I've known people who chained themselves to their desk by spending 110% of their income. They built a financial house of cards which could not withstand any interruption in their pay.

It was chains of their own making, the company was not even aware of it.

They weren't poor people, either. They had a McMansion, nice furniture, snazzy clothes and his&hers new cars.

A friend of mine, much lower on the pay scale, came to me once for some financial advice. He was married, and lived in a modest apartment. He could not pay the bills. The problem was he had his+hers new cars with stiff payments. I advised him to sell the cars, and buy ones he could afford. I was surprised that he followed my advice, and got his finances back on their feet.

A reasonable goal is to save/invest 20% of your income.

P.S. You can cut spending dramatically by getting a roommate. I had roommates for years.