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Forum
-> Household Management
-> Finances
amother
Clover
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Fri, Jul 28 2023, 10:42 am
I can't help but recognize the irony in all these conversations. Top 5% income not enough for normal frum lifestyle, financial advisor saying young people MUST save. Not sure how all this adds up to anything that can be logically delineated.
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amother
Brass
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Fri, Jul 28 2023, 10:43 am
amother Maroon wrote: | If you are both working full time, paying for those extra things can be seen as a work expense (not for taxes, but your mindset). |
If you can float it go ahead.
But in reality, not doing them is essentially paying your future self.
Not saying you should do it all yourself. No one can do everything themselves they will drop some of the balls.
Pick and choose what makes sense.
Example - I skipped on yogurts and cottage cheese and cream cheese and mozarella cheese and $2 avocados until I had an 1k emergency fund. Short term for a goal.
Every dollar adds up.
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amother
Brass
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Fri, Jul 28 2023, 10:46 am
amother Clover wrote: | I can't help but recognize the irony in all these conversations. Top 5% income not enough for normal frum lifestyle, financial advisor saying young people MUST save. Not sure how all this adds up to anything that can be logically delineated. |
But a normal frum lifestyle doesn't have to include all that stuff. If you can swing it, great but it's not a given. Especially not with a large family.
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amother
Tiffanyblue
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Fri, Jul 28 2023, 10:56 am
Yes it was eye opening for me to understand that I'm not living within my means if we dont have a retirement plan and savings plan for large expenses (chasunas).
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zaq
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Fri, Jul 28 2023, 11:36 am
amother Maroon wrote: | If you are both working full time, paying for those extra things can be seen as a work expense (not for taxes, but your mindset). |
or you can tell yourself, yes, I can buy the precut carrots and prewashed whatever and single-serve yogurts and snacks and lunch out, but if I don't, I'm socking away $X for emergencies/retirement/children's weddings. It's called being able to defer gratification and is one of the criteria that separates adults from children.
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amother
Junglegreen
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Fri, Jul 28 2023, 11:39 am
I seem to recall there was an article about this topic in the Jewish Observer some 20 years ago. Anyone remember what I'm talking about, or have any links to read it again?
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amother
Lightyellow
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Fri, Jul 28 2023, 11:47 am
I think inflation is a factor too. A dollar today is not worth a dollar in 10 or 20 years. So why not spend it now and get some use out of it rather than lose money by having it sit in the bank?
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amother
Coral
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Fri, Jul 28 2023, 11:47 am
As a different poster mentioned, I started saving when I was young single already which made a HUGE difference until today.
Every single mother should encourage and teach their teens to do this and it will help them for a lifetime.
When I was single and working, half of my paycheck went to savings. Married I obviously can't do that much but all that from my single days are making a lot a lot of money now.
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amother
Brass
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Fri, Jul 28 2023, 12:19 pm
amother Lightyellow wrote: | I think inflation is a factor too. A dollar today is not worth a dollar in 10 or 20 years. So why not spend it now and get some use out of it rather than lose money by having it sit in the bank? |
My money is sitting in CIT and getting a 5% return now no risk.(not counting retirement $$)
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amother
Stonewash
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Fri, Jul 28 2023, 12:24 pm
amother Lightyellow wrote: | I think inflation is a factor too. A dollar today is not worth a dollar in 10 or 20 years. So why not spend it now and get some use out of it rather than lose money by having it sit in the bank? |
You need to research compound interest. Investing in the stock market is your way of beating inflation long term.
Not having savings for retirement will mean that your kids and grandkids will need to pay your bills. I’m currently paying my grandfather’s bills because he didn’t save at all and is now incapable of working. And he’s still quite young. I expect to pay my parents bills as well in a few decades based on their lack of savings. I don’t know how I will afford it.
Short term savings should be put into a high yield savings account such as CIT bank. They’re currently giving 5% annual interest.
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amother
Poinsettia
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Fri, Jul 28 2023, 12:29 pm
I wish I had this knowledge when I was single instead of wasting my money on narishkeit
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amother
Amaryllis
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Fri, Jul 28 2023, 12:32 pm
amother Stonewash wrote: | I think the goal would be to increase your income more than lowering your expenses. Are you purposely keeping your income low so you can be on government programs? 73k isn’t a lot for two full time jobs, you can do better than that with some effort and research.
Sending hugs. Financial problems are so so stressful. |
Family of 2 plus a teen who goes back and forth but spends a lot more time with their other parent. We can’t find higher paying work and moving elsewhere. We’ve both tried. We also don’t live in town and don’t live on the coasts. We also cannot leave our current state for two years due to child custody reasons. We don’t qualify for any government programs here on our income . Health insurance, deductibles and child support for one child are a big chunk in our budget.
Second marriage for both of us where we both walked away from everything and have been struggling ever since.
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amother
Stonewash
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Fri, Jul 28 2023, 12:36 pm
amother Amaryllis wrote: | Family of 2 plus a teen who goes back and forth but spends a lot more time with their other parent. We can’t find higher paying work and moving elsewhere. We’ve both tried. We also don’t live in town and don’t live on the coasts. We also cannot leave our current state for two years due to child custody reasons. We don’t qualify for any government programs here on our income . Health insurance, deductibles and child support for one child are a big chunk in our budget.
Second marriage for both of us where we both walked away from everything and have been struggling ever since. |
Wow that’s hard. Hopefully your expenses are somewhat lower in your area compared to in town.
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scintilla
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Fri, Jul 28 2023, 1:24 pm
amother Brass wrote: | If you can float it go ahead.
But in reality, not doing them is essentially paying your future self.
Not saying you should do it all yourself. No one can do everything themselves they will drop some of the balls.
Pick and choose what makes sense.
Example - I skipped on yogurts and cottage cheese and cream cheese and mozarella cheese and $2 avocados until I had an 1k emergency fund. Short term for a goal.
Every dollar adds up. |
I'm genuinely curious, how do you do that and also feed a family? Did you have kids with allergies or needing high calories or even just picky eaters?
I know you just said that as an example, I'm wondering specifically how you made this example work.
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amother
Fuchsia
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Fri, Jul 28 2023, 1:34 pm
I think yeshiva should make a household finance class mandatory before graduating high school.
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amother
Kiwi
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Fri, Jul 28 2023, 1:36 pm
scintilla wrote: | I'm genuinely curious, how do you do that and also feed a family? Did you have kids with allergies or needing high calories or even just picky eaters?
I know you just said that as an example, I'm wondering specifically how you made this example work. |
Not OP, but I have a family and don't buy any of those things (actually occasionally buy a 78 cent avocado for DH who is on a restricted diet.)
But it doesn't help me save. Marginally maybe keeps my debt lower.
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scintilla
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Fri, Jul 28 2023, 1:37 pm
amother Kiwi wrote: | Not OP, but I have a family and don't buy any of those things (actually occasionally buy a 78 cent avocado for DH who is on a restricted diet.)
But it doesn't help me save. Marginally maybe keeps my debt lower. |
Interesting, thanks.
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amother
Strawberry
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Fri, Jul 28 2023, 1:42 pm
amother Candycane wrote: | MESILAH/RSK ARE NOT FREE NOT FREE NOT FREE
THEY CHARGE $600 OR MORE TO SEE THEM
CAPS BECAUSE I'M MAD THAT WHEN I FINALLY MUSTERED UP THE COURAGE TO GO - AFTER I BARED MY SOUL I FOUND OUT ABOUT THE CHARGE |
Wow!! I’m so sorry to hear that. Achiezer and the OU’s Living Smarter Jewish offer free financial counseling.
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amother
Garnet
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Fri, Jul 28 2023, 1:44 pm
amother Stonewash wrote: | I think the goal would be to increase your income more than lowering your expenses. Are you purposely keeping your income low so you can be on government programs? 73k isn’t a lot for two full time jobs, you can do better than that with some effort and research.
Sending hugs. Financial problems are so so stressful. |
Many jobs are only paying 30-40k where I live.. This # makes sense, unfortunately.
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amother
Bellflower
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Fri, Jul 28 2023, 1:44 pm
amother Garnet wrote: | 100%!!
Pizza shocked me on that budget. And for $250 a month!
Amazon too - gotta specify what if it's so high.
Honesty it's hard to wrap my head around that 300k isn't doable.
We make less than half. We survive. It's tight. No extras and usually need clothing for ultra cheap or Gemach and theres nothing wrong with that. Perfectly nice clothing if you know how to look.
Even when I have 'extra' money, I'm super careful how I spend it.
My furniture is mostly free and super nice. We went a while without furniture because we couldn't afford and little by little we get more when a good option comes up on local free group |
Interesting I have new condition furniture, old style and can't find anyone who wants it
I'm throwing it out!
I think it's because u need to hire a mover or uhaul to pick it up
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