Financial goals in kollel

Log in / Sign Up

List of Forums + New Post Recipe Box Usergroups Following My Posts Bookmarks

Private Messages Advanced Search Rules New User Guide FAQ Advertise Contact Us

Forum -> Household Management -> Finances

View latest: 24h 48h 72h

amother

Sun, Jun 12 2022, 3:56 pm

If you are currently in kollel (or were, and can answer about the past): What are you financial goals while in kollel? And if you're getting significant support, especially if it allows you to have enough leeway that you don't need to think about budgeting, then please specify...that obviously makes a big difference.
Also, I really have this question for people who don't intend to be a kollel family forever. I mean it for those who are doing at that the start of their marriage, whether that's 2 years, 10 years, or 5-12 years, etc

Just manage to pay all bills?
Pay all bills without touching preexisting savings?
Cover all bills and save for a down payment, an emergency fund, other?
Save $X per month?
Have enough money to retire when you leave kollel? Wink

Oh, and I mean your PRACTICAL goal that you're actually working to achieve and have a good chance of succeeding!

amother

Jade

Sun, Jun 12 2022, 4:03 pm

My husband did night school while he was in Kollel and ended up with a master's degree.
We had no parental support.
I'm not in a particularly well paying job, but was working steadily when we got married.
We said he can learn as long as the money in is more than the money out. Once we're cutting into savings it's time to look for a job

amother

Firebrick

Sun, Jun 12 2022, 4:08 pm

First of all, kollel is literally syiyata dishmaya!!!! I've heard this over and over and over.. and I know first hand!!

Regarding your questions - our goal has been to save for a house. We put all our wedding money into a savings account (should have invested it, but I guess gam zu l'tova) and all our tax refund money every year into savings. 8 years later we had enough for a down payment and buy a car. We borrowed for construction, and now we're slowly building up our savings. IyH once we save enough to more than the rainy day fund, we hope to put money into investment accounts for each child for their weddings. Retirement - gotta figure that out. I have a pension at my job, but iyH when we have a few more dollars we will speak to an investment advisor to discuss what kind of retirement account we can open.

My husband isn't in kollel forever, but for now he is. Besides for his day kollel which pays nicely, he also learns in an early morning kollel, night kollel, and gives a shiur which all pay. So he basically covers our mortgage BH BH BH (Brooklyn, in case you're wondering).

We are at an income threshold where we can receive some government programs, which is why I'm not taking on more work even though I could. We realize that this is what Hashem wants from me now, and it's okay temporarily. Our ultimate goal is to be self-sufficient of course .

amother

Coral

Sun, Jun 12 2022, 4:12 pm

It really all depends on how much money is coming in vs how much is going out. So I don’t think this is kollel dependent. For example, DH is in an OOT kollel and BH gets paid well compared to in town kollelim. BH we’re able to somewhat save at this point.
If he was getting just a few hundred dollar stipend our reality would be a lot different.

amother

Ecru

Sun, Jun 12 2022, 4:20 pm

Are you asking if you should just spend every penny coming in with support?
Or you have enough money to live on simpler and do something with the rest?

amother

Aconite

Sun, Jun 12 2022, 4:21 pm

We weren't getting a lot in support. Our goal was to make it through the month without touching our savings.

amother

Hunter

Sun, Jun 12 2022, 4:40 pm

This advice is for everyone, kolel and working.

Live on a standard below your earning level.

It’s not about what others did or didn’t do. Everyone has their own personal circumstances and that’s why you don’t gain anything by comparing.

OP, what are your expenses? What’s your income (support, stipend…)
Based on that, what are YOUR goals going to be?

amother

Sun, Jun 12 2022, 4:54 pm

amother [ Hunter ] wrote:

Our expenses are around $5600 per month (of that, $4700 is pretty much fixed-housing, tuition-and the rest is variable plus maaser) and our total combined income is around $5900. My goal has been to spend the very least that I possibly can. Recently that has led me to "fail" at my goal, since I've begun to sometimes purchase extra snacks, a new item of children's clothing instead of ONLY hand-me-downs, or a household item that we find helpful. For that reason, I am re-evaluating my financial goals, since I don't believe that my old goal is right for me any longer, and I need a new one so that I can stop feeling like a failure. So I came here for inspiration for what my new goals may be.

amother

Sun, Jun 12 2022, 4:56 pm

amother [ Ecru ] wrote:

Are you asking if you should just spend every penny coming in with support?
Or you have enough money to live on simpler and do something with the rest?

I didn't ask what I should do, because I'm not asking for direct advice.

amother

Tan

Sun, Jun 12 2022, 7:14 pm

Our goal was not touching savings

amother

Leaf

Sun, Jun 12 2022, 7:49 pm

Our goal was not touching savings and putting lump sums (Ie gifts, tax refunds) into it. Cant say always succeeded. No steady support, but generous gifts on occasions.

amother

DarkViolet

Sun, Jun 12 2022, 8:14 pm

amother [ Ecru ] wrote:

Are you asking if you should just spend every penny coming in with support?
Or you have enough money to live on simpler and do something with the rest?

I think if your parents are supporting you, it's not fair to take more money from them than you need and save the rest. You may not be aware of just how much they're struggling to support you. Of course if your parents are very wealthy and/or they agreed to it, then it's not a problem.

amother

Sun, Jun 12 2022, 8:27 pm

thank you to everyone who answered my question!

Page 1 of 1