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Forum
-> Household Management
-> Finances
amother
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 Tue, Oct 01 2024, 6:16 pm
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I can’t handle inflation anymore! We make what used to be considered a very high income, and now I’m sitting here counting pennies trying to buy food for Yom tov and clothing for the winter that my kids need. It’s insane that it’s like this at our income level. We get no programs and pay a lot of taxes and I feel like we are drowning. How are we supposed to survive this?
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amother
Garnet
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Tue, Oct 01 2024, 6:21 pm
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Same. Think wisely when you go vote.
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amother
Aster
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Tue, Oct 01 2024, 6:22 pm
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How many kids do you have? How much money do you make?
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amother
Slategray
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Tue, Oct 01 2024, 6:28 pm
| amother Aster wrote: | | How many kids do you have? How much money do you make? |
300-400K nowadays is unfortunately paycheck to paycheck for many. I think most people are struggling now, unless they're rich or are on government programs.
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amother
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Tue, Oct 01 2024, 6:34 pm
| amother Slategray wrote: | | 300-400K nowadays is unfortunately paycheck to paycheck for many. I think most people are struggling now, unless they're rich or are on government programs. |
Yep. We make $300k, bought a house recently, have 3 little kids and while we’re not paycheck to paycheck yet (we are careful), we soon will be as our family grows/gets older if our income stays the same.
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amother
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Tue, Oct 01 2024, 6:35 pm
| amother OP wrote: | | I can’t handle inflation anymore! We make what used to be considered a very high income, and now I’m sitting here counting pennies trying to buy food for Yom tov and clothing for the winter that my kids need. It’s insane that it’s like this at our income level. We get no programs and pay a lot of taxes and I feel like we are drowning. How are we supposed to survive this? |
I’m so sorry OP. Do you want to post some more details and maybe we can give ideas on where to save money?
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amother
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Tue, Oct 01 2024, 6:38 pm
| amother Brunette wrote: | | I’m so sorry OP. Do you want to post some more details and maybe we can give ideas on where to save money? |
No did it already and we are cutting all possible costs. It’s still rough to live paycheck to paycheck and being behind on some bills. I’m just venting.
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amother
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Tue, Oct 01 2024, 6:40 pm
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Purchasing what was probably not an expensive house can make a big dent in income. Maybe there are some luxuries that your used to that you can cut back on that can make life much easier . Can it be that you have very high expenses and life expectations you have gotten used to? Many people living pay check to pay check and wondering how they are going to pay the grocery bills really don't have money...no luxury vehicles high end vacations full time help or designer clothing
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amother
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Tue, Oct 01 2024, 6:46 pm
| amother Lightpink wrote: | | Purchasing what was probably not an expensive house can make a big dent in income. Maybe there are some luxuries that your used to that you can cut back on that can make life much easier . Can it be that you have very high expenses and life expectations you have gotten used to? Many people living pay check to pay check and wondering how they are going to pay the grocery bills really don't have money...no luxury vehicles high end vacations full time help or designer clothing |
We don’t have an expensive house, we don’t do vacations or live with luxuries. I was used to being able to buy food and cheap clothing for all my kids and now that’s hard. Because inflation is insane and prices tripled but our salaries did not. I don’t think people who aren’t on programs get it. We get nothing, no free food, no insurance, nothing. And we pay high taxes. And the money we bring home is just not lasting.
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amother
Bronze
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Tue, Oct 01 2024, 6:55 pm
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I feel the same and I don’t see a solution. I’m further along the tuition game but I really don’t see it letting up at any point in the near future.
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amother
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Tue, Oct 01 2024, 8:30 pm
Here is my breakdown. We have 3 young children.
Monthly Income:
$18,000 ($25,000 pretax)
Monthly Expenses:
$5,500- mortgage (2,800 square feet, 1 mile walk to shul)
$2,200- tuition (2 kids, toddler home with me)
$1,500- healthcare
$450- home/car insurance
$600- utilities
$250- gas and tolls
$500- cleaning lady (7 hours/week)
$1,500- groceries
$100- restaurants
$100- toiletries
$200- day camp
$500- home maintenance (lawn, repairs etc)
$300- clothing
$1,800- maaser
$1,500- everything else
Total monthly expenses:
$17,000
Savings:
$1,000
BH we end up saving much more than $1k/month due to bonuses, side jobs, some interest on our savings etc. But it’s scary to see how quickly our income gets used up when we make “so much”. And out kids are little and our family is still small! Our expenses are only going up up up.
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amother
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Tue, Oct 01 2024, 8:40 pm
I understand brunette is not op and op says,she doesn't have a fancy house. Brunette may also not have a fancy house . However paying 5,500 morgage for your general American (or anyone) is considered a high morgage. Yes homes,in frum communitys are very expensive even if the home is nothing special.
Many frum people think that 1,00,000 (and multiply) is a normal amount to spend on a home. If you purchase a home with a morgage that size it will eat up a tremendous amount of your profit.
These finances need to ideally be looked at prior to purchase
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amother
Fuchsia
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Tue, Oct 01 2024, 8:52 pm
| amother Lightpink wrote: | I understand brunette is not op and op says,she doesn't have a fancy house. Brunette may also not have a fancy house . However paying 5,500 morgage for your general American (or anyone) is considered a high morgage. Yes homes,in frum communitys are very expensive even if the home is nothing special.
Many frum people think that 1,00,000 (and multiply) is a normal amount to spend on a home. If you purchase a home with a morgage that size it will eat up a tremendous amount of your profit.
These finances need to ideally be looked at prior to purchase |
This is the biggest change . The housing market is crazy and the mortgage rates are insane. Our mortgage is higher than that (our income is also by a bit bh) but we have 2,400sq feet with a lot of downsides, not renovated and in a newer neighborhood on the outskirts.
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amother
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Tue, Oct 01 2024, 8:59 pm
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My mortgage is 3700. It’s the only expense that’s not super crazy. Tuition was raised this year, all food prices went up, our gas and electric bills went up too, we pay for health insurance which has monthly premiums plus copays and coinsurance…
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amother
Nasturtium
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Tue, Oct 01 2024, 9:20 pm
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amother
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Tue, Oct 01 2024, 9:25 pm
| amother Brunette wrote: | Here is my breakdown. We have 3 young children.
Monthly Income:
$18,000 ($25,000 pretax)
Monthly Expenses:
$5,500- mortgage (2,800 square feet, 1 mile walk to shul)
$2,200- tuition (2 kids, toddler home with me)
$1,500- healthcare
$450- home/car insurance
$600- utilities
$250- gas and tolls
$500- cleaning lady (7 hours/week)
$1,500- groceries
$100- restaurants
$100- toiletries
$200- day camp
$500- home maintenance (lawn, repairs etc)
$300- clothing
$1,800- maaser
$1,500- everything else
Total monthly expenses:
$17,000
Savings:
$1,000
BH we end up saving much more than $1k/month due to bonuses, side jobs, some interest on our savings etc. But it’s scary to see how quickly our income gets used up when we make “so much”. And out kids are little and our family is still small! Our expenses are only going up up up. |
OMG I cannot imagine making this kind of money. We also have three small children and bring home 9000/month. Savings is a pipe dream.
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amother
Butterscotch
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Tue, Oct 01 2024, 9:26 pm
It’s extremely difficult
Life has become 50% more expensive but dh and I did not get 50% raises
May the coming year be full of abundance and blessing for us all
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amother
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Tue, Oct 01 2024, 9:48 pm
| amother Brunette wrote: | Here is my breakdown. We have 3 young children.
Monthly Income:
$18,000 ($25,000 pretax)
Monthly Expenses:
$5,500- mortgage (2,800 square feet, 1 mile walk to shul)
$2,200- tuition (2 kids, toddler home with me)
$1,500- healthcare
$450- home/car insurance
$600- utilities
$250- gas and tolls
$500- cleaning lady (7 hours/week)
$1,500- groceries
$100- restaurants
$100- toiletries
$200- day camp
$500- home maintenance (lawn, repairs etc)
$300- clothing
$1,800- maaser
$1,500- everything else
Total monthly expenses:
$17,000
Savings:
$1,000
BH we end up saving much more than $1k/month due to bonuses, side jobs, some interest on our savings etc. But it’s scary to see how quickly our income gets used up when we make “so much”. And out kids are little and our family is still small! Our expenses are only going up up up. |
If you mind answering questions, then please ignore the rest.
Is your car paid up? And you gave a pretty detailed list, so what would be the everything else that would amount to $1500 monthly?
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amother
DarkYellow
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Tue, Oct 01 2024, 10:36 pm
| amother NeonBlue wrote: | If you mind answering questions, then please ignore the rest.
Is your car paid up? And you gave a pretty detailed list, so what would be the everything else that would amount to $1500 monthly? |
Why, there are so many expenses that weren't on that list!
Toys,
Books
school trips/fees
teachers tips
gifts for family
anniversary gifts
dental work
sheitel macher
facial or manicure once in a while or as needed
any subscriptions
pharmacy/prescriptions
cleaners
I can think of many more!
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amother
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Tue, Oct 01 2024, 10:50 pm
| amother DarkYellow wrote: | Why, there are so many expenses that weren't on that list!
Toys,
Books
school trips/fees
teachers tips
gifts for family
anniversary gifts
dental work
sheitel macher
facial or manicure once in a while or as needed
any subscriptions
pharmacy/prescriptions
cleaners
I can think of many more! |
I hear it, but to the degree of $1500 monthly? That's a lot, it $18000 per year. If you're looking to increase your savings, this is the space that you can likely cut back in. If you reduce it to $1k, that's 6k right there.
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