90k after taxes? | Imamother

amother

Mon, Jan 06 2020, 9:05 pm

DH and I are making about 90k AFTER taxes (we both make between 60-70 k so combined after taxes its about 92-93k. NYC.). We have been married 5 years and have 2 kids, We rent an apt and have 1 car. So the stressors of tuitions, camp, mortgage/house, etc have not really hit us yet. Right now we are comfortable although we should probably be saving more.

Ima's who are older/ more experienced... Is this enough to live comfortably in the Triststate area- sending to regular Bais yaakovs/yeshivas (Not MO schools), and have enough for camp in the summer, and new (not brand name/luxury) clothing for our children each year? If planned right?

DH has slight room for growth at his job, prob maxing at 80-90k. I dont have much more room for salary growth if I want to remain part time....

(IYH we would love to have a few more kids with the help of Hashem.)

I would love to hear some yeses but I have a feeling Ill just get resounding no's... Confused

amother

Cyan

Mon, Jan 06 2020, 9:16 pm

I'm in similar boat, husband makes about 135k before taxes. At some point I might get a job if only to help pay for childcare!

We know realistically another 30-50 would be more comfy in the coming years once tuition hits.

amother

Burlywood

Mon, Jan 06 2020, 9:18 pm

There's a huge range in terms of housing costs within the tri state area. So yes, it's reasonable in some places. Obviously not every place. Also, how many kids are you thinking about? Tuition and camp will add distinct significant costs per child.

Bottom line, where are you going with this line of thinking? Are you going to make any changes based on the responses, or are you just stressing about what will happen eventually? I'm of the camp that making wise financial decisions today is the most important thing you can do, hishtadlus wise. Life will happen, and you'll adjust as needed along the way. You can't predict much.

amother

Periwinkle

Mon, Jan 06 2020, 10:11 pm

We both work and make around the same thing. We own a house on Long Island. Mortgage is 3k a month. We have 4 kids and we are paying far from full tuition yet its still plenty! We don't go on fancy vacations or live the high life at all but we are bh financially stable and if you are responsible and know your limits you can definitely live in the tri state area with that income.

amother

Ecru

Mon, Jan 06 2020, 10:12 pm

Save up like crazy now before your big expenses start to hit. We invested as much as possible early on, and now our tuition is fully paid by the money we generate from the interest we make from our investments.

HonesttoGod

Mon, Jan 06 2020, 10:15 pm

Save as much as you can now so you have a fall back in the future.

If it is enough.... it’s all relative to which school, what area, what brand clothing, weekly shopping costs etc etc.