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Shannon S | We make over $90K per year, but we're always broke? Does anyone have an idea what direction to take? CPA? |
Seriously, after bills are paid, we have approx. $2000 left over, but we still live pay check to pay check. We've tried to track our spending, however, we end up arguing about who spent what and where? Should I find someone to handle all of our bills, give us an allowance?
Additional Details
I understand the income after taxes..I use the amount we actually "bring" home for the budget. I've signed on to mvelopes...free month to check it out. However, I see that it will take much longer than a month to see any results. Also, I have made a commitment to track every cent I spend. I started this week, he took $125 on Monday, I had $225, however, I paid the bills, which left me w/ $40.02 for the rest of the week - this would cover myself and two kids. We made it just fine, too. Didn't eat out, watched the gas usage. When you don't have it, you can't spend it. HOWEVER, he called to inform me he was OUT OF MONEY!!!! 4 days - and he was out. Did he track his money???? Um, no, he didn't have time. So, the theory that more is going on, yea, I think so. |
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IAskUAnswer
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The reason people often find themselves living to paycheck to paycheck even after they get a significant salary increase, or the reason people who live on $40k don't understand why people on $90k still have to live paycheck to paycheck is standard of living choices.
When people get a raise, rather than still living the way they are, they take a step up, so they still end up not being any better off financially.
Making what you make, you're are probably living fairly well of with the high cost cars and houses, when probably you don't need them at the level they really are. There are probably things in your life that you have that you could downgrade and still find perfectly acceptable so that in the end you would have more money left over at the end of the month.
I would suggest reading up on budgeting, or finding a financial advisor who could assist you in creating a reasonable budget that would allow you to live comfortably, pay your bills, and still be able to put money aside. |
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Holly G
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The direction you should take is to stop spending money on things you don't need. If you have $2000 left over put $1000 in a savings account you can't touch. The other $1000 divide in half and that's all you can spend on recreation for the month. $500 each should be more than enough every month. |
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jls
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listen to Dave Ramsey and get his books from the library -- budget and use the envelope system -- budget budget budget !!! --- think twice before spending any money -- be conservative |
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Soubrause
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If you don't track your spending you'll never be able to control it. In most couples over buy on housing and cars; each car should not exceed 1/2 of the primary drivers annual income. How much do you spend on lunch every day? starbucks? |
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Jackie
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i would say have someone take care of your bills and give you allowances or you could put a percentage of your check into a savings account and collect interest but dont touch the money thats going in. you could also hire a financial consultant they can help you set up a budget, a savings plan or investment plan, they should also be able to help you monitor your spending.
my boyfriend is the only one that works in my house. he brings home about $30,000/yr. he takes care of all the bills, food ect. for himself, me and my daughter. we live paycheck to paycheck but after i payout the weekly bills we have about $50/wk to get food and gas and we make it just fine. I do get $50/wk for childsupport and I get money back from my student loan quarterly |
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EmptyStomach
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Well, if you make $90K for 2 people and you live in New York City, you're gonna be pretty poor. Where do you live? That makes a huge difference.
Obviously, you're spending more than you should. Take a close look at major items, like rent, and car/insurance payments. Maybe you need to move to a cheaper place, or get a less expensive car. Are you buying too many clothes? going out drinking/clubbing a lot? You can easily burn a $100 at a club if you include entry fees, and a couple drinks. Do you have a lot of debt? credit card debt or something? get a consolidation loan to get some of those payments under control.
Another thing you can do is have savings deducted from your paycheck before you ever see the money. You can put a few hundred a month into a different account and then spend the rest. |
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nniicckk79
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You are not a lone. Many married couples make over $100k a year and they are still broke with Uncle Sam taking a lot in taxes, and not saving, spending wisely. Getting an accountant might not me a bad idead so you can see where your money goes, and way you can cut, or make changes. |
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Spock (rhp)
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here's what my wife and I did:
1st. we agreed that we would BOTH write down every cent we spent. on anything at all and in any way [cash, check, credit card, bill me later, whatever].
if you husband won't agree to do this -- get a divorce. he's a bankruptcy waiting to happen.
2nd. do it. literally write down EVERY cent spent on everything. EVERY day.
3rd. total them every weekend [or whenever your off time is]. We used a database program in a computer ... easy totals. Excel works, too. Divide into logical categories.
4th with about 8 to 13 weeks' total data, make categories better and firmer. Then calculate averages corresponding to length of your pay cycle. [13 weeks = 3 months] check to make sure that total recorded spending is approx correct amount as per income and bank balances.
5th make a list of everything else you can think of that you've spent money on [everything not in one of the categories] and guess at your annual total expenditures. our list had things like trips, tires, car repairs, auto insurance, home insurance, Christmas, birthday gifts, etc.
the combination of 4 and 5 [adjust for pay period as needed] is your 1st guess at actual spending per year.
6th. begin depositing 10% of every pay check in a separate account -- the savings account.
7th spend however long it takes to come to an agreement on how to cut the total spending to 90% of your income.
8th then figure out how to pay off all of your debt and put enough in the bank to avoid all bank service charges. Cut spending enough more to do this.
9th every year, on the anniversary of your agreement to follow the plan, make sure to have a celebration for just the two of you.
after about a decade of this, you'll need to address your lifetime financial plan, including retirement. By then, you should have about one year's income in the savings account.
GL |
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nealeclark
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The easy way to get control.
You have $2,000 left after paying bills right? Take 1/2 of the $2,000 and put it in a savings account. This will start your emergency fund. You only touch this in an emergency (no a real emergency). Build this savings account up to where you have enough $$$ to pay 3 - 6 months of living expenses.
At that point start putting that $1,000 away in some diversified mutual funds.
Remember, it's not how much you make, it's how much you keep that determines if you are rich or not.
Don't spend all your money trying to look rich. Save at least 10% of your take home pay and eventually you wont need to look rich, you will be rich. |
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heyteach
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You need a budget. Set aside some time when you both are NOT going to get angry with each other--just agree on that in advance. Sit down with the bills and identify what is a necessary expense and jot those down.
After you have your necessary and relatively fixed expenses (mortgage or rent, taxes, insurances, student loan, car loan) you can see what is left. You're going to need to figure from that you need that is a bit more flexible but necessary
utilities
food
clothing
car maintenance
etc.
You need to also decide on financial goals. Are you well insured? (Health, disability, car, homeowners, life?)
Do you have an emergency fund where you could pay all your bills for at least 3 months with no additional money?
Have you maxed out your IRA choice?
Have you contributed to your 401(k) at least to the extent matched by your employer (IF he matches)?
Do you have additional retirement savings/investments?
Are you putting something away for your replacement car, appliances, etc?
You'll see you've got issues--that's why you're paycheck to paycheck, but it will give you a clue WHERE you're falling down. Maybe your house or car are too expensive--you may have to sell. Maybe you spend too much on food, clothing, etc. You'll have to discuss and prioritize.
Remember you do NOT earn $90K--probably it's closer to $45K AFTER TAXES. THAT is the figure you need to work with (and make sure you're having the right amount withheld within a grand should be completely doable goal).
Whether or not you hire someone, you'll have to dig all this info (and more) up anyway. You should be able to create a BUDGET you can both live with--you may need to each walk around with a little memo book and when you want to make a non-necessary purchase, jot that info down and treat it like a check register. Can you afford that "little purchase" or are you overdrawn already?
If you've got shared goals and both looked at the black and white and determined how much "flex" money there is each month, then you both determine how you manage to stay within that budget. You do not have to tell him he can't buy "big boy toys" and if you insist on having your hair done monthly, if you're not blowing the budget, so be it. You will both discipline your own spending within your predetermined framework.
Sounds somewhat easier than it is and you don't get it all done in one session either. There will also be times when someone blows the budget. Instead of a hissy there are options--either do some extra work or sell YOUR stuff to make up the deficit or make it up the next month.
If that all causes heart aches and fights, then the problem is NOT money. You need couples counseling. For most people money fights are a proxy for something ELSE. If you made $20K that might not be true, at $90K, it is. I don't mean you're rich but you are making a livable income.
While I understand the desire for an "allowance" from a CPA you have to do most of the work AND it's really not fair to make him "parent" your spending. You two need to work this out TOGETHER. You can do it.
Good luck. |
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Soy Yo
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No, You just need to understand how money works and to be honest, you need to grow up. The best money management system I have found is Dave Ramsey's "Total Money Makeover". It goes through 7 very easy to understand steps and if you follow those, you will be able to get control of your finances. Letting someone else control your money is not a good idea. Can you really count on someone else to look after your best interests and not their own?
Check out this website to get you started.
http://www.daveramsey.com/ |
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