Post # 1
I read an article today that said the average American lives paycheck to paycheck, with less than $20 in their bank account at the end of a two-week pay period.
I am curious what it is like on the Hive.
I think the best way to show this is a poll!
Post # 3
We automatically put $500 from each of my husband’s paychecks and most of mine into our investment account.
Post # 4
We save less than we’d like right now, but we’re also working hard to pay down debts that we have (educational and otherwise).
Post # 5
I’m an avid saver! I’m trying my hardest to save up enough to pay for the wedding with cash.
I’m also a huge Dave Ramsey fan! He’ll change your attitude about money in a heart beat.
Post # 6
We don’t live paycheck to paycheck but I know a lot of people who do and it’s pretty stressful for them. Fiance and I have joint finances so my vote was based on both of our paychecks (we get paid weekly). We fall into the $500-$1000 category.
ETA: This is after all bills have been paid and groceries have been purchased. We also have an automatic transfer set-up that transfers a few hundred into savings every Friday.
Post # 7
including savings or just in the day-to-day checking account?
typically anything not spent on bills is immediately transferred to savings, and a few hundred is left for spending on misc (gas, groceries, coffee, fun) in each of our checking accounts until our next checks.
Post # 8
Currently we apply my entire salary ($3000/month) over our regular mortgage payments to build up equity toward a downpayment for our next house. We also put another $500 to retirement savings (RRSP, not a bank account, so I don’t know if that counts??), $200 to emergency fund and $300 to vacation savings. So, $2500 per two week period goes to savings of some sort.
But no, we don’t have any money that’s not accounted for at the end of the month just sitting in our chequeing account.
So yeah, I didn’t vote because I don’t… understand the question.
Post # 9
Right now Mr. F and I are both in school so all our money goes to bills and school. I am looking forward to the day of a set salary and being able to put into savings.
Post # 10
Well, I wouldnt say that I live paycheck to paycheck since I have a savings account and contribute $100 or more dollars to it every month, but I do put the rest of my check towards paying off debt. Because of that, I dont keep a lot of money in the account just to spend…maybe $100-150 for gas and little purchases that I need.
Post # 11
You should make these percentages. The poll doesn’t really make sense, because someone that spends $500 of their $1000 paycheck is much different than someone spending $1000 of their $4000 paycheck.
Post # 12
Woah, I think it’s scary to live from paycheck to paycheck. I can afford to save a lot of my check. My fiance can’t though, so he lives paycheck to paycheck for the most part (he blames it on all my dates… yea yea). I’m the thrifty one in the relationship so I’m sure we’ll compromise after we get married–we are definitely saving… so we’re gonna have to make a pretty good budget! Even if it’s only $10 a month.
Post # 13
@bananarama: I see the margin of difference. But still, whether you get paid $4,000 or $1,000 if both have $20 left… they are living paycheck to paycheck. One might be buying more expensive things that they may or may not need, but it’s still using most of the paycheck.
Post # 14
@kperry3: Oh, you’re right. The title says “How much do you spend?” and then the actual question is “how much do you have left in your bank acct?” I was confused, thanks!
Post # 15
I get paid every week, which is nice because I’m assured income every Friday. At the end of the week whatever I didn’t use of the paycheck I put in our savings account. It’s usually a few hundred dollars per paycheck.
Post # 16
I put automatically 50% to our joint checking and what we dont spend accumulates there, which isnt a lot right now with the wedding.
about 15% to savings immediately transferred
about 15% to personal loans (schoolm car). That leaves 20% for personal purchases which I usually spend most all of it.
I dont know what percent FH saves of his exactly each month. Probably about the same %. He tends to buy the large ticket items since he makes more so it evens out.
So, definately not paycheck to paycheck and we could save a lot more if we were a bit more frugal (although not too bad) and werent paying out for the wedding.