How much do you save monthly in these turbulent times?

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Forum -> Household Management -> Finances

View latest: 24h 48h 72h

How to much do you save monthly?

100-250$

18%

[ 14 ]

250-500$

13%

[ 10 ]

500-750$

[ 5 ]

800-1,000$

[ 7 ]

1,000-1,500$

13%

[ 10 ]

1,500-2,500$

[ 5 ]

2,500+

31%

[ 23 ]

Total Votes : 74

amother

Steel

Sat, Nov 19 2022, 11:09 pm

We make around $22 k / month but are not able to save at all. Life is extremely expensive. (We have 5 kids ages 4-14)

amother

Red

Sat, Nov 19 2022, 11:17 pm

amother OP wrote:

Wow hatzlacha! Were I live, the houses are crazy expensive, like 300,000 dollar down payments. We probably won’t stay here too long.

Thank you!!
Move out of town!! We're putting 80 down on a 3 bedrooms, 2 baths house
Our mortgage payments are going to be around 1700 a month
Around here tons of young couples buy because the prices are so reasonable... Our current rent is more than what our mortgage will be so it doesn't make any sense not to buy

amother

Sat, Nov 19 2022, 11:20 pm

amother Red wrote:

Wow!! Your mortgage will be as much as our rent. Yes that’s the plan! We are looking for out of town that has a good kollel!

amother

Sat, Nov 19 2022, 11:22 pm

amother Steel wrote:

We make around $22 k / month but are not able to save at all. Life is extremely expensive. (We have 5 kids ages 4-14)

Yeah it seems like it’s rlly hard to save, even if your making a decent salary. Idk how couples who have a lot of kids even stay afloat!

amother

Buttercup

Sat, Nov 19 2022, 11:23 pm

amother DarkYellow wrote:

What do you do and please tell, what do you spend per month

Dh has a successful business that makes $400,000 and I have a successful business that makes about $80,000. We spend a lot of money. Which is weird because I’m not a huge spender but everything adds up .

amother

Molasses

Sat, Nov 19 2022, 11:40 pm

amother Buttercup wrote:

Wow, you only pay 100k out of 480 in taxes??
I paid 100 out of 300..

amother

Red

Sat, Nov 19 2022, 11:42 pm

amother OP wrote:

Wow!! Your mortgage will be as much as our rent. Yes that’s the plan! We are looking for out of town that has a good kollel!

There are so many options! If you want to post under your screen name I'll pm u

amother

Blonde

Sat, Nov 19 2022, 11:47 pm

amother OP wrote:

What does that mean?

401k is a retirement fund, its funded pretax. Dh and my company have a match program. My company will match up to 5k and dhs matches a bit less. The contribution is taken out of every paycheck.

This year the max we can contribute is 22.5k each. (Dh and I).

I forgot, we also max out on our Roth IRA (post tax retirement account). Max allowdd is 6 k per person.

So in total we save close to 60k a year.

(There was a taxes thread, we pay around 50 k a year in taxes. This includes property taxes. We are very tight because dh prioritizes savings over living)

amother

Buttercup

Sat, Nov 19 2022, 11:52 pm

amother Molasses wrote:

Wow, you only pay 100k out of 480 in taxes??
I paid 100 out of 300..

I pay way more then that, who says otherwise ?

amother

Blonde

Sat, Nov 19 2022, 11:54 pm

amother Molasses wrote:

Wow, you only pay 100k out of 480 in taxes??
I paid 100 out of 300..

There are things you can do to lower your taxable income.

amother

Sun, Nov 20 2022, 12:08 am

amother Blonde wrote:

There are things you can do to lower your taxable income.

True. Most tzeddaka is tax deductible

boysrus

Sun, Nov 20 2022, 12:48 am

amother Red wrote:

please tell us where this is, that housing is so affordable. thanks so much

sarahph1

Sun, Nov 20 2022, 5:06 am

Yes please share which out of town community U are in I would love to know

amother

Copper

Sun, Nov 20 2022, 7:15 am

Saved about 18k this year.

About three years ago our business started making money. Up until then (first 10 years of marriage) it was really tough.

Problem is, my husband and I are not money smart, and we don't know what to do with it. Paid down all our debt that first 18 months of making more than hand to mouth, so that's good. But we have no long term savings, no retirement fund. We don't even know how to go about starting one. Plus there are so many things we'd like to spend on. Vacation. Home renovations. These are things we've never had money for in the past.

It's hard to know what's the smartest thing to do. Save short term (bar Mitzvah, wedding)? Save long term (retirement)? Live a little?

amother

Navyblue

Sun, Nov 20 2022, 7:17 am

This is confusing it seems like people most people are saving $2500 per month yet the posts are all saying people are saving very little

amother

SandyBrown

Sun, Nov 20 2022, 7:50 am

amother Copper wrote:

Live a little is last on this list Smile

unless you’re talking about things for your health and shalom bayis.
Do a mixture of simchos + retirement.
Open mutual funds. Set up a Roth IRA and a 401k for yourselves through your business (then your money can grow and after retirement it’ll be tax free)

Optione

Sun, Nov 20 2022, 7:53 am

$160/ month. It's a direct deposit

amother

SandyBrown

Sun, Nov 20 2022, 7:54 am

amother Blonde wrote:

There are things you can do to lower your taxable income.

Only to a certain extent! The only way to lower it is to spend more (or save in an IRA/401k)

amother

Honeydew

Sun, Nov 20 2022, 8:13 am

Nothing… we make about 13-15k a month with 3 kids (school aged)
We live on credit cards. We are sure that it won’t be this way for long!

amother

Sun, Nov 20 2022, 9:29 am

amother Honeydew wrote:

Nothing… we make about 13-15k a month with 3 kids (school aged)
We live on credit cards. We are sure that it won’t be this way for long!

Wow life is so crazy expensive with 3 kids! Can I ask, what bills do you find really high? Tuition and groceries?

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