Reply to Why is it hard for some privileged people to realize that saving is hard?

Forum Index » Money and Finances

Reply to "Why is it hard for some privileged people to realize that saving is hard? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Don’t pay for your own graduate education, live further out and commute, send kids to public school, don’t eat at restaurants, have fewer kids...there are many ways to live within your means and save. Most don't.[/quote]

Many can’t live within their means because their income doesn’t cover basics. I have posted before about how my cousin and I both grew up poor, she worked hard and did everything “right” (including not having any kids) and she is still poor. Not DCUM poor, but federal government poor. She’s stuck in a city with few prospects and can’t save up enough to move somewhere that does. I made a fair number of “errors” and ended up in the middle class after marrying a man with family money and moving to a city with economic opportunities.

I wish there was a relocation option type federal loan that would allow people 18-35 to borrow $5-10k to move to certain areas desperate for young workers and families. They could start repaying it after a year. Maybe with some forgiveness if they remain employed in that area for three years. [/quote]

If your income does not cover the basics, then you need to move the level of basics.  If you are living paycheck to paycheck and cannot save, then you are living beyond your means. Unfortunately not every federal civil service income can make all of the choices.  If you can barely cover your mortgage, utilities, food, car, gas, etc, then you either need to find a way to increase your income, such as taking a second job, or decrease your expenses, like selling your home and moving to a cheaper house (either smaller or farther out, or sacrifice better schools for weaker schools, etc) or perhaps cutting back from one car to two cars.  Even if the car you get rid of is old and paid off, you can still decrease your expenses by decreasing the insurance you pay on the car.

I know a number of civil servants who moonlight on the side.  In most agencies, as long as the second job you take is unrelated to what you do in your primary job, you can be approved for a second job.  For example, I know a few people who moonlight at Target or drive for Uber.  I know one guy who is a weekend doorman/watchman at an apartment building.  I, myself, work as the equivalent of a referee in a sports league.

Yes, it isn't great having to work a side hustle, but you do what you have to do to make sure that you provide whatever financial security you can for your family.  I would personally never be happy living completely paycheck to paycheck and not having any emergency fund at all.  This is part of why I started with my side hustle years ago.  Now, I enjoy it and enjoy the activity and appreciate that although it pays significantly less than my day job, the money it brings in goes right into an emergency fund that is there in case my family needs it.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics