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Mom Confessions Mom Confessions

paycheck to paycheck

Anonymous
Posted by Anonymous
  • 67 Replies
We live paycheck to paycheck right now. Starting Monday he will be working 50 hours instead of 40 hr. His checks will be close to a $1000 a week now.

Currently 40 hr he bring home 700. I usually put $300 back a week. That leaves $400 left. Then I put $150 back for his gas that leaves $250 left and I buy food between $100 to $150. The rest is usually used for gas in my car, stuff for the house. Usually by payday we are either broke or have $50 bucks left.

I am trying to figure out with a little extra overtime nowm I would like tp start putting back for Christmas. I did have some put back but some unexpected expense came upm I had to get s new washer and then new tires and dh had a $250 ticket and the rest was used to get school supplies and clothes.

So anyways, I would like to put back for Christmas and try to put some in a savings account so when we have unexpected expense we will be fine. It is only $300 extra a week and I don't know how much to put back for Christmas and how much to put in savings. I was thinking $50 a week for Christmas to get my Christmas money back up and maybe $100 a week in a savings account.

How would you guys do it. This job may be permanent or temporary. We don't know yet. And he is also able to split gas with his brother now because they can ride together. So there is also a little more. Now instead of $150 it will be $75 in gas.
Posted by Anonymous on Aug. 23, 2014 at 1:48 AM
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Replies (1-10):
Anonymous
by Anonymous 1 - Original Poster on Aug. 23, 2014 at 1:54 AM
Bump
supermama322
by Kaylee on Aug. 23, 2014 at 2:02 AM
Hmm. Idk, in your situation I would probably just save all the overtime from his cheques and dip into it for Xmas shopping when the time comes.
ame85
by Chemistry cat on Aug. 23, 2014 at 2:06 AM
1 mom liked this
Save everything you can. You need at minimum $500 for emergency money. For Christmas think $2-300 would be more than enough. Save the rest for vacations, emergencies, etc.

Do you have an IRA? If not, consider having at least 5% of his income deposited into the IRA.

Congrats on the raise :-)
Anonymous
by Anonymous 1 - Original Poster on Aug. 23, 2014 at 12:16 PM
Bump
Snakecharm
by Platinum Member on Aug. 23, 2014 at 12:20 PM
Save 1k in your savings account for emergencies. AFTER that is saved put a little aside for Christmas. Do you have any debts other than the house? If so then you should next pay that down. Once you have no debt save as much as you can until you have 4-6 months of an emergency fund. Once that is done open an IRA put 15% of income into that.
Anonymous
by Anonymous 2 on Aug. 23, 2014 at 12:21 PM
If you've been able to put $300 back a week, you're not living check to check. If more is coming, you'll be just fine.
Anonymous
by Anonymous 1 - Original Poster on Aug. 23, 2014 at 12:23 PM
That $300 a week is bills money. I put $300 a Week to make sure all bills get paid. That isn't hustling extra money. Every bit is for bills.

Quoting Anonymous 2: If you've been able to put $300 back a week, you're not living check to check. If more is coming, you'll be just fine.
Anonymous
by Anonymous 1 - Original Poster on Aug. 23, 2014 at 12:25 PM
Thankfully the only debt we have is a car note and we only have $2000 left to pay on it off.

Quoting Snakecharm: Save 1k in your savings account for emergencies. AFTER that is saved put a little aside for Christmas. Do you have any debts other than the house? If so then you should next pay that down. Once you have no debt save as much as you can until you have 4-6 months of an emergency fund. Once that is done open an IRA put 15% of income into that.
BratPunk
by Member on Aug. 23, 2014 at 12:30 PM
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Snakecharm
by Platinum Member on Aug. 23, 2014 at 12:30 PM
Great. As long as he keeps the overtime you will be in good shape. You really need that savings up though. Don't go crazy this Christmas.

Quoting Anonymous 1: Thankfully the only debt we have is a car note and we only have $2000 left to pay on it off.

Quoting Snakecharm: Save 1k in your savings account for emergencies. AFTER that is saved put a little aside for Christmas. Do you have any debts other than the house? If so then you should next pay that down. Once you have no debt save as much as you can until you have 4-6 months of an emergency fund. Once that is done open an IRA put 15% of income into that.
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