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How much do you save monthly in these turbulent times?
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How to much do you save monthly?
100-250$  
 18%  [ 14 ]
250-500$  
 13%  [ 10 ]
500-750$  
 6%  [ 5 ]
800-1,000$  
 9%  [ 7 ]
1,000-1,500$  
 13%  [ 10 ]
1,500-2,500$  
 6%  [ 5 ]
2,500+  
 31%  [ 23 ]
Total Votes : 74



amother
Watermelon


 

Post Sun, Nov 20 2022, 6:52 am
amother Steel wrote:
We make around $22 k / month but are not able to save at all. Life is extremely expensive. (We have 5 kids ages 4-14)


Would you mind sharing the breakdown of your expenses?
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amother
Birch


 

Post Sun, Nov 20 2022, 7:59 am
A few hundred a month. 3 kids BH, make abt $100k. Happy with how we are:)
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amother
Burlywood


 

Post Sun, Nov 20 2022, 9:17 am
We make about $13,000/month after taxes and maaser, and save about half of that, $6,500. 2 kids and third on the way.
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amother
Lime


 

Post Sun, Nov 20 2022, 9:31 am
amother Burlywood wrote:
We make about $13,000/month after taxes and maaser, and save about half of that, $6,500. 2 kids and third on the way.


This post makes sense, with the income youre making you should be able to put away a nice chunk. Not sure why posters with 1-3 children, this income can put anything away. I wonder what their living standards are like.
We make less then this monthly, 5 children and manage to put away quite a bit bh
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amother
Watermelon


 

Post Sun, Nov 20 2022, 9:33 am
amother Burlywood wrote:
We make about $13,000/month after taxes and maaser, and save about half of that, $6,500. 2 kids and third on the way.


Do you own a house? We make around that also but can't put away that much at all.. wondering if it's because the mortgage.
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amother
Burlywood


 

Post Sun, Nov 20 2022, 9:42 am
amother Watermelon wrote:
Do you own a house? We make around that also but can't put away that much at all.. wondering if it's because the mortgage.


No, we don’t own (yet, hopefully that’ll change this year), and our rent is very low for where we live (Brooklyn), $1,550/month. We also still get free Medicaid due to not being kicked off because of the Public Health Emergency. Our tuition payments are only around $11k total. These factors allow us to save a lot. In the next year, once we IyH buy a house and move somewhere with higher tuition, and we lose our Medicaid, our expenses will go up significantly.
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amother
Burlywood


 

Post Sun, Nov 20 2022, 9:44 am
amother Lime wrote:
This post makes sense, with the income youre making you should be able to put away a nice chunk. Not sure why posters with 1-3 children, this income can put anything away. I wonder what their living standards are like.
We make less then this monthly, 5 children and manage to put away quite a bit bh


Take a look at the reply I wrote to amother Watermelon. Life gets very expensive, we are in a lucky situation right now that we are able to save so much. I’m curious how you put away so much making less than this and having five children. Do you live somewhere with very low tuition costs, like Lakewood? Do you have low rent, or were you lucky to buy a house before the housing market went crazy? Do you get government health insurance?
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amother
Floralwhite


 

Post Sun, Nov 20 2022, 9:51 am
When people say they run a business what does that mean exactly?
Does anyone here work as a therapist and make enough to put away? Were always negative at the end of the month, maybe we can save 150$... and we only have one toddler.
Im an OT.
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amother
Stonewash


 

Post Sun, Nov 20 2022, 9:53 am
amother Steel wrote:
We make around $22 k / month but are not able to save at all. Life is extremely expensive. (We have 5 kids ages 4-14)
I find this so validating! We also make about that sometimes a little more and we’re barely saving.
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amother
Burlywood


 

Post Sun, Nov 20 2022, 10:18 am
amother Watermelon wrote:
Do you own a house? We make around that also but can't put away that much at all.. wondering if it's because the mortgage.


Reposting below a post I just wrote in a different thread asking about monthly expenses breakdown, so you can see where you are possibly spending more than us:

Breakdown of last month spending according to my spreadsheet:

Rent $1,550
Electric $171
Internet $44
Groceries $1,110
Restaurants $150
Toiletries $43
Baby supplies $90
Tuition/childcare $910
Gas $126
Car insurance $250
Public transport $80
Entertainment $100
Gifts $177
Yom tov expenses $254
Cleaning lady $240
Cleaners/laundry $73
Salon/barber $36
Clothing $315
Other $415

Total spending: $6,134
Income: $11,601 (this is after taxes and maaser, it is also lower than we usually make)
Total saved: $5,467 (this is lower than average savings for us)

Every month is different and has different expenses. For example some months include vacation costs, others include car repairs etc. We make on average about $13k/month after taxes and maaser, and over the course of the year it averages out that we save about half of that, $6,500/month.
We have 2 kids and don’t pay health insurance since we haven’t been kicked off Medicaid yet due to the Public Health Emergency. We live in Brooklyn.

Happy to answer any questions.
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Perrys




 
 
    
 

Post Sun, Nov 20 2022, 11:15 am
amother Red wrote:
There are so many options! If you want to post under your screen name I'll pm u


Please pm me!!

Dh just decided that it might be time to look for out of town kollel
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amother
Lightcyan


 

Post Sun, Nov 20 2022, 11:35 am
So here are some crazy differences.
I pay almost 30 K per child tuition/year. B”H for SIF and my small family
I have an expensive mortgage/high property tax. Tax alone is 25K/year.
I pay for health insurance and I don’t get any handouts.

This equals very little disposable income/money to put away.
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amother
OP


 

Post Sun, Nov 20 2022, 1:24 pm
amother Lightcyan wrote:
So here are some crazy differences.
I pay almost 30 K per child tuition/year. B”H for SIF and my small family
I have an expensive mortgage/high property tax. Tax alone is 25K/year.
I pay for health insurance and I don’t get any handouts.

This equals very little disposable income/money to put away.


Wow, do you live out of town? That’s a lot of tuition!
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amother
Lightcyan


 

Post Sun, Nov 20 2022, 1:33 pm
amother OP wrote:
Wow, do you live out of town? That’s a lot of tuition!

Bergen County,MO schools. I know you all consider that OOT, as it is not Brooklyn/Lakewood/Monsey, but it’s is quite a center of American MO Jewry and not OOT.
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amother
OP


 

Post Sun, Nov 20 2022, 1:41 pm
amother Lightcyan wrote:
Bergen County,MO schools. I know you all consider that OOT, as it is not Brooklyn/Lakewood/Monsey, but it’s is quite a center of American MO Jewry and not OOT.


Wow, is the school very big?
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amother
Strawberry


 

Post Sun, Nov 20 2022, 1:52 pm
amother Copper wrote:
Saved about 18k this year.

About three years ago our business started making money. Up until then (first 10 years of marriage) it was really tough.

Problem is, my husband and I are not money smart, and we don't know what to do with it. Paid down all our debt that first 18 months of making more than hand to mouth, so that's good. But we have no long term savings, no retirement fund. We don't even know how to go about starting one. Plus there are so many things we'd like to spend on. Vacation. Home renovations. These are things we've never had money for in the past.

It's hard to know what's the smartest thing to do. Save short term (bar Mitzvah, wedding)? Save long term (retirement)? Live a little?


You should definitely consult with an accountant and/or financial advisor. Whatever you spend it will be worth it for you.
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amother
Tulip


 

Post Sun, Nov 20 2022, 1:55 pm
amother OP wrote:
Wow, do you live out of town? That’s a lot of tuition!


That is not even close a normal amount for "out of town" full tuition. (I pay a third of that, full tuition.) I'm not even sure why that would be the assumption.
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amother
Yolk


 

Post Sun, Nov 20 2022, 1:55 pm
amother Floralwhite wrote:
When people say they run a business what does that mean exactly?
Does anyone here work as a therapist and make enough to put away? Were always negative at the end of the month, maybe we can save 150$... and we only have one toddler.
Im an OT.


Can I ask how much you make as an OT and where you work? (And what specific field)
I'm in school for OT and so nervous I won't be able to grow much.
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amother
Steel


 

Post Sun, Nov 20 2022, 2:16 pm
amother Watermelon wrote:
Would you mind sharing the breakdown of your expenses?


Our main expenses are tuition- 8k / month (that’s after a small tuition break)
Groceries 3K / month
Property tax (we don’t have a mortgage) 1200 / month
Electric, gas, water , phone , internet 1000-1200 / month
Cleaning help (I work full time) no time for cleaning 1600/ month
Car upkeep, gas $400/ month
Clothes, gifts, incidentals $2000/ month
After school activities $600/month

And then we pay tax on top of that. Not looking how to cut back. Just replying to the poster who asked what my breakdown is
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amother
OP


 

Post Sun, Nov 20 2022, 2:32 pm
amother Steel wrote:
Our main expenses are tuition- 8k / month (that’s after a small tuition break)
Groceries 3K / month
Property tax (we don’t have a mortgage) 1200 / month
Electric, gas, water , phone , internet 1000-1200 / month
Cleaning help (I work full time) no time for cleaning 1600/ month
Car upkeep, gas $400/ month
Clothes, gifts, incidentals $2000/ month
After school activities $600/month

And then we pay tax on top of that. Not looking how to cut back. Just replying to the poster who asked what my breakdown is


8k a month on tuition 🤯. Is that concitered standard?
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