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Post by Scrappea on Aug 21, 2014 22:06:02 GMT
I suppose it has a specific definition. Here's our situation. We make a nice living, have 6 months of living expenses saved (but I don't consider this 'touchable') and are working on our 401K (not fully funded, but able to save for it). I consider us living paycheck to paycheck, but maybe I shouldn't?
Does living paycheck to paycheck mean you can go without one (or more) paychecks to make your bills? To me, if I had a years worth of living expenses saved I'd no longer consider us living 'paycheck to paycheck'. Maybe I just have a different definition of it for me personally.
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Anita
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Post by Anita on Aug 21, 2014 22:08:19 GMT
No. To me, living paycheck to paycheck means you barely scrape by with little to no savings.
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ginacivey
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Post by ginacivey on Aug 21, 2014 22:08:34 GMT
i don't believe you are living 'paycheck to paycheck' - in my definition
i think it means - not having enough to save or invest - and not having a backup plan
and that at the end of the pay period...the money has run out
gina
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Post by dulcemama on Aug 21, 2014 22:09:44 GMT
Paycheck to paycheck means your paychecks go for everyday expenses with little or none left over for extras or savings. I would not consider you to be living paycheck to paycheck.
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Deleted
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Post by Deleted on Aug 21, 2014 22:09:49 GMT
agree with anita...I've always thought it meant with no savings for any emergencies (even little ones)
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Deleted
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Post by Deleted on Aug 21, 2014 22:09:54 GMT
To me, living paycheck to paycheck means having zero to little savings, barely having enough to pay the essentials like food, utilities, and mortgage or rent.
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tanya2
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Post by tanya2 on Aug 21, 2014 22:11:42 GMT
yeah what the others said, by the end of the pay period before the next check goes in the money has pretty much run out
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Post by pmm on Aug 21, 2014 22:12:19 GMT
Living paycheck to paycheck to me means there is no money to save and none in savings. Your paycheck barely lasts for basic expenses until the next paycheck.
My mom on the other hand will tell you she is broke if her checking account balance is less than $1k. I would love to experience what it is like to have that much money in the bank after I've paid my bills.
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Deleted
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Post by Deleted on Aug 21, 2014 22:14:05 GMT
I would not consider you living pay check to pay check. YOu have money in retirment accounts and you can cover your basic expenses for an extended period
To me pay check to pay check means there is money for housing, food, utilites, car expenses, medical insurance and maybe a bit of fun but nothing to steadily go into a 401k or anything like that. Any savings that is accured is easily wiped out with a car repair or something of that nature.
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Nink
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Post by Nink on Aug 21, 2014 22:14:29 GMT
To me, living paycheck to paycheck means having zero to little savings, barely having enough to pay the essentials like food, utilities, and mortgage or rent. My husband lost his job a year and a half ago. This is definitely what I think it means, because this exactly how we're living at the moment and I hate it. The stress is unreal. I would also add that you're saying prayers nothing goes wrong with the car or anything else. But, what doesn't kill us only makes us stronger. Right?
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marianne
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Post by marianne on Aug 21, 2014 22:15:35 GMT
No. To me, living paycheck to paycheck means you barely scrape by with little to no savings. I'd say you were living comfortably, not paycheck to paycheck.
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Post by KikiPea on Aug 21, 2014 22:15:56 GMT
No. Living paycheck to paycheck means you have no savings, no 401K and you have no extra to play with once all bills are paid.
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Post by Scrappea on Aug 21, 2014 22:16:57 GMT
I guess I was taking the term too literally.
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Deleted
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Post by Deleted on Aug 21, 2014 22:18:14 GMT
I guess I was taking the term too literally. Or, maybe not literal enough.
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Post by picotjo on Aug 21, 2014 22:28:21 GMT
No. To me, living paycheck to paycheck means you barely scrape by with little to no savings. Attachments:
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Post by rst on Aug 21, 2014 22:31:51 GMT
When you live paycheck to paycheck, you find yourself cleaning out the couch cushions and turning in bottles for their return deposit in order to pay for parking the last week of the financial month. You resent guests who use too much TP because you know you won't have enough cash to buy more before the next deposit clears. You come up with very creative menus that make use of what's in the cupboard, but without the addition of any new purchases, hence classics like clam chowder served over spaghetti noodles with maybe some tuna mixed in. You pay your bills, you don't starve, you don't need to ask for handouts, but you certainly do not have any funny money or surpluss to stash away for a rainy day or retirement. And if you have something unexpected come up, you feel the pinch elsewhere in a pretty immediate fashion. When I was in grad school and living in my own apartment, I knew that if I had to pay for car repairs one month, I'd be turning the heat down to 55 for a couple of months, for example.
You, OP, are not living paycheck to paycheck. I'd call your situation being financially cautious and not exactly living high on the hog, but comfortable.
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Post by myshelly on Aug 21, 2014 22:32:39 GMT
If you put money in savings then you are not "living paycheck to paycheck".
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Deleted
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Post by Deleted on Aug 21, 2014 22:51:00 GMT
It sounds to me like you have a budget, not are living paycheck to paycheck.
All of our monthly income is budgeted for something - not all of it necessary to survive and some of it could even be considered frivolous and could easily be cut out if there was a loss of income or emergency.
ETA: For what it's worth, a year's worth of expenses is my comfort zone too and while we have had that in the past, it's dipped down below that and I'm not as comfortable with the situation now. So any "extra" goes to refund that fully to one year, but not at the expense of some leisure things like cable or dining out or even a small vacation that we definitely would cut if we didn't have some emergency funds.
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Post by annabella on Aug 21, 2014 23:03:26 GMT
There was a dateline special on this, it was called 2 paychecks away from being homeless. It showed middle class Americans who lost their job then a month later their world crashed for them. That is living paycheck to paycheck.
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Post by hollymolly on Aug 21, 2014 23:25:24 GMT
Yep, paycheck to paycheck means just that. It means you use all of your paycheck (use, not save) just in time to get the next paycheck. It means if you miss a paycheck, you can't buy anything, not food, not gas, not pay a bill, because you literally do not have access to money until you get another paycheck.
My dad lived like that before he married my mom. They came back from their honeymoon, and she wanted to go to the store and get them some groceries for the week. He told her there wasn't any money left. He had to get an advance from his boss, and she handled the finances after that.
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Post by disneypal on Aug 21, 2014 23:26:38 GMT
What does 'living paycheck to paycheck' mean to you? ..... We make a nice living, have 6 months of living expenses saved and are working on our 401K. I consider us living paycheck to paycheck, but maybe I shouldn't? I do not consider that living paycheck-to-paycheck. You have a savings - 6 months worth. People who live paycheck-to-paycheck don't have a savings. I have a friend who is living paycheck-to-paycheck. She gets paid...she pays her bills, has no savings, has no retirement savings. After she pays bills, get groceries and gas, she has hardly anything left. Sometimes she can only pay a partial bill because she has to wait until the next payday to pay the rest of it. To me....that is paycheck-to-paycheck. If something unexpected comes up (like a flat tire), it is a struggle to find the extra money. If she missed a paycheck, she couldn't pay her rent. It sounds like you are doing rather well and able to save and put money away for retirement. That is great...you have a backup for emergencies and those rainy days.
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Post by ~summer~ on Aug 21, 2014 23:26:36 GMT
I think it means you have difficulty paying rent or buying food if you don't get your paycheck.
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scrapnnana
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Post by scrapnnana on Aug 21, 2014 23:28:38 GMT
My definition is having just barely enough to make ends meet day to day, just barely making it to the next paycheck, with nothing for savings or retirement.
We used to be in that situation. I am so glad we are past that, but the only reason is because our 4 boys are grown and gone, and our expenses are much lower than when they lived at home!
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Post by njinkerbelle on Aug 21, 2014 23:35:05 GMT
Paycheck to paycheck means your paychecks go for everyday expenses with little or none left over for extras or savings. I would not consider you to be living paycheck to paycheck. This is what I would say
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Post by denda on Aug 21, 2014 23:35:52 GMT
To me it means having to use every penny of your paycheck each month to get by. Not having any to put in savings.
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Post by laureljean on Aug 21, 2014 23:43:17 GMT
Living paycheck to paycheck means to me that if the next paycheck doesn't come, you have no means to meet your basic necessities.
Having savings that would tide you over does not fit that definition.
We lived that way for a few years due to unemployment and health problems. Not a good thing.
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Post by lorieann13 on Aug 21, 2014 23:50:55 GMT
i don't believe you are living 'paycheck to paycheck' - in my definition i think it means - not having enough to save or invest - and not having a backup plan and that at the end of the pay period...the money has run out gina
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Post by gossamer on Aug 22, 2014 0:02:13 GMT
For me it would mean no money over the basic necessities, like power, water, house or rent and just enough food to get by for the payday. If I have extra to eat out or go to movies that wouldn't be paycheck to paycheck.
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Post by anxiousmom on Aug 22, 2014 0:59:31 GMT
I think that this is one of those things that unless or until you have lived it, you will not understand what it truly means.
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scrappinghappy
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Post by scrappinghappy on Aug 22, 2014 1:27:43 GMT
To me it means having to use every penny of your paycheck each month to get by. Not having any to put in savings. This. Not having money for luxuries either.
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