Budgeting and saving as a newlywed

greenteaorange

Mon, Feb 01 2021, 10:26 pm

amother [ Honeydew ] wrote:

Some ppl get help and some do not. I feel it's important to buy before your kids are in school and you need to pay tuition. All my siblings bought within 4 years of marriage and most scrimped and saved before hand in order to be able to do it. I am sure some got more help than others. (I was given 15k towards a down payment by grandparents and parents but the rest was ours.)
I will add though that my family is heavily in the real estate and mortgage world. Some of my siblings bought but lived downstairs and rented their upstairs for a while to make it work.

Def makes sense if you can to buy before tuition kicks in. we bought about 5.5 years into our marriage I think buying 1-2 years in is highly unusual though without any help

amother

Tue, Feb 02 2021, 12:38 am

amother [ Smokey ] wrote:

I don't mean to be rude but it sounds like you're spending a lot. I'm probably in a similar stage as you and was never supported by my parents or in laws. Our budget is way way less than that and I don't live very cheaply.
Our total expenses per month add up to maybe $2500 a month. Bh we are putting a decent amount into savings. If you are making $3200 + $4000 take home pay that's 86k per year. Maybe start a budget to see where the money is going...

youre not being rude
I think we live pretty cheaply ( I dont really buy meat during week). our expenses are: rent, car insurance, wifi and phone bill, groceries.

Trying to figure out where to cut back. our rent is biggest expense @1500

amother

Tue, Feb 02 2021, 12:39 am

amother [ Lavender ] wrote:

I think you're being unrealistic in the opposite way from most newlyweds. You make more than double what the typical Lakewood kollel couple makes, yet you're expecting to be able to put away most of your income and never dip into savings even though you're not making any money right now. How do you expect this to work? Even if you previously put ALL of your paycheck into savings, you now have the expenses of a baby, so that alone would require dipping into savings.

I suggest having an untouchable fund and a touchable fund. The touchable fund is for situations like this, where you temporarily aren't making money, or have sudden unexpected expenses such as major auto repair. It's all well and good to sock away as much as you can, but you still have to live now. It makes no sense to go into debt so that you can keep the entirety of your savings "kadosh laShem." That's being miserly, not responsible. Responsible budgeting means putting some aside for the future while still living a normal life.

I guess so...thx for being honest with me
I feel like an idiot b/c never had to deal with finances or anything till now and me and dh are still so new to this so trying to grow together in this regard

good idea about the touchable/untouchable fund. but wouldnt the touchable fund be my husbands account? I only started working about 2 months ago and then had to take off bc of baby

amother

Tue, Feb 02 2021, 12:42 am

we actually sat with my father and made a whole budget/excel sheet. I have to dig it up somewhere, got misplaced when I was nesting lol.

maybe I can post it on here and you ladies can help me figure out where we are going wrong that my husband has 0$ in account now

my account is pretty low too bc I just automatically transfer my whole paycheck to our joint savings account

I have 1500 now in my account

zaftigmom

Tue, Feb 02 2021, 3:15 am

I think it could really help you to combine your finances. We have an "allowance" for each of us built into our monthly budget so I don't feel guilty getting a manicure and I don't feel resentful if he buys himself lunch.
You can use a budgeting app like every dollar to help with your budget.

amother

Smokey

Tue, Feb 02 2021, 9:38 am

amother [ OP ] wrote:

How much are your cars? Do you lease?
Can you try and compare car insurance options?
Renegotiate your internet price? Very simple to do this with optimum.
Where are you shopping for groceries? I recommend taking a look at your receipts to try and get an idea of what food costs more.
Just trying to help you find out where the money is going.
At this point in Lakewood 1500 for rent is the best you're going to get, there is a shortage of apartments so probably no hope finding something cheaper right now.

amother

Linen

Tue, Feb 02 2021, 10:31 am

When we were in your stage, we bought a small $205k home (like Coventry size) with my savings for down payment (I think it was $40k give or take closing fees). My mortgage was a few hundred dollars less than my rent which had been maybe $1450. The other advantage is that I hope to be able to sell this house eventually and use that money as a down payment for a bigger home. Is that an option for you?