S/O POLL Is Imamother poor?

seeker

Tue, Aug 16 2022, 3:40 pm

justforfun87 wrote:

74k is very low for a salary when taxes are taken out. I assume they are in NY so it seems they are budgeting incredibly well.

Maybe they're budgeting well or maybe they have no expenses because they're on every government program. We don't know. Either way I'd consider it making it if they have the option to keep over 10k in the bank. Definitely doesn't sound comfortable but I know too many people borrowing to get from paycheck to paycheck.

amother

Gladiolus

Tue, Aug 16 2022, 3:53 pm

so true . people perceive things differently. the lady who said they just Getting by but have 13k in the bank. I put we just getting by but we are 3k overdrawn always and have nothing put aside. but BH most weeks we manage to buy groceries and we do pay our bills.
all relative.

amother

Linen

Tue, Aug 16 2022, 3:56 pm

BadTichelDay wrote:

Which only has power over people who believe in it.

I never considered myself as someone who believe in it and therefore didn't worry about it. but now we are struggling with a certain thing which is the EXACT thing that the child is struggling used to be complimented on all the time, makes me wonder.

seeker

Tue, Aug 16 2022, 3:57 pm

We could try restarting the poll with more descriptive options:
Chronically over 10k in debt (or 5k or whatever the magic number is)
Sometimes borrowing to make ends meet
No debt and no savings
No debt and have some extra most months
etc

BadTichelDay

Tue, Aug 16 2022, 4:27 pm

seeker wrote:

But there is a problem with that, as well. Debts or savings don't necessarily reflect life style and spendings. We have savings because we live relatively frugally. I once did something with a chesed organization and was flabbergasted seeing people receive food packages who had much bigger and nicer houses than we!
They got help because they apparently had debts and couldn't buy food.
We live cramped up, eat pasta like 4 times a week and on principle don't buy what we can't afford - which is exactly why we have savings.

There are people who live really great and overspend and get into debt. And there are people who keep it frugal and save.
Of course there are also people do budget sensibly and still end up poor/in debt.

amother

Maize

Tue, Aug 16 2022, 4:34 pm

I put we make more than we need
But that is because we live on less than most people.
I never have cleaning help, I drive a 15 year old minivan, and my non expensive shaitels are 7 years old with no plans to buy a new one.
I rarely shop in Jewish stores for clothing.
My 7th grader just got cute (converse style) shoes for school for $20 on amazon.

Living like this, we are BH BH BH able to put away money for savings every month.

If I had a cleaning lady and a leased car, it wouldnt be as simple

amother

Carnation

Tue, Aug 16 2022, 4:43 pm

amother Maize wrote:

All of that is a drop in the bucket compared to to tuition.
I have a cleaning lady ($60 a week). Other than that same. I drive a 12 year old minivan, wear a 2nd hand Shaitel.
But tuition for 5 kids (40k a year) is what kills my budget.

4g01o

Wed, Aug 17 2022, 7:20 am

BadTichelDay wrote:

This. It depends on so many details to get a clear picture.
Is having a mortgage to pay off called debt? What about an added on home owners loan for the building work that we're currently doing? Is that debt, if we can pay it off? It will be tight especially for the next few years, but iyh we can do it.
We have minimal savings account for simchas but it's usually just about enough to make 1 bar mitzvah when the time comes round. So no idea how weddings will happen but by then maybe we'll have been given a big yerusha. Who knows what life holds, we can only do our best Smile

amother

NeonPurple

Wed, Aug 17 2022, 7:48 am

I voted making more then we need. We live in Israel and have one kid. No cars at all, but I will splurge for cabs on rare occasions. We eat out and don't necessarily scrimp at the grocery. I don't really buy my kid new clothes but that's because I can't stomach the prices here, the one new outfit I bought for shabbos that most people use for weekdays was 80 shekel. I feel like we have more then we need because we have a savings account and savings accounts through jobs. And most months we still have about 10,000 shekel in the bank. I think food is where we spend the most besides rent. I am trying to put away to buy but being that you need 20-30% and we want to live in a chareidi neighborhood that's a more long term goal.

amother

Sienna

Wed, Aug 17 2022, 1:35 pm

I voted doing okay. Month to month it's just just. Some months over a few k but more months under a few hundred or a thousand. About 20-30k in the bank. At the end of the year my husband gets a 40k bonus post tax and that's what puts us in the doing ok category. Otherwise it's just just enough. I am a SAHM right now but in a few years I'll be working and my husband will be making a lot more iyh.