What percentage of income should one use for..

doodlesmom

Mon, Jun 03 2019, 6:35 am

Just curious what percentage of your income or how many weeks of income you think one should spend on.....
Summer vacation
Making Bar mitzvah
Baby girls kiddish
Wedding night
Car
Gift for spouse

pesek zman

Mon, Jun 03 2019, 6:56 am

doodlesmom wrote:

Just curious what percentage of your income or how many weeks of income you think one should spend on.....
Summer vacation
Making Bar mitzvah
Baby girls kiddish
Wedding night
Car
Gift for spouse

I can only speak for my income:
Vacation: 2 weeks salary tops. Ideally 1 week salary
Bar mitzvah: NA
Kiddish: 1 weeks salary
Wedding night (what is this? A hotel?)
Car: NA
Gift for spouse: 1/2 day salary

amother

Cerise

Mon, Jun 03 2019, 7:03 am

Fascinating question but I don't see how you can get useful feedback.

First, different people have different priorities. Vacation may be a big deal, but you don't care about what kind of car you drive. Or your community makes you feel like you must have a fancy bar mitzvah, but birthday presents aren't that important.

Second, absolute numbers matter. If you're lucky to make oodles of money, it would be insane to spend the same percentages as someone who makes a lot less.

dankbar

Mon, Jun 03 2019, 7:08 am

doesn't work that way.

let's say even if you are only ready to spend one week salary for wedding, it won't happen.

You might have to use all your savings & might even go into debt.

About vacation, if you take one in ten years or every two months etc...

Maybe people save up money for a while to be able to go on that grand vacation theyre dreaming of for a couple of years.

doodlesmom

Mon, Jun 03 2019, 7:19 am

I know that many times it can't apply like if you are poor or uber rich, but just like here is a 2 month salary wedding ring rule, I am applying the concept here.

Like is spending a months salary for a bar mitzvah considered too much?

dankbar

Mon, Jun 03 2019, 7:27 am

the child I waited for a long time got a bigger bash when he was born then the child that was born a year later.

Our income also changed in between.

For my first girl, was dreaming about a nice kiddush, but both she & I were in the hospital, when kiddish was taking place in shul, so ladies didn't get a huge bash.

33055

Mon, Jun 03 2019, 7:28 am

doodlesmom wrote:

It would be considered too little in my circles. It is so dependent on location and your comfort level. I didn't spend for a lot of things that people thought were mandatory like a diamond anniversary ring for the oldest boy's bar mitzvah or a new sheital.

amother

Peach

Mon, Jun 03 2019, 7:47 am

I know people who save up but its still off to make a baby kiddish that costs more than a months wages. Think of how else this money can benefit your family.

amother

Orchid

Mon, Jun 03 2019, 8:52 am

we don't figure it out like that.

We do it based on what makes sense.

My dh earns 6 figures I think our last baby's kiddush was under 100 dollars. Our other two girls were also not very much.
vacation we don't do so often and we try to do it cheap.

We don't buy our spouse presents usually. My dh will buy me something if he thinks it'll make my life easier but he won't buy me a tennis bracelet or anything.

Car we bought cheap since that my dh drives, van we bought a honda odyssey because that's what made sense for our family safety wise, I'm not as comfortable a driver so we wanted a backup camera... It's not a yearly purchase.