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Forum -> Household Management -> Finances
If your are under 30, how do you make ends meet?
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amother
Mauve


 

Post Tue, May 28 2024, 8:56 pm
We're both in chinuch which has tuition perks... live in a community with really inexpensive housing and bought during covid when rates were super low (mortgage + taxes is less than 2k).
Food is probably the biggest expense but B"H I don't feel like we're skimping.
Clothes are often Tottini end of season sales or clearance or even better when they do 65% off clearance!! Or kidichic outlet. Or Target Smile
We try to put a little into savings as often as possible, put some into retirement, and just do the best we can with what we have.
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amother
Amaranthus


 

Post Tue, May 28 2024, 9:16 pm
I'm 29, doing well financially BH.
We bought a small starter home when we were only married 2 years with money saved up from before I got married and after.
My husband went out on his own a few years ago and started a business. BH, it's doing well and since then we've been comfortable. We bought an investment property and also some stocks in these few years after good seasons.
Now our house tripled in value and we are in contract on a million+ house which we can BH afford the down payment by taking an home equity loan on our current home. We are planning on keeping the starter home and renting it out as another investment property.
BH I'm very grateful to H' as it's not brains or talent that gives a person money.
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mig100




 
 
    
 

Post Wed, May 29 2024, 11:43 am
Thanks op.

I find this thread to be insightful and validating.

I feel like life is more unaffordable now than ever. I know every generation says this
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joonabug




 
 
    
 

Post Wed, May 29 2024, 11:55 am
op I get what youre saying. although inflation is hitting everyone you have to be doing really well to be able to buy a house, car, etc everything you need to start out which most ppl over 30 already have.
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amother
Burntblack


 

Post Wed, May 29 2024, 12:29 pm
I work full time and have a well paying job BH, DH is in kollel. DH and I are very responsible with finances, we put away in savings and don't spend more than we have. BH we also don't have any debt right now.
Clothing is from last season kidichic, shein, Ali express, Walmart. I shop throughout the season before so it's not one huge expense every season.
Food is expensive, that's prob our biggest expense. I try and meal plan so not throwing away unused produce.
We are renting at the moment, saving to buy a house.
We drive a really old car and we're totally fine with it. We own it so no monthly lease/payment plan.
We don't get any parental support or qualify for any government programs
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amother
Maroon


 

Post Wed, May 29 2024, 12:29 pm
I'm almost 50 and we're not making it... Sad
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amother
Oatmeal


 

Post Wed, May 29 2024, 12:49 pm
Dh is in a well paying kollel.
I'm studying and work a few hours a week.
Government benefits covers most of our rent.
Support from parents.
Kollel and support are classified as charity grants which means we're still entitled to the government benefits.
For now we're managing well and I'm extremely grateful for the parental support we have and the other funding. What is worrying to think about is once I've got my degree I'll be working properly so no more benefits, and parental support will end around the same time. So the jump will be big and my salary won't be so great yet as I'll be new in the field. Once that increases/DH goes to work things will be easier but expenses will rise as well. I try not to worry about it now and BH we are managing now.
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amother
Oldlace


 

Post Wed, May 29 2024, 1:08 pm
I am 29 and make about $85k a year. Husband in school. 1 child, no parent support, don't qualify for any benefits. Rent is high but we're managing just fine ka"h.
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amother
Oldlace


 

Post Wed, May 29 2024, 1:08 pm
delete
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amother
Linen


 

Post Wed, May 29 2024, 1:42 pm
I'm in my mid 40s. BH we bought our house in a large OOT community (which is cheaper) when mortgage rates were decent and refinanced during covid to crazy low rates. Both my husband and I are working full time and BH bringing in a decent income. My husband has been in and out of employment the last 5 years (no fault of his his own) so we accrued a decent amount of debt. BH he's been working the last 10 months and we've slowly been crawling our way out of debt.

To be honest, our biggest expense is tuition.

I thank Hashem all the time for our parnasa. But I do worry about my kids. My oldest is only a couple years from shidduchim. We want to help our kids where we can, but with the cost of living constantly rising, what we can possibly provide and what they'll need don't match.
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luckiestmom




 
 
    
 

Post Wed, May 29 2024, 2:35 pm
I don't think it's age per se, rather that many people under 30 have not yet had the chance to buy houses and establish themselves well before interest rates skyrocketed and everything became so expensive. In the past, most young couples that lived on an average income and budgeted smartly were eventually able to scrape together enough for down payment and afford a mortgage for a decent house. Today, young couples that earn average income and budget smartly are barely making it, let alone saving money for down payment or any investment (not talking about the ones who are being supported). So if youre under 30 and bought your house before the crazy inflation then you're really lucky.
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amother
Peach


 

Post Wed, May 29 2024, 6:01 pm
We’re in our lower 20s. We both work, together we make a little over 100k.
But yes, life is very expensive… we live in a basement, own a 5 year old car that I bought 2 years ago before I got married so we only pay insurance.
Bh we put away decent amount and we’re doing great for now. But there was no honeymoon period- we got thrown into the real life right away
Food is the biggest expense just because it’s harder to work with. With other things you can make do, buy cheaper, or used, or eBay on sale, whatever but food is food and you gotta eat.
From now my husband is looking to open a business or something because we realized very quickly that you need a lot more than you used to to be able to cover expenses with breathing room
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amother
Eggplant


 

Post Wed, May 29 2024, 6:55 pm
We make combined 205k. Only recently graduated college and we both work very intense jobs. We will be earning more pretty soon as we advance in our fields. We can afford a mortgage but have no money for down payment because we used up our savings paying for school. Iyh we hope to buy soon. We can buy what we need, give plenty tzedaka, and not worry about paying bills but try to live simply to save for a house. No vacations (no PTO left after accounting for all the yomim tovim and days my kids have no school), kids wear hand me downs, but I don’t feel tight. To answer the question, we make ends meet by pursuing careers that many other ppl wouldn’t to earn good salaries-long hours, difficult schooling, and don’t spend money on things lots of ppl my age consider necessities like leasing cars, vacations, cleaning help, takeout, and Jewish clothing stores. Not passing judgement on anyone just explaining my personal situation.
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amother
DarkOrange


 

Post Wed, May 29 2024, 7:12 pm
Over 30 but we are feeling the afteraffects. Dh was in collage most of his 20s we started breathing a bit in 2021 when he got his degree. We put away some money until 2023 but now houses are unaffordable and living costs have gone up (we have teenagers already) so we are feeling tight again with hardly and savings. Hopefully those of u putting away money will be ahead in your 30s when the economy does better.
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amother
Dahlia


 

Post Wed, May 29 2024, 7:36 pm
Here's a different perspective.
Now people know that they need a serious parnassa plan to survive. I'm from a time when life was cheaper, smaller salaries plus simple lives plus bitachon were enough. I was a stay at home mother for years, didnt get a degree, and my husbands salary was enough. Yes we have a house but we cannot afford life at all now. Standards of living have skyrocketed along with inflation and we are choking. We don't have fancy degrees, cannot afford to go back to school and neither my husband or myself have the skills/strengths needed for a business (nor the capital).
At least young couples these days start off hustling and climbing the ladder.
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amother
Saddlebrown


 

Post Wed, May 29 2024, 7:44 pm
amother OP wrote:
Because they are just starting out life and already can't afford housing, childcare, there are no such things as cheap cars now.
Can you list me one thing that a young couple will find affordable? I can not think of anything.

A few years ago even in expensive cities you could find cheaper apartments now everything that is cheaper is still unaffordable.


Uh I have this question for people in their 30s 40s and 50s.
Life only gets more expensive.

Maybe maybe once kids are married off its easier that’s assuming you aren’t supporting any of them
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amother
Pumpkin


 

Post Wed, May 29 2024, 10:56 pm
amother Saddlebrown wrote:
Uh I have this question for people in their 30s 40s and 50s.
Life only gets more expensive.

Maybe maybe once kids are married off its easier that’s assuming you aren’t supporting any of them


I think housing is the biggest issue. In many communities younger couples (mid to late 20s ) were able to buy a house for 400k with 10% down and decent rates. That’s no longer possible so that’s a big issue for younger va older.
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amother
NeonGreen


 

Post Wed, May 29 2024, 11:08 pm
We dont make ends meet.
Everything is put on a CC. No idea how we are paying rent in 4 days ($2500). Someone gave me $400 maaser money, thats goign towards DCs playgroup and Ill find the other $400 somewhere.
We were told not to give maaser now. Its been almost 2 years of not giving maaser. I used to be so makpid with it too.
I have a fancy degree...
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