Anyone else barely saving any money?
For context, I’m a CPA & make $90k in a MCOL area. Life happened pretty fast and I’m now married with a kid and have a pretty expensive mortgage, car payment, etc, and my spouse has a large student loan payment that I help with. Between these things and other normal life expenses, I feel like we are barely saving money as a family. I know there are things we could do… try to cut expenses, different housing, blah, blah, blah. But I’m just curious if anyone else out there is in a similar position essentially living paycheck to paycheck due to rising costs and the desire to live a comfortable lifestyle.
One response
Living paycheck to paycheck is a common struggle for many families, even those with higher incomes like yours. It sounds like you have made some significant life changes recently, such as getting married, having a child, and taking on more financial responsibilities. These changes can quickly add up and make it difficult to save money.
First of all, I commend you for being aware of your financial situation and seeking advice on how to improve it. As a CPA, you likely already have a strong understanding of budgeting and financial planning, but sometimes life circumstances can make it challenging to stick to those plans.
One strategy you could consider is creating a detailed budget that outlines all of your expenses and income each month. This can help you identify areas where you may be overspending or where you could potentially cut back. It might be helpful to involve your spouse in this process so that you are both on the same page about your financial goals.
Additionally, you mentioned the possibility of cutting expenses or exploring different housing options. While these decisions can be difficult, they may be necessary in order to free up more money for savings or other financial goals. It could be worth sitting down with your spouse to discuss your priorities and determine what sacrifices you both are willing to make in order to improve your financial situation.
Finally, it’s important to remember that living a comfortable lifestyle doesn’t necessarily mean spending a lot of money. Simple changes like cooking at home instead of eating out, shopping at thrift stores, or finding free or low-cost activities for entertainment can all help reduce expenses without sacrificing enjoyment.
In conclusion, you are not alone in feeling like you are barely saving money despite your income. By taking a closer look at your expenses, setting clear financial goals, and making thoughtful decisions about where to prioritize your spending, you can take steps towards improving your financial situation and building a more secure future for your family.