Modest yearly salary

amother

Brunette

Wed, Jan 03 2018, 2:44 pm

What would you consider the minimum amount that a frum family of 5 (3 kids, 3 yeshiva tuitions) needs to earn yearly to live comfortably? I know “comfortable” is different for everyone and so I want your opinion.

Edit to add: family lives in New York and already owns a house

amother

Peach

Wed, Jan 03 2018, 2:48 pm

How much does the Yeshiva cost? Does the family own a house? How many cars?

mha3484

Wed, Jan 03 2018, 2:50 pm

Also what are your level of material standards? Are you willing to live in a small house at 1500 sq feet or do you need 3000 sq feet to be comfortable? One mortgage is probably 2x the other plus all the additional expenses.

Do you feel you must have two cars or is one sufficient?

amother

Cerise

Wed, Jan 03 2018, 2:51 pm

amother wrote:

“Minimum” is a tough word and “comfortable” is very arbitrary (as you also noted).. That said I would say around 90-100k (take home)

amother

Brunette

Wed, Jan 03 2018, 2:53 pm

I’ll add: Family lives in New York and owns a house

amother

Peach

Wed, Jan 03 2018, 2:56 pm

amother wrote:

“Minimum” is a tough word and “comfortable” is very arbitrary (as you also noted).. That said I would say around 90-100k (take home)

I’d say double that at least.

OP - not sure of the reason for your question... but taking an hour to formulate a list of expenses (including funding savings and retirement accounts) will show you what you need to know.

amother

Brunette

Wed, Jan 03 2018, 3:04 pm

Reason for this post is that I’m always stressing about finances and how many kids we can afford.

amother

Red

Wed, Jan 03 2018, 3:04 pm

amother wrote:

I’ll add: Family lives in New York and owns a house

Mortgage alone is $2000 a month. Plus taxes, insurance, repairs, you're close to $3000

3 tuitions, between $3000 and $5,000 a month. Call it $4000

Food, health insurance, everything else, at least another $3000

So $10,000 a month AFTER taxes.

And that's getting by. COMFORTABLE means savings, vacations, etc.

So $250,000 to $300,000 a year.

amother

Lilac

Wed, Jan 03 2018, 3:04 pm

amother wrote:

I’ll add: Family lives in New York and owns a house

Is there a mortgage and other property expenses? And what types of schools would you send to?

amother

Cerise

Wed, Jan 03 2018, 3:08 pm

amother wrote:

I’ll add: Family lives in New York and owns a house

I first said 90-100k, was thinking lakewood (who lives anywhere else anyway? Wink

) But in NY I would think more like 130k (after taxes) due to higher housing and tuition..
But again depends very much what you consider “comfortable”.. I’m not accounting for any real luxuries, just basically making ends meet comfortably and not losing sleep about paying monthly bills or how you will dress your kids for Yom Tov..

amother

Peach

Wed, Jan 03 2018, 3:12 pm

amother wrote:

Reason for this post is that I’m always stressing about finances and how many kids we can afford.

are you open to suggestions on how to relieve the stress?

doodlesmom

Wed, Jan 03 2018, 3:42 pm

For comfortable I would say $20,000 a month
For enough to have another kid....I would say $10-15,000 a month
Depends what is more important for you a larger family or living comfortably.

amother

Teal

Wed, Jan 03 2018, 3:46 pm

I believe 200000 bec I know someone making around 95000 has that size family and they have to be very careful with spending on everything.