How much debt do you have? (NOT including your home)

shabbatiscoming ↓

Fri, Aug 02 2024, 7:18 am

amother OP wrote:

I read a book that mentioned this is very healthy for a husband wife relationship. But I also have a friend that did this and her husband wasn’t paying the mortgage and she didn’t know of course. They went foreclosed on and lost everything

That its VERY healthy for a wife to know nothing about finances?
How is it healthy for the wife to know nothing?

amother

↑ OP

Fri, Aug 02 2024, 7:21 am

shabbatiscoming wrote:

That its VERY healthy for a wife to know nothing about finances?
How is it healthy for the wife to know nothing?

ya “the empowered wife” book says it’s healthy to hand that over to your husband. I agree with you though, I love being a part of finances and working towards a mutual goal.

amother

↑ Periwinkle ↓

Fri, Aug 02 2024, 8:14 am

amother Diamond wrote:

You really should have some idea about whats going on with your finances. You never know what tomorrow brings.

Me and my husband have different views on money, when we first got married it was really hard, he wanted to spend on takeout restaurants and I wanted to save for vacation. And he said b"h we have enough for both.
I spoke to a few Rabanim and they all said it's not the wife's job to worry about finances. She should trust her husband, ( providing he's obviously "normal") and know that he knows how to take care of finances.
I still struggle with it, he was on his own for about 15 years, and I'm worried he doesn't really know what's in store iy"h with kids, and I was with my family until I got married and know what's it's like ( I was almost 30).
My mother also said she has no idea about any money going on in the house, and a few people I spoke to also. Apparently "that's the way it's supposed to be"
It's hard for me, but we talking it through and learning how to deal with eachothers money "habits"

amother

Cinnamon

Fri, Aug 02 2024, 8:18 am

I have around $2k in student loans and $6k in cc debt that's at 0% interest now. We could pay them both off at this point but I'm gaining more interest in savings then I'm losing on the student loans so just letting it ride out.

We chose to buy cheaper cars rather than finance

amother

Viola

Fri, Aug 02 2024, 8:25 am

I’m the one who clicked 500k +
Dh is a physician and has over 350k in student loans and both our cars are financed plus a few other things we’re paying down monthly. We recently bought a second home and took out a big mortgage on but our original home which we’re hoping will sell soon has a small mortgage left on it and is listed for over a million.
My only financial advice from someone who’s husband started out learning in kollel and then did 12 years of schooling (I was the sole income provider, yes it was very tight at times) is do everything in your power to buy a home young.. we bought before we had kids and I can even imagine how much worse of a hole we’d be in without having done that …

amother

↑ Periwinkle ↓

Fri, Aug 02 2024, 8:29 am

I find it interesting that it's almost equal people on here debt/no debt, when most of the finance thread is people complain about being in debt🤔
I thought it would be a disproportionate amount of yes debt.

shoshie888

Fri, Aug 02 2024, 8:34 am

amother Periwinkle wrote:

this doesn’t include home debt. And also some people commented saying they accidentally clicked no debt because they forgot about their car payment

amother

Ebony ↓

Fri, Aug 02 2024, 8:40 am

Does Ma'aser debt count? TMI

B"H we don't gave CCs but we still have debt -we owe a few thousand to a gemach, over a few months used Ma'aser due to no other options, plus a few other small debts...

amother

Tan

Fri, Aug 02 2024, 8:45 am

I owe 100 shekel so I had to push the second option.

I also did get behind in maaser.

We don't own a home or a car. But that might change. Home I don't see how but a car could be in the near future.

A year and a half ago, I invested in driving lessons and a license (29 lessons. Not cheap)

amother

Antiquewhite

Fri, Aug 02 2024, 9:16 am

I voted 30-50k because of my grad school loans. I’m surprised how few people have student loan debt! We only have healthy debt of student loans and mortgage, but obviously we do need to pay it off.

Bethany85

Fri, Aug 02 2024, 9:46 am

We live within in our means, live simply and have avoided debt for the most part. That fact that we’ll probably have to go into debt to make weddings, after being so careful for so long, makes me sick and really question the simcha system. But I don’t know what solutions there are.

amother

↑ Periwinkle ↓

Fri, Aug 02 2024, 10:32 am

shoshie888 wrote:

this doesn’t include home debt. And also some people commented saying they accidentally clicked no debt because they forgot about their car payment

True, but I feel like it's mostly people complaining about credit card debt
Not car/mortgage that are "more acceptable"

I hope everyone in debt can have bracha and get out of it real soon.

amother

Nectarine

Fri, Aug 02 2024, 10:46 am

amother Periwinkle wrote:

Duh.

Most people wouldn’t feel comfortable clicking their high doubt amounts on this poll. We are humans…

causemommysaid

Fri, Aug 02 2024, 10:46 am

Debt is not always a problem.

I pay everything on credit cards. I know the Dave Ramsey fans think that's bad but I would spend the money anyway. This way, I spread my cash flow out and pay over the month instead of scrambling to pay a big bill with exactly what's in my bank account at that moment. I pay the credit card balances every month and usually get 5% back in many categories such as groceries, gas, amazon, and big department stores.

As far as debt for housing, my house is worth 3x my mortgage which is less than 3% interest and I need to live somewhere anyway. Rent would cost me more.

My cars are real debt and I hate that but we need reliable transportation and leasing is a bad value. One day I will save the money in advance to pay for cars but that is something not financially feasible at this time.

readreread ↓

Fri, Aug 02 2024, 10:48 am

BH no debt. We were fortunate in that my husband's parents paid for his medical school, I got a government grant+stipend for my PhD, and we have not yet needed to lease a car or pay down credit card debt.

amother

SandyBrown

Fri, Aug 02 2024, 10:49 am

amother Lightcoral wrote:

BH no debt. We live within our means.

This is a very interesting thing to say
Like you were able to control and you did something and live within your means

Many people do live within their means and then cv things happen completely out of their control that makes them go in debt

↑ readreread

Fri, Aug 02 2024, 10:53 am

amother SandyBrown wrote:

100%, what a weirdly condescending and self-righteous thing to say. That person is lucky that she did not have any medical emergencies or similar that forced her family into debt.