Living paycheque to paycheque
I just read an article on CBC.ca that says in a recent poll, 59% of Canadians live pay cheque to pay cheque. The article also stated that almost half of respondents are saving 5% or less of their income. And 40% of respondents weren’t even attempting to save money at all.
Now, okay. I cannot criticize anyone who spends all of their money and doesn’t save anything, because I was once there too. But that isn’t the way to live. It’s stressful and it’s hard. So you either have to cut down on your expenses or work harder and make more money. I love shows like Till Debt Do Us Part, because Gail shows every single person on that show that no matter what their situation is, there IS a way out. And there IS a way to change their lives and start getting out of debt/saving money. Even if they don’t like it (which they usually don’t). She solves money problems for everyone from the minimum wage worker to the 6-figure executive.
Right now, BF and I have a household (combined) income of $50,000 because I am the only one working. That’s like each of us making $25k/year. And while we do pay a minimal amount of rent, I do have a $540 car payment every month (roughly $270 bi-weekly), plus car insurance on both vehicles which, in total, is equivalent to “real world” rent. Not including cell phones, internet/cable, gas money, food, etc. All of this and I’m still able to save a minimum of $300 from every $1,400 bi-weekly pay cheque.
For a lot of people, I’m sure they can relate to making $25k/year. And that’s not to say that my way is the right way to go about dealing with money. All I’m saying is that even with a single income coming in, we can still find ways to save money. Although we are lucky that I’m making the income that I’m making right now. It could be a lot worse.
There are definitely those who are in tough financial situations where saving money just isn’t going to happen for them. Those are rare cases, because most people could save money if they wanted to. And most people could make more money if they wanted to. Unfortunately, they don’t. And that’s their choice. But it really bothers me when they complain that the reason they can’t save money is because internet & cell phones are too expensive, hockey ice times have gone up in price, cable TV is $70!, student loans are too expensive, the government does this, corporations do that, HST, blah blah blah. All excuses. Just look at the comments in that CBC article. Everyone is blaming someone. Anybody but themselves.
People love blaming other people for their misfortune, and I’m certainly guilty of that from time to time as well. Sometimes the situation really is out of our hands, but for the majority of us, we create our own path. Felt like you were dealt a bad hand? Life is what you make it, and your future is dependent on the choices that you personally make. So if you have the ability to save money, but you choose to spend instead, that’s fine. Likewise if you have the opportunity to work hard and make more money. Just don’t blame anyone but yourself when you’re close to retirement without a penny in the bank. Or when you lose your job and you don’t have any money to fall back onto.
26 Responses to “Living paycheque to paycheque”
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Wow! Thank you so much for writing this article – it really hit home! :) I'm just goint to be starting my get out of debt journey and at this time I have 0 savings but you are so right about looking to push the blame. I think we all do it once in a while!
Great post!
Wow! Thank you so much for writing this article – it really hit home! :) I'm just goint to be starting my get out of debt journey and at this time I have 0 savings but you are so right about looking to push the blame. I think we all do it once in a while!
Great post!
Amen, sister!
Amen, sister!
Krystal,
You hit it on the head.
Everyone should just live BELOW their income. It is easy to get wrapped up with interesting gadgets, PCs, newest movies, clothes – but it is not necessary.
I am reviewing a book for minimalism that a woman wrote and it is fabulous so far.
People have way too much in North America.
My recent post 250 off any 25 purchase of any Prairie Natural Products
Krystal,
You hit it on the head.
Everyone should just live BELOW their income. It is easy to get wrapped up with interesting gadgets, PCs, newest movies, clothes – but it is not necessary.
I am reviewing a book for minimalism that a woman wrote and it is fabulous so far.
People have way too much in North America.
My recent post 250 off any 25 purchase of any Prairie Natural Products
Sometimes people are dealt a bad hand but I agree with life is what you make it. I'm living proof. I didn't have the helping hand 75% of my friends in high school did so I had to work extra hard at first. And now, I like to say I'm one of the more successful ones. I still work hard but I was able to succeed even without a lot of assistance other people have had. And you know what? Nobody has the right to critiize and judge on certain aspects but on some I think you do. I'm not saying we're personal finance gods or anything, because we all have little slip ups here and there but really? You're not complaining that the reason your not saving money is because of cable tv. And Til' Death Do Us Part is a good example of what people can cut back even though their not necessarily going to like it. People in general need to learn how to LIVE WITHIN THEIR MEANS!
My recent post New Savings Goals
Sometimes people are dealt a bad hand but I agree with life is what you make it. I'm living proof. I didn't have the helping hand 75% of my friends in high school did so I had to work extra hard at first. And now, I like to say I'm one of the more successful ones. I still work hard but I was able to succeed even without a lot of assistance other people have had. And you know what? Nobody has the right to critiize and judge on certain aspects but on some I think you do. I'm not saying we're personal finance gods or anything, because we all have little slip ups here and there but really? You're not complaining that the reason your not saving money is because of cable tv. And Til' Death Do Us Part is a good example of what people can cut back even though their not necessarily going to like it. People in general need to learn how to LIVE WITHIN THEIR MEANS!
My recent post New Savings Goals
Very insightful post. Definitely inspired me to think about some things. For one – why on earth was I living paycheck to paycheck as a teacher?
I'll definitely be linking to this post. Hopefully, it'll get more people thinking about their finances!
My recent post The spending monster strikes even with a list!
Very insightful post. Definitely inspired me to think about some things. For one – why on earth was I living paycheck to paycheck as a teacher?
I'll definitely be linking to this post. Hopefully, it'll get more people thinking about their finances!
My recent post The spending monster strikes even with a list!
I moved onto the collective contract at work, which was like a $10k raise. I did that JUST in time to keep us afloat – BF was out of work and while I MIGHT have been able to cover all our bills on my previous income, I wouldn't have been able to save anything. But once I did that, my income was basically the same as yours, and I was able to save at least $300 a paycheck too.
A lot of people just don't know where their money goes.
My recent post So young- so jaded
I moved onto the collective contract at work, which was like a $10k raise. I did that JUST in time to keep us afloat – BF was out of work and while I MIGHT have been able to cover all our bills on my previous income, I wouldn't have been able to save anything. But once I did that, my income was basically the same as yours, and I was able to save at least $300 a paycheck too.
A lot of people just don't know where their money goes.
My recent post So young- so jaded
[...] PF blogger who truly inspires me to track my spending and keep on keeping on. Krystal over at Give Me Back My Five Bucks has given me a lot to think about today with her post on Canadians living “paycheque to [...]
This is a great post and I think you said what a lot of people are thinking! People seem to blame all their life's problems on anyone but themself. They can think of a million reasons why they dont have money for this and that but they never want to admit that THEY are the problem! Its simple math really – spend less than you make. But so many people ( even me sometimes) cant seem to live by this simple equation.
My recent post August Recap
This is a great post and I think you said what a lot of people are thinking! People seem to blame all their life's problems on anyone but themself. They can think of a million reasons why they dont have money for this and that but they never want to admit that THEY are the problem! Its simple math really – spend less than you make. But so many people ( even me sometimes) cant seem to live by this simple equation.
My recent post August Recap
Krystal… you know what's going on for sure. My financial mess is all my own creation. but through some sporadic shifts in thinking and hard work… I occasionally live pretty good. Just to fall back into old patterns. I got to stay with it! Great post!
Yeah, even now 3.5 years later I seem to fall into a cycle of spending sometimes. And it's funny because once you start spending, I feel like you just can't stop. For some of us, saving is just not natural. I love buying the latest electronics and gadgets. I am not a saver. But I know that I have to do it if I want to have a secure future.
Krystal… you know what's going on for sure. My financial mess is all my own creation. but through some sporadic shifts in thinking and hard work… I occasionally live pretty good. Just to fall back into old patterns. I got to stay with it! Great post!
Yeah, even now 3.5 years later I seem to fall into a cycle of spending sometimes. And it's funny because once you start spending, I feel like you just can't stop. For some of us, saving is just not natural. I love buying the latest electronics and gadgets. I am not a saver. But I know that I have to do it if I want to have a secure future.
One way we can help others is also to be sensitive to their "means" – without being nosey, of course. For instance, I have a friend who more often than not genuinely can't afford to go to the movies. So it's cruel to invite him. A better option is to invite him over to watch a dvd. Sometimes we exert peer pressure without even meaning to. I wonder if we could exert peer pressure to live more simply? Krystal, you're doing an awesome job (creating *good* peer pressure) by posting how strategic you are with your money.
My recent post Your word has currency What’s it worth
Totally agree. I find that I'm planning social things with friends much farther in advance – so that they can either save up and anticipate for money being spent, or if they suggest hanging out I'll try and offer up something to do for free, or a cheaper solution. It's hard though! And I totally know how they felt, because a few years ago I was the friend who couldn't afford to go to the movies. :( I remember one day all of my friends were going out to lunch and I went too knowing I couldn't afford it – just wanted to be with friends! So I sat there and ordered an iced tea while everyone else ate really delicious looking lunches!
One way we can help others is also to be sensitive to their “means” – without being nosey, of course. For instance, I have a friend who more often than not genuinely can't afford to go to the movies. So it's cruel to invite him. A better option is to invite him over to watch a dvd. Sometimes we exert peer pressure without even meaning to. I wonder if we could exert peer pressure to live more simply? Krystal, you're doing an awesome job (creating *good* peer pressure) by posting how strategic you are with your money.
My recent post Your word has currency What’s it worth
Totally agree. I find that I'm planning social things with friends much farther in advance – so that they can either save up and anticipate for money being spent, or if they suggest hanging out I'll try and offer up something to do for free, or a cheaper solution. It's hard though! And I totally know how they felt, because a few years ago I was the friend who couldn't afford to go to the movies. :( I remember one day all of my friends were going out to lunch and I went too knowing I couldn't afford it – just wanted to be with friends! So I sat there and ordered an iced tea while everyone else ate really delicious looking lunches!
[...] Give Me Back My Five Bucks » Living paycheque to paycheque [...]
I was once one of these people who thought there was no way i could ever save off of my pathetically small wage, but once I wrote down all my incomings and outgoings I saw a lot of areas in which I could save. Yes it,s hard but it is definitely doable.
I was once one of these people who thought there was no way i could ever save off of my pathetically small wage, but once I wrote down all my incomings and outgoings I saw a lot of areas in which I could save. Yes it,s hard but it is definitely doable.