Comments on: Live on Less Income - Give Yourself a Voluntary Paycut

By: The 123rd Carnival of Personal Finance (The Boo! editinon) | The Dough Roller

Sat, 10 Nov 2007 15:23:52 +0000

[...] Live On Less Income - Give Yourself a Voluntary Paycut (@ Cash Money Life): “This article is about spending less than you earn, so you can have a financial buffer which you can use to pay down debt, invest, or be prepared for the worst.” [...]

By: Jeff

Jeff — Sat, 20 Oct 2007 18:23:03 +0000

I think this is pretty solid advice. I started this a couple months ago. I am working on building an emergency account right now, and once I get that built up, I will start putting the extra money into retirement funds.

By: Patrick

Patrick — Fri, 19 Oct 2007 02:51:17 +0000

I’m glad you enjoyed it. If you haven’t read NCN’s post, I recommend it as well - that was the inspiration for this post.

Working this situation out on paper (or at the minimum, in your mind) is a great way to try and realize how you would be affected by an income change. Doing this in real life is a great way to get ahead!

By: Thrifty Penny

Thrifty Penny — Fri, 19 Oct 2007 02:07:53 +0000

This is a great hypothetical situation! My creativity is working overtime to combat the situation. Great post!

By: Patrick

Patrick — Wed, 17 Oct 2007 10:16:14 +0000

Mark from Smart Investing,

I’m glad you like the tips. And actually as far as spending less money goes, I have found that once we cut out a lot of little things, we really didn’t miss them. In my opinion, we aren’t “doing without” anything that we need. And we are much happier!

Mark McGuire,

We still have our mortgage, but that was not enough to hold us back from doing this. Ultimately, not having any consumer debt gave us the freedom to take a lower paying job in exchange for better hours and more time together. We are fortunate to be in this position.

By: Around the PF Blogosphere: October 16, 2007 | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing

Wed, 17 Oct 2007 02:21:31 +0000

[...] Money Life talked about how a voluntary paycut helped them get prepared for a salary reduction later on. That could also be an excellent money [...]

By: Mark McGuire

Mark McGuire — Wed, 17 Oct 2007 00:16:54 +0000

So true, especially if you have no debt, what is holding you back?

I have been able to simply resign from my previous employers who “assumed” I would be working for them forever but never recognized my efforts.

With no debt and living below my means, I was easily able to move on and find new employment every time, usually within 2 weeks.

By: Mark from Smart Investing & Money Management

Mark from Smart Investing & Money Management — Tue, 16 Oct 2007 21:26:22 +0000

It’s usually much easier to learn how to spend more money. Excellent points on how to learn to live on less.

-Mark

By: Family Vacations » Blog Archive » Live on Less Income Give Yourself a Voluntary…

Tue, 16 Oct 2007 13:10:59 +0000

[...] Cash Money Life - Personal Finance ~ Career ~ Self… wrote an interesting post today on Live on Less Income Give Yourself a Voluntary… Here’s a quick excerpt My wife and I just took a large salary decrease - to the tune of about $20,000 per year after taxes. We did this voluntarily, because for us, our quality of life was more important than the money we were earning. We were able to afford this big pay cut because a year ago we gave ourselves a “voluntary pay cut Posted in Cash Money Life - Personal Finance ~ Career ~ Self… ( 253 links from 83 sites) [...]