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
First of all, it’s important to acknowledge that you are not alone in feeling this way. Many people, including those with higher incomes like yourself, struggle to save money due to various financial commitments and lifestyle choices. It’s commendable that you are seeking advice and empathy from others in a similar situation.
Given your background as a CPA, you likely already have a good grasp of financial principles and strategies. However, it’s always helpful to revisit your budget and look for areas where you can potentially cut costs. This could involve renegotiating certain bills, limiting discretionary spending, or finding ways to increase your income through side hustles or investments.
Considering your family situation with a spouse and child, it’s crucial to have open and honest communication about your financial goals and priorities. Together, you can explore options for managing your expenses and finding a balance between living comfortably and saving for the future.
It may also be worth considering long-term strategies such as refinancing loans, creating a savings plan, or seeking the help of a financial advisor. Remember that financial stability is a journey, and it’s okay to seek support and guidance along the way.
Ultimately, it’s essential to prioritize your financial well-being and make intentional choices that align with your values and goals. By taking proactive steps and seeking support from others in similar circumstances, you can work towards achieving financial security and peace of mind.