How is everyone dealing with their finances in this economy?

[activeStick]

Originally Posted by Sylvanfan

I tried to solve what some would call a revenue problem by considering a different job. So it would be a theoretical 7% increase in pay. But for a loser like me that's only 580 a month. It's not a work from home job, but has better benefits. Probably a touch more growth opportunity. My estimate is that driving work that often will result in $240 a month of increased expenses which I think is an underestimate on my part. So after taxes in the end I'd only net like $140 a month and give up a lot of flexibility that I currently have. Plus it's 4 plus hours a week for commuting too that I don't have right now.

So looks like I need like at least a 10% increase to actually see any tangible gain if I was to go back to working in a office. Or find one a lot closer to where I live. Would be easier to see if my current employer can increase my pay by $200 a month. But shows how much I really need to fix myself if I want to get back to where I was two years ago and stop falling behind the pack.

You mentioned better benefits, which you also need to include in your calculations on how much more ahead you come out in that other job. Depending on your personal and family situation and what "better benefits" actually means, you still might come out on top!

And also, no, you're not a "loser"! $580 a month more translates to a 6-figure salary currently annually, which is better than many people out there who also have a family and kids!

[8sPOT]

I made a job change last November essentially to boost my income. I didn't think it would be feasible, as in it seemed too good to be true, but you never know once you start putting yourself out there.

Dont have to stick with the status quo, but it can certainly be scary making such a big change. I was with my employer 10 years and figured I'd retire with them, didn't work out that way but I couldn't be happier.

I applaud your efforts, taking that leap is easier said than done.

[blankall]

Originally Posted by Engine09

My job is fine, salary is decent but out of all my friends and most people I know I'm making way less. That's why I have to work sidejobs during evenings and weekends from time to time, it's exhausting and sometimes I get annoyed that I have to put in so many hours and bust my ass. Oh well.

Bought 10 years ago, have done all renos myself. I'll likely sell and downsize when I'm older.

Sounds like your issue is more with your own career path. Living with a partner and potentially having kids is not going to make that seem any better.

You seem to be down on yourself about it already, wait until you feel the pressure of having to provide for others, or you end up with a partner who points out your failings (yes, many do that).

One good thing about being single is that you have way more flexibility. Taking the time to look for other jobs, increase your skills, get more education is a lot easier when you only have a single person's bills coming in.

I mean sure, if you managed to find a partner who earns just as much or more money than you and evenly splits the bills, without also wanting to increase the cost of your lifestyle, you could be better off, but good luck with that.

[CliffFletcher]

Living with other people - married or otherwise - really is cheaper. Complaints that your households winds up spending more on frivolous things once you’re married just illustrates that you have more surplus income to spend on that frivolous stuff.

[blankall]

Originally Posted by CliffFletcher

Living with other people - married or otherwise - really is cheaper. Complaints that your households winds up spending more on frivolous things once you’re married just illustrates that you have more surplus income to spend on that frivolous stuff.

Really depends on the partner you get. My experience has been the opposite. I save $500 or so on rent, but spend so much more money on other things.

[Shazam]

Originally Posted by PaperBagger'14

Did you ever find out who it was that left the “poor” review? That’s a real prick thing to do. It would be one thing if they legit had a bad experience but to screw someone, financially, over their opinion of dogs is ridiculous.

There are an insane amount of fake reviews on Google, good and bad.

[Sylvanfan]

Originally Posted by activeStick

And also, no, you're not a "loser"! $580 a month more translates to a 6-figure salary currently annually, which is better than many people out there who also have a family and kids!

On this board that's like 40% of what the average person makes I think. I deserve the criticism.

Two kids who need some pricey orthodontic work...for a couple years that extra coverage for that which currently comes out of my health spending would help.

That said, with my wife and I both working there is value in one of us being at home to take kids to the dentist/doctor activities without really missing work. Recently when my Mom had to have a hip replacement done, having a lot of work flexibility was a massive benefit in being able to drive her places plus my kids as she couldn't do much during that time.

On one hand I hate to leave an okay job after using that flexibility. On the other the increases in my expenses are real, and I need to do what's best for me. These 5% hikes on property taxes and food and other items with no wage is getting harder to absorb.

[photon]

Yeah job flexibility has real value when family situations basically requires it. Part of me wants to try and move on to get a bump in salary, but part of me appreciates the flexibility and level of responsibility I have now and just wants to just do some stuff and collect my pay.

Problem is I want a bump but I don't want a big increase in responsibility.. or at least not one that requires having to be on call responsible for production system. I'm done with that.

[Jordan!]

Different country, but for me. I make good money, bought my house in 2016 and refinanced in 2020 sub 3% rate... very affordable house.

I'm doing "good" but if I didn't buy my house in 2016 I'd be screwed.. I do not understand how "regular" people are affording cost of living here in AZ or anywhere else for that matter.

[activeStick]

Originally Posted by CliffFletcher

Living with other people - married or otherwise - really is cheaper. Complaints that your households winds up spending more on frivolous things once you’re married just illustrates that you have more surplus income to spend on that frivolous stuff.

Yeah, I feel like most of the time, it is (like maybe, 75-80% of the time?). But some of my boys have been so lucky to marry some big spenders and it turns out worse despite the dual income (they've calculated it out for jokes lol) and they'd be way ahead if they only had their own income, but with their own spending habits.

[dissentowner]

Finances? What finances?

[activeStick]

Originally Posted by Sylvanfan

On this board that's like 40% of what the average person makes I think. I deserve the criticism.

Two kids who need some pricey orthodontic work...for a couple years that extra coverage for that which currently comes out of my health spending would help.

That said, with my wife and I both working there is value in one of us being at home to take kids to the dentist/doctor activities without really missing work. Recently when my Mom had to have a hip replacement done, having a lot of work flexibility was a massive benefit in being able to drive her places plus my kids as she couldn't do much during that time.

On one hand I hate to leave an okay job after using that flexibility. On the other the increases in my expenses are real, and I need to do what's best for me. These 5% hikes on property taxes and food and other items with no wage is getting harder to absorb.

Yeah, I can completely see the benefit to having one of the couple at home to manage everything, 100%. I hear you about the increases to expenses - everyone feels it. Sucks!

Originally Posted by Sylvanfan

On this board that's like 40% of what the average person makes I think.

It's funny you mention the 40% because in my experience, whatever people tell you in real life (as in, you are face to face), you can safely assume they are exaggerating by about 40% what they make. On CP? Try 65%!

[bizaro86]

Originally Posted by activeStick

It's funny you mention the 40% because in my experience, whatever people tell you in real life (as in, you are face to face), you can safely assume they are exaggerating by about 40% what they make. On CP? Try 65%!

Do you often find yourself discussing how much money you make with other people? I genuinely find that surprising.

[Wormius]

Originally Posted by Sylvanfan

I tried to solve what some would call a revenue problem by considering a different job. So it would be a theoretical 7% increase in pay. But for a loser like me that's only 580 a month. It's not a work from home job, but has better benefits. Probably a touch more growth opportunity. My estimate is that driving work that often will result in $240 a month of increased expenses which I think is an underestimate on my part. So after taxes in the end I'd only net like $140 a month and give up a lot of flexibility that I currently have. Plus it's 4 plus hours a week for commuting too that I don't have right now.

So looks like I need like at least a 10% increase to actually see any tangible gain if I was to go back to working in a office. Or find one a lot closer to where I live. Would be easier to see if my current employer can increase my pay by $200 a month. But shows how much I really need to fix myself if I want to get back to where I was two years ago and stop falling behind the pack.

Are you in a position where city transit is an option? It would at least bump up your take home pay, and while it’s not a lot, transit passed are tax deductible.

[Wormius]

Originally Posted by Shazam

There are an insane amount of fake reviews on Google, good and bad.

Reviews are basically the worst, and will be that way until there’s actually vetting of the reviewers.

[Sylvanfan]

Originally Posted by Wormius

Are you in a position where city transit is an option? It would at least bump up your take home pay, and while it’s not a lot, transit passed are tax deductible.

Not really. Closest bus stop to where I live is 1km walk away. It would take transit 90 minutes with all the connections to get there. I can drive my own vehicle there in 30. I could drive 15 minutes in a completely different direction to a park and ride to get it down to 60 on the bus.

For that much last time in a day...I'd be better off getting a part time job somewhere making minimum wage for 12 hours a week.

[Winsor_Pilates]

Originally Posted by CliffFletcher

Living with other people - married or otherwise - really is cheaper. Complaints that your households winds up spending more on frivolous things once you’re married just illustrates that you have more surplus income to spend on that frivolous stuff.

With marriage, often comes kids, which brings the need for a bigger home, bigger vehicle (or 2), kids expenses, more food, kids eductions, kids sport etc.
There are way more expenses that come and are not frivolous.
This also often take one person out of the work force at least part time; so you end up with 1.5X income but 3-4 people to supply for and higher base costs.

Now if it's 2 incomes and no kids, fair point; that would be cheaper.

[Flames Fan, Ph.D.]

Originally Posted by Sylvanfan

I tried to solve what some would call a revenue problem by considering a different job. So it would be a theoretical 7% increase in pay. But for a loser like me that's only 580 a month. It's not a work from home job, but has better benefits. Probably a touch more growth opportunity. My estimate is that driving work that often will result in $240 a month of increased expenses which I think is an underestimate on my part. So after taxes in the end I'd only net like $140 a month and give up a lot of flexibility that I currently have. Plus it's 4 plus hours a week for commuting too that I don't have right now.

So looks like I need like at least a 10% increase to actually see any tangible gain if I was to go back to working in a office. Or find one a lot closer to where I live. Would be easier to see if my current employer can increase my pay by $200 a month. But shows how much I really need to fix myself if I want to get back to where I was two years ago and stop falling behind the pack.

You're absolutely not a loser.

In addition to the other poster's great comment about the value of the benefits, also keep in mind that future pay increases at this job will come from a larger base salary. That might not immediately feel that life-changing, but it adds up.

Just as a hypothetical, if you got a future 10% raise from this job versus your current, that would leave you at 1.18x your current salary versus 1.1x. That 7% raise grew by another percentage. That might not sound like much but if you're taking home 100,000 that's another grand a year which means now your annual cell phone plan is free!

At least for me, framing these little incremental gains in a positive light always felt good. Plus it'll keep adding up.

[Sylvanfan]

I don't know if this is the place, but hearing a lot of stories about people taking their own lives these past couple of days. Which is absolutely terrifying to me. I don't have any drug addictions, drink very moderately, and for the most part enjoy the benefits of good health. I'm fat and that's my fault, and I know I can fix that.

But if finances or other stress are leading people to dark places that is scary. Please reach out to people and think about what you'd leave behind. Things can always change for the better for everyone if you want them too.

[dissentowner]

Originally Posted by Sylvanfan

I don't know if this is the place, but hearing a lot of stories about people taking their own lives these past couple of days. Which is absolutely terrifying to me. I don't have any drug addictions, drink very moderately, and for the most part enjoy the benefits of good health. I'm fat and that's my fault, and I know I can fix that.

But if finances or other stress are leading people to dark places that is scary. Please reach out to people and think about what you'd leave behind. Things can always change for the better for everyone if you want them too.

It's the damage I would do to my kids that keeps me going. Otherwise I would have ate a bullet by now and I would have been happy to do it! Body shattered now, broke by the end of the first week of the month, no light at the end of the tunnel, popping pain pills like they are fn Pez. Actually, I probably couldn't even stand anything if it were not for trying to get info for this board and the community here so I owe CP a debt of gratitude. What a fn life...