Quote:
Originally Posted by Kybosh
Good advice, I wish I had been better at budgeting and put away 10% of my $1500/month. Come on, it isn't simple as that and depends on a lot of other factors.
It's funny though, the bank classifies me in one of the highest earning potential brackets (which is why I was able to get my mortgage) but I struggle to make ends meet even with my frugal lifestyle. Stupid academic research.
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I think you're exactly the kind of person username was talking about.
You only make $1500/month, you have a mortgage, and you can't find $150/month to put away as savings?
Traditional wisdom is that you shouldn't spend more than 1/3 of your income on housing, so assuming that $1500 is after tax, and assuming your mortgage (never mind property taxes, etc) is more than $500/month, then yeah, traditional thought on the matter seems to indicate you're exactly in the category of people who are living beyond their means.
Yes there are a lot of things that go into how much you can save, but there's a reason the term "house poor" exists.
If you're in a position where you're unable to save for the future (no just paying for a house isn't saving for the future) then you've got a few options:
1) try to find a job that pays better (probalby the hardest)
2) cut down on discretionary spending
3) reduce living costs (may be rent vs mortgage)
4) be prepared to work forever