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What is considered an average salary?
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amother




OP
 

Post  Wed, Nov 18 2020, 9:22 pm
My dh makes about 57k and it's not nearly enough to cover our expenses. For certain reasons me working is not an option right now. Were just trying to figure out what is considered a decent salary for a family with 3 kids in Lakewood to be able to live frugally but debt free and have what to put away in savings and to also once in a while be able to splurge on something.
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amother




White
 

Post  Wed, Nov 18 2020, 9:27 pm
amother [ OP ] wrote:
My dh makes about 57k and it's not nearly enough to cover our expenses. For certain reasons me working is not an option right now. Were just trying to figure out what is considered a decent salary for a family with 3 kids in Lakewood to be able to live frugally but debt free and have what to put away in savings and to also once in a while be able to splurge on something.


Average salary is has more to do with a person's credentials than their family size
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amother




Linen
 

Post  Wed, Nov 18 2020, 9:29 pm
57k Gross or Net?
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amother




Periwinkle
 

Post  Wed, Nov 18 2020, 9:29 pm
We live in Brooklyn. Make 200k. Many months do not have enough to pay all the bills. Your question probably also depend on where u live, how many kids..
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amother




OP
 

Post  Wed, Nov 18 2020, 9:36 pm
amother [ Linen ] wrote:
57k Gross or Net?


Net
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amother




OP
 

Post  Wed, Nov 18 2020, 9:37 pm
amother [ Periwinkle ] wrote:
We live in Brooklyn. Make 200k. Many months do not have enough to pay all the bills. Your question probably also depend on where u live, how many kids..


Read my post. I wrote that I live in Lakewood and I have 3 kids.
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Odelyah




 
 
 
 

Post  Wed, Nov 18 2020, 9:38 pm
this completely depends on where you live--there are huge differences in housing costs in different cities..
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amother




Oak
 

Post  Wed, Nov 18 2020, 9:39 pm
amother [ OP ] wrote:
My dh makes about 57k and it's not nearly enough to cover our expenses. For certain reasons me working is not an option right now. Were just trying to figure out what is considered a decent salary for a family with 3 kids in Lakewood to be able to live frugally but debt free and have what to put away in savings and to also once in a while be able to splurge on something.

Why don't you add up your expenses and figure that out?

It sounds like it is irrelevant what an "average" salary is, but that you want to know how much you need to earn to support your chosen lifestyle.

For example, if your food costs $1000 per month, your housing costs $2000, your car costs $500, and your tuition costs $1500, and you need another $750 for incidentals, then you need to earn $60,000 to be debt-free before taking Yomim Tovim and splurges and savings into account.
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amother




Sapphire
 

Post  Wed, Nov 18 2020, 10:00 pm
Live in Lakewood too. I think you need to work.
You need to be bringing in at least 100k if your kids are small.
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amother




Chocolate
 

Post  Wed, Nov 18 2020, 10:04 pm
If you have small children 100K may be enough. Once your kids are bigger they get more expensive....
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gold21




 
 
 
 

Post  Wed, Nov 18 2020, 10:15 pm
For some reason, ppl on this site get coy when it comes to discussing how much money you need to live in the tristate frum area.

Thankfully I have friends who enlightened me when I needed information.

57K- are you on gvmt programs? That makes a difference. Are you paying tuition yet? That makes a difference.

Anyways, you need to bring in probably 80K net (not gross) when you have a young family and it goes up from there, to 120/130K net (not gross) as your family grows..... if you don't want to be super tight. Many people don't bring in that number and therefore are super tight. Just stating the reality.

Good Luck
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crust




 
 
 
 

Post  Wed, Nov 18 2020, 10:33 pm
gold21 wrote:
For some reason, ppl on this site get coy when it comes to discussing how much money you need to live in the tristate frum area.

Thankfully I have friends who enlightened me when I needed information.

57K- are you on gvmt programs? That makes a difference. Are you paying tuition yet? That makes a difference.

Anyways, you need to bring in probably 80K net (not gross) when you have a young family and it goes up from there, to 120/130K net (not gross) as your family grows..... if you don't want to be super tight. Many people don't bring in that number and therefore are super tight. Just stating the reality.

Good Luck


Ok. I'll bite.

You need 250k to make it with a family if 4+ in the Tristate area.

If you don't need that amount you either don't live in the Trisate area or you don't have/plan to have 4+ kids or your kids are toddlers.
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amother




Hotpink
 

Post  Wed, Nov 18 2020, 10:35 pm
180k gross here. Youngish family, but large (8 kah)
I'm a sahm.

We live carefully/ comfortably, if that makes sense.

But we are not putting away money in savings, which is concerning.

But our income is projected to increase. Dh is doing well b"h.

Eta: tristate area, actually
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amother




Plum
 

Post  Wed, Nov 18 2020, 10:37 pm
I lived in Brooklyn with 3 kids under the age of six and my net was around 57k. We lived simply but did not penny pinch and even managed to put some away. My husband and I were on the essential plan and our kids were on child health plus so insurance was next to nothing. Insurance can take up a HIGE chunk of your income. Also we didn’t have a car because everything was so local it didn’t make sense.

57 in lkwd seems very feasible to me especially if you are not working so there is no babysitting. Obviously no luxury cars and vacation but regular old living life you should be fine but obviously you will need more as your family grows and or your kids get older.
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amother




Wheat
 

Post  Wed, Nov 18 2020, 10:37 pm
We live near Monsey and pull in about 200k with three (school aged) kids. Bh we are comfortable and save each month. I am not sure how you do it with 57k.
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amother




Bisque
 

Post  Wed, Nov 18 2020, 10:37 pm
crust wrote:
Ok. I'll bite.

You need 250k to make it with a family if 4+ in the Tristate area.

If you don't need that amount you either don't live in the Trisate area or you don't have/plan to have 4+ kids or your kids are toddlers.


How can you put Brooklyn and Lakewood in the same category?

I pay 1700 for a one bedroom in ny while my sibilings in Lakewood pay a little over 1k for 2+ bedrooms. Rent (and I'm assuming a mortgage) is easily half the amount there.
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amother




Jetblack
 

Post  Wed, Nov 18 2020, 10:40 pm
We live in NY, 3 kids kh. DH brings home about $120K a year. Some months, usually erev yom tov/erev school, we're a bit tight. We live quite simple. Our only form of saving money is the money going to our life insurance policy. We pay for our medical insurance and don't have dental insurance. It's a fortune. The middle class are the poorest.
I don't know how it's possible for a family with 3 kids to live on $57K. Unless you're not paying tuition & have food stamps, medicaid & section 8.
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amother




Firebrick
 

Post  Thu, Nov 19 2020, 9:44 am
amother [ Bisque ] wrote:
How can you put Brooklyn and Lakewood in the same category?

I pay 1700 for a one bedroom in ny while my sibilings in Lakewood pay a little over 1k for 2+ bedrooms. Rent (and I'm assuming a mortgage) is easily half the amount there.

This. Not everywhere in the tristate area is equal.
We live in Lakewood and have 3 children. It’s hard to say gross because things like insurance and tuition are paid pretax. After insurance and tuition we net about 100k, but that’s because I am working a negligible amount of hours right now. That will hopefully change soon. BH we own a house and lease nice (not luxury) cars, but we almost never take vacations more than an overnight hotel stay a couple times a year. Expenses are sky high. So even in Lakewood, netting 100k after tuition still means living tightly. I can only imagine the numbers are much higher in NY or North Jersey.
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amother




Sienna
 

Post  Thu, Nov 19 2020, 10:03 am
amother [ Firebrick ] wrote:
This. Not everywhere in the tristate area is equal.
We live in Lakewood and have 3 children. It’s hard to say gross because things like insurance and tuition are paid pretax. After insurance and tuition we net about 100k, but that’s because I am working a negligible amount of hours right now. That will hopefully change soon. BH we own a house and lease nice (not luxury) cars, but we almost never take vacations more than an overnight hotel stay a couple times a year. Expenses are sky high. So even in Lakewood, netting 100k after tuition still means living tightly. I can only imagine the numbers are much higher in NY or North Jersey.

Tuition is not a pretax expense. Childcare for children under 5 could be covered (at least partially) through a dependent care FSA but definitely not regular tuition.
OP, the main thing isn't to compare yourself to the average person but see what works for you.
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crust




 
 
 
 

Post  Thu, Nov 19 2020, 10:17 am
amother [ Bisque ] wrote:
How can you put Brooklyn and Lakewood in the same category?

I pay 1700 for a one bedroom in ny while my sibilings in Lakewood pay a little over 1k for 2+ bedrooms. Rent (and I'm assuming a mortgage) is easily half the amount there.


Because once you have a house full of teenage and adult children it really doesn't matter whether your mortgage is 1700 or 1000 a month.

You need 250k whichever way you slice it.

You live in Lakewood because you have more room in your home than in BP.

You dont move to Lakewood because you suddenly have more or need less, money.
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