60% live paycheque to paycheque

iVillage Member
Registered: 08-24-2007
60% live paycheque to paycheque
11
Tue, 09-15-2009 - 7:28am
Majority of Canadian employees living paycheque to paycheque, survey shows

Just thought I'd share this article about a survey by the Canadian Payroll Association.

Kate


empty purse

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iVillage Member
Registered: 07-05-2006
Tue, 09-15-2009 - 9:24am
My debt is almost payed off and I'm still basically living paycheck to paycheck as well. I'm trying hard! I've almost got my emergency fund, funded. I'm starting to put away the amount that it takes to pay my mortgage every week into savings so I won't get behind again, but yes...if my husband lost his job, we'd be out of luck! How can you get yourself out of the 'hand to mouth' mentality! I've been living this way all my life.

iVillage Member
Registered: 03-27-2005
Tue, 09-15-2009 - 10:42am

I'm living paycheck to paycheck as well. I have no debt outside of my mortgage.

stacy

iVillage Member
Registered: 08-04-2008
Tue, 09-15-2009 - 11:27am

And if you think an increase in income would help - it does not.




iVillage Member
Registered: 11-14-2008
Tue, 09-15-2009 - 12:48pm

I guess you can count me in for this one. If myself or bf lost our jobs we would not be able to make ends meet. Although it would be close if we changed some things. We could lower his student loan payments,sell our car and get something cheaper(Can't believe we have had that car for 3 months already and I know exactly how many more payments it will take to become fully ours!). Those would be last resort though. There is high employment in this area and both of us could get another job with our education and experience. I am confident on that. It would certainly hinder our debt repayment.

I do have some equity in my store and sales have been consistent here for 5 years now. Unless there was a drastic change I can see that continuing on the same path. I am coming up on a slow time which is why it would be fantastic to not have this huge draw on my credit line anymore(my land and building loan). That is why it is my next goal. It will make the business worth more, ease up on my business credit line, get my business credit line moving in the right direction (lower!!) which decreases stress for me. I had a dream last night that I still paid myself the same salary and only worked 3 days a week. That could really happen if I give this some more time. I don't think I would do that because I still have so many goals, save for education, retirement and new house, which may include giving myself a raise :) instead of working less. But it is nice to know that I could if I was sick or needed a break, or wanted to explore other career options?? But that is a couple years down the road and anything could happen in between there.

Wow I really got off topic there. Pardon my rambling!


iVillage Member
Registered: 05-20-2005
Tue, 09-15-2009 - 1:02pm
We live paycheck to paycheck also....and we only have one income right now.
Wedding
iVillage Member
Registered: 10-01-2008
Tue, 09-15-2009 - 1:08pm

Well, you can count this US couple in that category also.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 08-24-2007
Wed, 09-16-2009 - 7:08am

Interesting comments.


The crux of what everyone is saying is that living paycheque to paycheque might not be bad, if it means you are achieving a long-term goal (i.e. debt repayment, owing a business or retirement).

Kate


empty purse

iVillage Member
Registered: 11-14-2008
Wed, 09-16-2009 - 11:32am

I suppose if you think you live a zen life then you do. I know I don't so I have to live with that LOL!

I am not sure that living pay cheq to pay cheq would bother me or not(probably, I would work more)? I do know living above my means(living under pay cheq to pay cheq) would. I figure if I am working towards building a business and paying off debt that will end at some point and then I can save for things I want with the left over after those goals are met.

I made a fresh bean soup that did not turn out a few weeks ago. I thought of you and now I know how you felt with your chili. It just wasn't as funny as your story!!!


iVillage Member
Registered: 08-24-2007
Fri, 09-18-2009 - 5:26am
LOL, did you eat the bean soup?

Kate


empty purse

iVillage Member
Registered: 11-14-2008
Fri, 09-18-2009 - 1:17pm

Nope couldn't do it and I wouldn't even let my bf try it. That bad!!


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