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Forum
-> Household Management
-> Finances
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amother
Tangerine
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 Thu, Apr 26 2018, 1:57 pm
I wanted to make this a poll but couldn't figure out how. The questions are: how much do you combined make? Where do you live? Hope many children do you have? Do you feel ts enough?
And then just an average question, how much do you think an average yeshivishish family with 5-6 kids in tri-state area needs to live?
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amother
Tangerine
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Thu, Apr 26 2018, 2:08 pm
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I'll start. We make 63k. 3 little kids oldest going into 1st grade. I don't think this is enough. I think for a family of 5/6 to live comfortably you need about 180k. I live out of town. I expect in town you will need more like 240k.
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amother
Dodgerblue
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Thu, Apr 26 2018, 2:14 pm
We make about $60k gross combined (both work full time) I don't know exactly because my husband's paycheck is on the hour, so not 100% steady. Mine is a salary.
We have one baby, currently expecting twins. My husband is looking for a better paying job because there is no way we can make it on this salary, especially since I'll probably have to cut my hours.
We are paying back debt every month, so not all the money goes to daily living, and we don't qualify for any programs. And we are very tight - approximately $500 short every month.
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amother
White
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Thu, Apr 26 2018, 2:15 pm
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I live in the Lakewood and make around 50k with my income and dh kollel check combined. No support. Married for a yr and a half, no kids. Its enough, but we live on a very tight budget between rent, utilities, insurance, student loans, savings (for a house eventually).
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amother
Fuchsia
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Thu, Apr 26 2018, 2:22 pm
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I make nothing. Dh makes 250,000-300,000. We live in NY and have 3 kids. We are definitely doing okay, but not swimming in money.
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amother
Tangerine
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Thu, Apr 26 2018, 2:25 pm
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Another fuschia? Can you pay full tuition? Are you in any debt? (Student, mortgage, cars) do you have cleaning help? Are you able to afford a pesach hotel? Do you have at least 200k in savings?
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amother
Orchid
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Thu, Apr 26 2018, 2:30 pm
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We both work full time and make $140,000 combined, gross. Live OOT and have 5 kids. Paying over $40,000 a year in tuition (with discounts!) and our salaries are barely enough, but we live frugally and when things are super tight, Hashem always somehow provides. It took us many years of working hard and moving up the ladders in both of our jobs to get to this income level.
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amother
Ginger
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Thu, Apr 26 2018, 2:36 pm
We live in N.Y. area, I make 50k, dh makes about 150k that's 200k total. 4 kids, 1 in college 2 in hs 1 in elementary.
It's BH enough, tight sometimes but Hashem has always come through in the tight times.
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phila
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Thu, Apr 26 2018, 2:42 pm
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we live in NYC and make over $300k combined, 6 kids K"H, 4 of them in school. it's enough to pay full tuition and for some extras, but no pesach hotels or major trips.
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amother
Cerise
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Thu, Apr 26 2018, 2:48 pm
| amother wrote: | | Another fuschia? Can you pay full tuition? Are you in any debt? (Student, mortgage, cars) do you have cleaning help? Are you able to afford a pesach hotel? Do you have at least 200k in savings? |
are you writing an article? Why 200K of savings? Why Pesach hotel?
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amother
Sapphire
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Thu, Apr 26 2018, 3:00 pm
| amother wrote: | | Another fuschia? Can you pay full tuition? Are you in any debt? (Student, mortgage, cars) do you have cleaning help? Are you able to afford a pesach hotel? Do you have at least 200k in savings? |
Does someone need to be able to afford a Pesach hotel plus have 200k in savings in order to say that they are doing okay?
Wow.
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amother
Chartreuse
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Thu, Apr 26 2018, 3:10 pm
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Combined 180k, in ny, expecting #5. Trying to save for a house slowly. Super frugal. If we move to a neighborhood with cheaper houses I think we would be okay
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amother
Magenta
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Thu, Apr 26 2018, 3:13 pm
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I make $22k and my husband makes $210k. Lakewood- 4 kids
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oakandfig19
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Thu, Apr 26 2018, 3:21 pm
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Between my job and my husband's kollel check, about $60k. No kids yet, bH if we budget well we can save some every month...things will probably change when husband starts grad school in a couple months..
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amother
Tangerine
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Thu, Apr 26 2018, 3:22 pm
[quote="amother"]Does someone need to be able to afford a Pesach hotel plus have 200k in savings in order to say that they are doing okay?
Wow.[/quote
No. I ask because everyone has different ideas of swimming in money. I think that's swimming in money. Others may not.
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amother
Tan
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Thu, Apr 26 2018, 3:23 pm
OOT. $60-$65K combined, multiple part-time jobs. Between 5 and 10 kids.
We can't pay much for tuition, but other than that we are surviving. We would need to make almost double to be comfortable (paying more taxes, no more medicaid, paying tuition, purchasing items that are necessary for a decent standard of living).
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amother
Slategray
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Thu, Apr 26 2018, 3:26 pm
| amother wrote: | I wanted to make this a poll but couldn't figure out how. The questions are: how much do you combined make? Where do you live? Hope many children do you have? Do you feel ts enough?
And then just an average question, how much do you think an average yeshivishish family with 5-6 kids in tri-state area needs to live? |
We make 210k combined. We live in NYC and have six kids. We live simply, but just that we can afford life in NY is saying a lot. We have employer sponsored health care and employer matched retirement plans. We also "own" our home with a monthly mortgage of 3k.
I think the minimum a frum famiy of our size would need is 200k. But if you have to pay for insurance out of pocket, add that yearly cost to the minimum salary. If you want to save enough for retirement, calculate how much that would be yearly and add that to the minimum salary as well. Lastly, consider whether you will be renting or plan on buying. My mortgage is around what rent would be, except that it won't go up and is partially tax deductible. If I was renting, I would add more to the minimum salary. If buying is the plan, and you know around what the mortgage would be, use that to guide the figures up or down, too.
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amother
Lavender
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Thu, Apr 26 2018, 3:42 pm
Not sure since dh takes care of finances
3-400k I guess?
I’ve only recently started buying more upscale clothes whereas before I only bought cheap.
We’re in the process of buying a summer home so I guess you can say we’re doing okay.
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amother
Amber
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Thu, Apr 26 2018, 3:46 pm
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Around 8O combined two kids . New York. Not really enough for any extras .
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amother
Goldenrod
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Thu, Apr 26 2018, 3:48 pm
About 160k, in NY, 4 kids , 2 highschool ,2 elementary, baby on the way I"yh.
We've lived on a lot less in the past so I can't complain. I don't have money to buy clothes etc. , we use mostly hand me downs and shop in Walmart etc for the rest.
We live according to our budget and have around $10,000 in cc debt. We need the CC to fall back on.
DH recently started a new business and we have hoped of his income increasing in the next few years.
No money in savings at all. It's not possible for us.
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