#LivingWage #SurvivingOnLivingWage #FinancialStruggles
Hey everyone! 👋 So, I came across this post about someone earning just a bit more than a living wage and still finding it tough to make ends meet. It got me thinking – how do people survive on a living wage when expenses keep creeping up?
Here are a few takeaways from the post that stood out to me:
– Living expenses seem to eat up a big chunk of the paycheck 💸
– Saving for the future can be challenging, especially with unexpected costs popping up 🤯
– Balancing hobbies and leisure activities while trying to save is a juggling act 🤹♂️
Do you have any tips or advice for someone in a similar situation? How can we make living on a living wage more sustainable and fulfilling in the long run?
One possible solution that comes to mind is exploring side hustles or alternative income streams. This could help boost savings and create a financial buffer for unexpected expenses. What do you think? Share your thoughts and ideas below! 🌟
Let’s brainstorm together and support each other in navigating the challenges of living on a tight budget. Your input could make a big difference for someone in need of guidance. 💡
Looking forward to hearing your insights! 💬
You literally can afford to study.
The best advice is to invest in yourself at 20. Trust me, be cash poor for a few years and struggling is better for your long term prospects.
Misc expenses seems high and food seems high we spend about that per week for 2 of us and nappies
In saying that 200-250 savings per week seems good man
I feel like I had a net worth of -$750 at 20 so you doing good 😂. If you can aim to buy a house at 35 I think that’s still a win so 10k a year is around 100-150k that’s really good. Definitely put the minimum in kiwisaver to get the gov contributions. Hopefully you meet someone also bringing some savings to the table! Also yes go to Uni and get a degree. There’s nothing worse than hitting a pay ceiling.
I had experience with this. Honestly keeping on eye out and being willing to change jobs is key. Be flexible and willing to try new roles.
If youre able to doing labouring its possibly a good shout, just tends to pay more in the short run.
Goal is to get into an entry level position that has the possibility to be promoted to manager through work experience.
Eg
1) work groceries at supermarket
2) Be well spoken and demonstrate good communication skills and work ethic
3) promoted to shift manager
4) further promotions of management
5) apply to be a manager at a larger company because you have experience managing people and communicate well.
Or
1) Do nightfill at cool storage
2) Sign up to get forklift licensed and work for the time you need to pay it off
3) Licensed drivers often get the promotions over regular workers.
You can afford nights out and even a road trip here and there, you’re just a tight ass.
What I do is budget for these things each fortnight & save for bigger things. I have an entertainment, restaurant and holiday budgets.
If you were mid 30s with kids I’d be worried but you’re doing fine for your age.
If I was in your position, I’d try get a role at a bank, tertiary provider or government departments. The starting rates for all three aren’t usually that great but they each have potential.
I know people who started off with banks with only retail experience and are now earning over $100k.
Tertiary provers aren’t always that stable, depending on the role you are in hired but they give good discounts. I worked for one that offered a 90% discount to staff members + their partner + children.
Government roles are good in that pay rises are usually yearly and can be more often if the union negotiates, though that isn’t guaranteed. The main perk is there is often room to grow and it’s usually encouraged. I worked for one where you could apply to have further education funded.
Like another person said – the best time to invest in yourself is now. If you do want to study but don’t want to give up your income then consider working full time and studying part time.
$200- $250 leftover is a great result
$180 food a week is a lot. Is there anyway you could bring this down to around $100-120 pw
I’m solo and spend around $90‐100 a week (cooking for myself lunch & dinner)
Excludes occassional takeout
You’re exactly what this country needs !! A young guy who is just 20 and has managed to save 22k working hard, thinking about his financial future, not wasting on drugs or booze!!
At age 20, I was fully dependent on my parents, had zero savings (studying).
I can’t predict the future, but I already see you doing well in the future.
Student loans are there for a reason, I am sure others have said this too. Use it to your advantage. Make a plan and go for it!
You’ve got savings, and plenty of money left over each week. Solid position.
Your expectations are way too high for a low skilled job. Have some patience or invest in upskilling.
You could definitely cut down your expensesi if you wanted to save more. $200 a week is better than most.
This guy; I have 200-250 leftover
You guys; we have fun money but very little “leftover”
Me; you guys have money!?
Try having a family. I have to rent since we have a kid , it’s rough. 80+ percent goes in rent. My wife works part time too. We’re both above living wage
With 22k in term deposit I’m sure you’re doing better than most people your age. Try get into health and safety as they pay reasonably well. Pick up group class coaching on the side at a BFT or something
I earn just under 100k and it’s barely enough to own a house and continue my alcoholism
Food is way too high for one.
I know you don’t want to give up the coaching but the living wage does not factor in almost $300 a month on something which is considered a want, not a need.
Also $200 – $250 left over. By definition you are doing fine on the living wage.
Try surviving on $400 a week. It can be done but it’s a mission.
My ex was living pay to pay on $98k a year, he was way more stressed over money than he should have been.
You save $10k a year?! When I was 20 I had zero savings, or very very little. Like maybe $500.
You are doing so well.
People usually get pay rises by quitting and finding a new job but what are you expecting to get paid in a customer service role? What’s the ceiling for pay? I would assume if you were the best customer service guy in the world how much would that be worth to a company than someone average.
I would say if it’s something that you really want to do then go for it. Teach yourself what you need to know and most importantly make a plan that you can action and just start. Think about what could go wrong more than what is good about whatever you’re thinking of as it’s what could go wrong which is what will cause you to fail.
Otherwise if you’re just not sure again learn, research and look for opportunities.
I had an eclectic work history. Foodtown, ran a internet cafe, managed a hell pizza, warehouse work, some building. Nothing spectacular I think you will agree but I was always trying to take away specific lessons from whatever I was doing and looking for better ways of doing things and opportunities.
I have no qualifications to speak of but I decided to go out on my own and do some basic building work. I decided to focus on fencing as it would be the hardest thing for me to fuck up. I started with 12k investment and taught myself. After 6 months of trying to get work I came across fencing companies that contract out fencing jobs. It’s less money than getting your own work but it’s constant and I don’t waste time quoting. I have one guy as a labourer and I invoice on average 12k per fortnight but it’s hard physical work.
I’m not saying become a fencer, hopefully more as inspiration to do things a different way than a 9-5 and I can personally say that if you have the drive if I can do it so can anyone. Your young that’s your biggest advantage, just start thinking for yourself.
Hope this was a help
You can fuck up all your 20s and still.come back and win bro id upskill on something might sound obvious but a asset you have is what many would love to have.
Time utilize it do you enjoy it it goes fast
Make money in your 30’s. take all your money now and go traveling. Try a few things. See what you like.
I’m on the dole and get $417 a week
Fir ab20 uear old fella you sounds alright to me.
May I ask what kind of cust support role?
That’s great for a 20 year old
If people are in low skilled jobs and want to earn more money, then they should do whatever it takes to upskill themselves so they can get a better job.
Continuously making the minimum or living wages higher doesn’t really help. We’ve already got the fourth highest minimum wage in the world.
When I was 20 I had a similar amount in my KiwiSaver (since you talked about buying a house) as you currently do in investments, maybe less actually. I was also earning less, I’m now earning just slightly more than you and with the same percentage contributions as always, and I now have close to 75k. It builds up quick, compounding interest and all that. You won’t have a house by the time you’re 25 (probably) but you’re not expected to today. All that to say, I think you’re doing just fine
Don’t let life pass you by. You can afford road trips, you just are too tight to let go of your cash. Find a balance or you’ll end up like my mate who never gets invited anywhere cause he whinges about the cost of everything which is such a downer..
Sorry but this is actually insulting to people who actually are really struggling and have NO savings whatsoever.You need a reality check.
Studying and a part time job now will surely help for the future.
I quit a 90k a year job 3 years ago to study (I’m 32 now and didn’t have the cash you have now at the time), I hated my work and didn’t want to move up or into an industry where my skills were directly transferrable, couldn’t think of anything more soul draining and depressing.
I lived on the allowance, some savings and part time work for the length of my study and still lived well enough with child support coming out of my income each week, my only expense that was cheaper at the time was $200 rent vs your $250 and less on food & misc as that went to my kids and visiting them.
Investing in yourself to get ahead with some potential short term pain is not a bad thing especially at your age.
I wish I took the opportunities that came up instead of the dream I was sold at 20 which stuck me in a downward spiral from 22-27 going from 45-90k during that time at the same company/industry at the expense of my sanity and in turn family.
I’m now free lancing in my current work, making just above your current hourly rate after taxes and couldn’t be happier that I but the bullet to live it rough for a few years, I also met some amazing friends along the way that I didn’t have before which opened doors that never existed and people to have fun with or talk to all over the country.
A couple more years and a house is in my reach for stability, whatever your goals, think for the now and the future and make the call on what’s going to enable you achieving that.