Living pay cheque to pay cheque!!

there are many more people, who don't even do that, they just rack up debts on their credit cards

if you think about it, for a person who earns 500 after tax, after paying rent/food/bills there isn't much money left to spend.
 
Kim5 said:
omg i cant believe how many people live from pay to pay. People in the your say section after the article are overdrawn because of the bank stuff up.

How do people live like this. I'd be stressed out if didn't have a buffer behind me!!
Click to expand...

My wife is now running the staffing office for a large hospital and deals with all their pool and agency staff - if there is ever a problem with pays, they get a LOT of upset people - missed rents, missed mortgage payments, etc ... she was always amazed at how little control people seemed to have over their finances.

... but then again I guess most of them don't have interest payments approaching $30,000 per month coming out of their accounts :rolleyes:
 
Well, in Sim's case, if he was paying 30k interest, he would've had another 30k wiped out of his account, potentially overdrawing on his account.

Now i'm not sure if having 30k in savings account is 'living pay check to pay check'...:D
 
I know plenty of people who live week to week or worse than that, they live credit card statement to credit card statement which is pretty sad.

Funny thing is they mostly have well paying JOBS. Wonder what they do with their money? If a minor glitch minor occurs they are in trouble.

Whats even worse tho is many of them know they will be saved when their parents die and they get the house or proceeds of the house to save them. As they are in their 40s, they know it wont be too long.

If you think that's abit harsh, a few have told me exactly that straight up. :eek:

One couple i know with two teenagers led a life of consumer spending, no saving, travel, lots of doodads, renting houses as could never afford to save a deposit to buy one.

When the husbands parents died (the parents had a ppor & few IPs) they bought a house and new cars etc. They then boasted to everyone how well off they were, how great their house was etc etc.

Not a mention of how they didnt do a thing themselves tho. I hate that attitude and i've seen quite a bit of it in my 40s.
 
Bank staff had earlier informed customers that a "processing error" was behind the glitch and that the company was working to fix the problem.
Click to expand...

I can just imagine there's one poor guy at the centre of this that stuffed up and he's sweating it big time with the boss.
 
boomtown said:
Some people had their entire accounts emptied. Buffer would not have helped.
Click to expand...

Yes it would certainly depend on the amount and how much buffer people have. Most of the people I know however live pay to pay, it wouldn't appear to be uncommon to me.

I made a transfer of 5k over the weekend and the CBA took 10 from my account, when I rang the bank (before seeing the news headlines) the guy sounded very stressed - obviously he had taken a number of calls over it. I think he was relieved that I was ok about it. It's back as of this morning though.

Cheers
 
A lot of people generally don't leave a lot of money in their day to day bank accounts, instead paying into their loans etc. So if a double payment is taken, and they overdraw, it doesn't necessarily mean they live from pay to pay. In this digital age, money gets transferred all over the place, and sometimes takes 24 hours or more to get back to your account. So I can understand why some can get in trouble over this, even if they are not broke.
 
Exact same thing happened to me, I made a transfer on monday of about 5k, into another of my CBA accounts, and the account that I was drawing it from became 10k less, so I think it doubled the transaction somehow.

I thought I actually made the mistake so I transferred it back yesterday not reading the headlines. I checked in my bank today and everything seems back to normal.

I used to live from Pay Check to paycheck, and not worry at all about future security of my assets, but things change as you get older and priorities become more important.

There are a few people in my office that if the salary is one day late they get very very upset and say that they can't pay their bills. I understand where they are coming from, but I can also see how easy it is for them to turn it round so they have control.
 
Well, I keep most of my money in a high interest account and just make sure I tip enough into the transaction account to keep it happy. I think what happened is disgraceful. Every debit transaction for three days was duplicated. If that was a time when you had paid gas and electricity and mobile phone bills, and mortgage bills - well, I would be a little peeved too. I was peeved recently when our PM was two days late paying the rent into our account. Why? They only pay it once a month anyway, and that meant they had a huge amount of money sitting in THEIR bank and not mine!
 
I had over a $1000 in my account, and it was wiped clean yesterday. I had someone come in to put some curtains and had to pay $800. Very nearly stuffed me up - lucky the transaction which was doubled was a transfer I did to another account of mine.
 
evand said:
Whats even worse tho is many of them know they will be saved when their parents die and they get the house or proceeds of the house to save them. As they are in their 40s, they know it wont be too long.

Not a mention of how they didnt do a thing themselves tho. I hate that attitude and i've seen quite a bit of it in my 40s.
Click to expand...

This attitude is even more frustrating when it's held by people close to you...

I am constantly amazed at peoples' laziness.
 
I remember a few years back redrawing $40K off our mortgage only to have the bank process the debit into our account 34 times.....we had something like just over $1 million deposited, with matching withdrawal entries all in the same day. The mortgage balance was correct. At that time the CBA blamed the bloke at RAMS for pressing START on the batch job update 34 times.

Cheers
Buddybee
 
Buddybee said:
I remember a few years back redrawing $40K off our mortgage only to have the bank process the debit into our account 34 times.....we had something like just over $1 million deposited
Click to expand...

Whatever happened to the old Monopoly game concept of "bank error in your favour" ? :D
 
I know of some people who live like that here at work. I happened to comment about the bank glitch and a lady here said she lives pay cheque to pay cheque and thats how she got in trouble with credit card debt. Another lady here needs to borrow money if we go out for a special lunch before she gets paid. I know cos i lent to her twice. Got my money back the day she got paid.

I dont understand why some people dont know how to/or dont bother to budget and manage their money. Surely (as long as your not unemployed) you would be able to put aside at least $100 a fortnight, so you can use it when needed. What do these people do when something breaks down, or some unexpected expense comes up. How do they sleep at night.

I couldn't live like that, I wouldnt be able to sleep at night. When I was renting and on a low income of only $35 K a year i managed to save $150 a fortnight. Now that im on $47 K pa Im going to be saving $350 a fortnight. It can be done. You just have to manage your money
 
I know people who get paid on Thursdays, and by the end of the weekend, they have no money left. Their own fualt though, bozzing it up on the weekend.
 
I used to think that I'm safe because I have a big buffer in Offset account - a buffer that I can't use :eek: when the bank stuffs up!
 
You must log in or register to reply here.

Similar threads

C
$85k pa and living pay chq to pay chq
6 7 8
Replies
143
Views
17K
Alex P Keaton
Alex P Keaton
Xenia IM
Paying yourself first
5 6 7
Replies
127
Views
26K
MIW
M
P
Chile
2 3
Replies
50
Views
14K
PJ1
P
Xenia IM
What are you grateful for?
2 3
Replies
56
Views
9K
geoffw
geoffw
the_captain
eBay Money Back Guarantee - be careful and need advice
2
Replies
32
Views
5K
Lamingtons
L
Back
Top