From the course: Accounting Foundations: Budgeting
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Living from paycheck to paycheck
From the course: Accounting Foundations: Budgeting
Living from paycheck to paycheck
- You're familiar with the phrase living paycheck to paycheck? - Yes I am. Living from paycheck to paycheck means that you don't have any available savings. So your living expenses for the week are paid for out of your paycheck for that week. - So have you ever lived paycheck to paycheck? - Yeah, I remember in our early married life, my wife Ramona and I didn't have any surplus cash. We lived off what we made each week, and it wasn't very much. You remember that basement apartment that Ramona and I lived in back in the day? - I do remember that. Let's just say, your apartment was humble. Now, tell me how you were able to make ends meet while you were living paycheck to paycheck. - Well I'll tell you this. I've never used my accounting skills in the home as much as I did back in those days. We had to carefully track and budget all of our cash inflows and cash outflows. It was a very good experience because we learned very quickly how to control our spending to live within our means. -…
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