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Who else has no savings?

 
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amother




OP
 

Post Mon, Oct 18 2021, 3:29 pm
There was recently a thread about how much people have in savings. Is anyone like me that has nothing in savings at all? No extra money, no retirement accounts. Living paycheck to paycheck with only a couple thousand in the bank or less.
I doubt I'll be able to save at all anytime soon. Life is too expensive and our income is limited by lower level jobs.

Can anyone relate?
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amother




White
 

Post Mon, Oct 18 2021, 3:30 pm
Me!
Only debts... Sad
But hoping things will change soon, looking to switch jobs.
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amother




Aubergine
 

Post Mon, Oct 18 2021, 3:33 pm
Yes me. My only savings are what I have given for tzedaka. Otherwise we basically live month by month BH. So far I have always received money for my expenses.
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amother




Bone
 

Post Mon, Oct 18 2021, 3:34 pm
If you live in the USA what did you do with your stimulus money?
Hatzlocha!
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amother




NeonGreen
 

Post Mon, Oct 18 2021, 3:35 pm
Me! Although we have $200 in savings so DH can take me on a trip someday (belated birthday present).

Doubt we'll be able to save until after tuition and chasunas IY"H. Hopefully one day we will buy a house!

ETA: Stimulus paid back a bunch of debts.
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amother




Lightcyan
 

Post Mon, Oct 18 2021, 3:44 pm
We don't have savings
Our wedding money went to down payment for house.
Whatever savings we accumulated when our kids were little went to marriage therapy.
We live paycheck to paycheck, and someone's it's not enough and we need to get creative.
Dh finally finishing school, so I'm hoping he'll get a decent paying job in the next few months, although after tuitions and monthly bills, I don't know if we'll even have anything to put away. (Now we get major tuition deductions, but I don't know if that will continue once we have normal income.)
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amother




Ghostwhite
 

Post Mon, Oct 18 2021, 3:45 pm
amother [ Bone ] wrote:
If you live in the USA what did you do with your stimulus money?
Hatzlocha!


Together with the stimulus money, everything went up in price.
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amother




Gardenia
 

Post Mon, Oct 18 2021, 4:32 pm
amother [ Bone ] wrote:
If you live in the USA what did you do with your stimulus money?
Hatzlocha!

Most ppl were not working when we got the stimulus check. That's why we got it in the first place.
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amother




Gladiolus
 

Post Mon, Oct 18 2021, 4:39 pm
FWIW most Americans are one paycheck away from financial disaster so why would there be a difference among imamothers.

It is astounding how many gofundme's are set up for what are relatively small amounts - I.e. under $10,000 for funeral expenses for example.

If people having saved money with relatively modest incomes inspires others, that is a positive thing but in the abstract what does it matter. Obviously someone with a professional income or a successful business is probably going to be able to save money and if they don't have savings then perhaps they should take a look at their expenditures and figure out how to modify.

But realistically if someone has a relatively low paying job, it would be extremely difficult to save money. Yes it can be done but very hard to even work out a budget that doesn't get one in debt let alone one that enables one to save.
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amother




Amaryllis
 

Post Mon, Oct 18 2021, 4:40 pm
Yes that's most people.
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amother




Magnolia
 

Post Mon, Oct 18 2021, 4:53 pm
amother [ Gardenia ] wrote:
Most ppl were not working when we got the stimulus check. That's why we got it in the first place.


No, most people were working. The unemployment rate wasn’t over 50%.
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amother




Crimson
 

Post Mon, Oct 18 2021, 5:00 pm
Me. I often worry about how I will marry off my children. I’m so not there yet but literally live paycheck to paycheck and it’s not always enough.
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amother




Marigold
 

Post Mon, Oct 18 2021, 6:47 pm
I have a drop of savings but have way more debt, B"H hope things will change soon
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amother




Pistachio
 

Post Mon, Oct 18 2021, 7:06 pm
amother [ Lightcyan ] wrote:
We don't have savings
Our wedding money went to down payment for house.
Whatever savings we accumulated when our kids were little went to marriage therapy.
We live paycheck to paycheck, and someone's it's not enough and we need to get creative.
Dh finally finishing school, so I'm hoping he'll get a decent paying job in the next few months, although after tuitions and monthly bills, I don't know if we'll even have anything to put away. (Now we get major tuition deductions, but I don't know if that will continue once we have normal income.)


A house is pretty significant ‘savings’
It was only owning a home young that allowed us to invest. It has helped us out many times.
When I think of no savings I think of someone who does not own a home.
Am I wrong?
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amother




Diamond
 

Post Mon, Oct 18 2021, 7:48 pm
you know when we had savings? when we paid off our mortgage
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amother




Hotpink
 

Post Mon, Oct 18 2021, 7:56 pm
amother [ Pistachio ] wrote:
A house is pretty significant ‘savings’
It was only owning a home young that allowed us to invest. It has helped us out many times.
When I think of no savings I think of someone who does not own a home.
Am I wrong?


And I have about 70k in savings but we don't own a home yet so I feel like we don't really have. That's all for a down payment and then we're back to zero. Super thankful to Hashem that we reached this point and j know He'll give us all we need.
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