How do people with a job literally have ZERO money in their bank?

[j.smooth4]

But a lot of people don't live in the city, it's expensive as hell, the 500 you save in gas/insurance/car payment you'll be spending for housing, you're not coming up. You actually have to live and work in DC to contemplate not needing a car

Being from the DC area you need a car like you said if you live outside the metro area. The rent and city taxes you'll pay will slaughter you as well....

Its better off living somewhere cheap in pg county and commuting.

 

[mannyrs13]

I think money management is one of the most important things a person should know. Granted not everybody is in the same situation. Some have more expenses than others and emergencies come up all the time. Medical bills, car repairs, event invitations, new appliances, etc. I try my best to budget my money and still have enough to splurge here and there. Just gotta prepare for when things happen in life. I wasn't expecting to have a car note but an accident a few years ago caused that. I also wasn't expecting to buy a tv but when mine broke a few weeks ago, that was another unexpected expense. shyt happens all the time. People get laid off, look at how the stock market crash hurt many, etc. That's why I feel it's important to save what you can and pay yourself first, and invest in your retirement. Social security might not even be around. I'd rather bust my ass and deal with the stress now at 30 than to have to bust my ass just as much at 60. I'm broke cuz I don't have the money to get everything I want but I'm good with just what I need.

 

[j.smooth4]

You still haven't explained how someone can live and save on 7.25. You brang that shyt equation into the mix, stand by it. Stop running from what you said.

Agreed you can't save your way out of poverty and be independent a lot of peoples parents are broker then the kids and most are left out on their own at 18-21...

No way 100%.

You have to either find and keep applying to jobs that pay over 15 an hour (warehouse/waitering/security/whatever have you) and educate yourself or learn a trade along the way or just get lucky with an opportunity.

If your living at home with your parents and educating or certifying yourself in a trade then ok that's plausible.

Even then there's no way someone can go to school part time and work 40 hrs a week on 7 an hour and expect to fit in improving their education/trade skills successfully at school unless they are a machine. Alot of class schedules don't even allow for that. You will fail out or finish your degree in 10 years lol.

(business or finance/computer science/engineering/healthcare related degrees are only worth going to college for)


When you completely on your own you have to pay for these things no if ands or buts about it
Rent
Food
Insurance
Transportation
Utilities
Cell phone bill

Once you can get to about 2,500 after taxes a month there's no excuse to at least save a couple 100 or at min place some money from your check into the 401k

 

[5010]

we all gotta pay those things. but I dont understand how folks can be actin all suprised when these normal fixed expensed pop up, when it's shyt they KNOW they gotta pay regardless.

me for example, I take $300 out of EVERY paycheck I have and send it to my credit union. I don't even see that money. I haven't for years. I used to do it when I was paying a car note, I'd send the money, but after paying the car off a few years ago, I kept doing it, and as I made more money, I upped the amount I was sending over. that's an easy $7500 saved annually just by living my normal life. and that's not even factoring in me saving the excess money out of my paycheck after bills are paid.

the way I do it, is I send $300 to the credit union. I give myself $250 allowance to my other checking account as well that's deducted from my paycheck, out of that allowance I used to pay for groceries and fuel primarily. and whatever other small things I need to buy. then take the remainder of my check and pay all my bills. and anything left over, I save.

so worst come to worst, I'm saving $300 every two weeks, but that NEVER happens, cuz my expenses NEVER exceed my income.

You're answering your own question. Most people have no concept of money management. That, or they've dug themselves so deep into debt that they can't afford to practice it.

 

[feelosofer]

Debt and unexected expenses, keep most of America living essentially paycheck to paycheck.

 

[beenz]

Debt and unexected expenses, keep most of America living essentially paycheck to paycheck.

this is why you put money away for those unexpected expenses. if you think life is ALWAYS gonna go the way you expect it, you're setting urself up for a lifetime of L's.

 

[BlackBall]

Die penniless in the streets brehs

 

[Rocket Scientist]

sad thing is he's not... it's hard to imagine if you don't know people like this

some people don't budget shyt... i make 60k.. after taxes and medical, dental, vision, 401k... my check is about 1500 every two weeks (i claim zero to get more money at the end of the year)

3000 or so a month.. some months i'll get a third check... but that's only 39 AFTER taxes.. and i can and will upload a paycheck if you don't believe me


well after rent (850), water (80 every 2 months), phone (100), car (400, just got a new one 600 now), insurance (175), electric (round number like 250, usually higher in winter), shyt like gas and food for the month (lets say 200 in monthly groceries, 200 in gas), credit card (put down 100 a month), adt ($60), internet ($80)

we at like 400-500 a month...


now i didn't go to school.. i can easily see money being taken for that... a kid.... good luck... a wife and a kid... might as well quit working


and we haven't even got to normal shyt like haircuts, clothes, a pair of shoes, go on a date, eat at mcdonalds for a 8 dollar large number 1, doing anything fun, having something go wrong and needing the extra money, gamefly, netflix, cable, etc etc etc



and you'd easily have "nothing to show for it" especially if you not writing that shyt down like i just did.. and you just swiping that card everytime, not paying any attention to your funds

Good thing you aint got a wife and kids

 

[intruder]

How's everyone's savings looking with Q3 coming to an end soon?

 

[TLR Is Mental Poison]

car (400, just got a new one 600 now),

There's your problem right there bruh. $7200 a year on a car note? What do u drive, an Audi? U need to get something humble and put away at least half of that. My car note right now is $180/mo and that's only cause I put down extra.

 

[TLR Is Mental Poison]

How's everyone's savings looking with Q3 coming to an end soon?

Bro our accounts have been in freeze frame since we bought the house

But we prob spent like $15K on it and other shyt since April. At least 3-5 of that is for our trip to Peru next month. Hopefully we can get shyt rolling again soon.

I am so pissed I did not cash in on last week's stock bounce. Easy money

 

[intruder]

Bro our accounts have been in freeze frame since we bought the house

But we prob spent like $15K on it and other shyt since April. At least 3-5 of that is for our trip to Peru next month. Hopefully we can get shyt rolling again soon.

I am so pissed I did not cash in on last week's stock bounce. Easy money

I just bought a house too in early July. I havent spent much money yet but need to.

I was afraid of the stock bounce. Didnt know what would be a good stock to buy. I have $6K laying around with nothing to do with it. I have another $9K in my account but it's not my money to spend. I would only use it on a sure thing if i did at all

 

[TLR Is Mental Poison]

I just bought a house too in early July. I havent spent much money yet but need to.

I was afraid of the stock bounce. Didnt know what would be a good stock to buy. I have $6K laying around with nothing to do with it. I have another $9K in my account but it's not my money to spend. I would only use it on a sure thing if i did at all

Should have just bought a general ETF

The whole market was set to bounce. There will be another time though.

 

[QuintessentialBM]

How's everyone's savings looking with Q3 coming to an end soon?

I'm down a bit for the quarter. I didn't "pay myself" for two pay periods and spent too much eating out. I plan on reigning it in for the last quarter. Even with a shyt - paying job, I will have added over $2,000.00 in liquid assets to my overall net worth after I receive my 3Q bonus.

Cannot wait until I receive that 4Q bonus in addition to my tax return.

 

[intruder]

I'm down a bit for the quarter. I didn't "pay myself" for two pay periods and spent too much eating out. I plan on reigning it in for the last quarter. Even with a shyt - paying job, I will have added over $2,000.00 in liquid assets to my overall net worth after I receive my 3Q bonus.

Cannot wait until I receive that 4Q bonus in addition to my tax return.

Setacks happen: manny:

Just make sure you get back on it. I too spent some of mine and about to do it again. Took $1.5K out to use when i was moving for random stuff. About to take another $1.5K to pay off some CCs, Should bring me back down to the $4.5K. Still not bad for a year.