to Gerry Laval
quote:
A good chunk of each paycheck is auto diverted to investments and savings.
If that means living paycheck to paycheck then I guess I'll be living paycheck to paycheck until I retire at ~50 years old
Posted on 6/17/25 at 3:49 pm to Gerry Laval
The Money Guy. Go follow the Financial Order of Operations. This is the way. I’ve been financially savvy for decades and it’s the best structure I’ve seen.
Posted on 6/17/25 at 5:10 pm to JohnnyKilroy
quote:I'm retired, ahead of the curve, and I guess I'm living paycheck to paycheck as well. Unfortunately I don't have unlimited money.
f that means living paycheck to paycheck then I guess I'll be living paycheck to paycheck until I retire at ~50 years old
Posted on 6/17/25 at 5:32 pm to Gerry Laval
If you’re saving/investing every paycheck you should be living paycheck to paycheck. I literally have $400 in my checking account at the moment. Don’t see much need in leaving money in there to evaporate.
This post was edited on 6/17/25 at 5:33 pm
Posted on 6/17/25 at 5:57 pm to beaverfever
By this definition I live pay check to pay check. I have my retirement money taken out pretax which is 10% plus company match that 100%. I have 15% auto directed into investment account. And I put 15% directly into my savings. I don’t save much else at the end of the month. Guess I am living barely within my means
Posted on 6/17/25 at 7:23 pm to Gerry Laval
quote:
A good chunk of each paycheck is auto diverted to investments and savings.
By your definition, I am living paycheck to paycheck, and we invest 40-45% annually.
Posted on 6/17/25 at 9:41 pm to Gerry Laval
Seems like the grammar Karen’s are bagging on you for saying that you’re living paycheck to paycheck after you have taken the disciplinary step of investing in yourself.
Most of us understand what you’re saying, and that you would like the comfort of stashing away more disposable income after you make proper investments.
Most of us understand what you’re saying, and that you would like the comfort of stashing away more disposable income after you make proper investments.
Posted on 6/17/25 at 9:43 pm to Gerry Laval
Post your income and the rough estimates of what you spend monthly on the various categories. I too am curious how someone doing well is living paycheck to paycheck without spending money on things that can easily be cut.
Posted on 6/17/25 at 9:46 pm to dstone12
quote:
Seems like the grammar Karen’s are bagging on you for saying that you’re living paycheck to paycheck after you have taken the disciplinary step of investing in yourself. Most of us understand what you’re saying, and that you would like the comfort of stashing away more disposable income after you make proper investments.
The only way to solve his “problem” is have unlimited money.
What point is he, and you, trying to make?
Posted on 6/18/25 at 12:52 am to Gerry Laval
Post numbers: what do you make? Is it sales where it’s feast or famine? Salaried?
We need numbers. Double could mean a huge amount or very little etc.
We need numbers. Double could mean a huge amount or very little etc.
Posted on 6/18/25 at 5:41 am to Gerry Laval
We Americans all have the problem pf the more you make the more you spend.
I went through a big promotion after Covid and got a 35% bump in pay (huge right) , five years later I've found stuff to spend it on.
I went through a big promotion after Covid and got a 35% bump in pay (huge right) , five years later I've found stuff to spend it on.
Posted on 6/18/25 at 6:54 am to Gerry Laval
quote:
I’ve been tracking how much I spend on groceries, gas, home improvement supplies, etc. unexpecteds come up then I find myself giving myself a pay day loan from a credit card or something. I always pay myself back but I’m just wondering if there is a tool or some program I’m not aware of that can help me track my leftover money?
Yeah, you need a budget. We literally use "You Need A Budget" (YNAB). I replaced my "envelope" accounting method with this. There are a number of them (Dave Ramsey has a product, Every Dollar). The idea is to budget like a business. The money comes in and is immediately given a job. You proactively decide, when it is earned, how that money is to be spent (at least in theory).
Over time you see where you money goes, to whom, averages month-to-month and you at least get some measure of control. It was life changing for me. If you are a data-driven person, it will be for you, IMHO.
Posted on 6/18/25 at 7:25 am to Gerry Laval
My wife and I did Dave Ramsey program in a similar situation to yours and became 100% financially independent. Takes discipline. If you don’t have it don’t spend it kinda stuff.
We live well below our means and it has paid off in spades. Today house paid off, car paid off, money in retirement, and we can just about do what we want (im 42)
Just took a few years of watching all of my friends have “stuff” when I didn’t to turn the tides
We live well below our means and it has paid off in spades. Today house paid off, car paid off, money in retirement, and we can just about do what we want (im 42)
Just took a few years of watching all of my friends have “stuff” when I didn’t to turn the tides
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