Are people financially worse off then a year ago ?

amother

OP ↓

Sun, Oct 13 2024, 2:03 pm

I saw this post written by Yossi Gestetner and we definitely very strongly relate to it.

I would love to hear if you feel your finances have changed in the last year and what you blame it on

I posted a photo of his article

amother

Yolk

Sun, Oct 13 2024, 2:09 pm

amother OP wrote:

Yes, whoever I speak with felt it this year.
It was much more of a struggle for business , we also added more expenses another tuition/fees this year

We cut back on extras like my clothes or (take out or restaurants.
I keep a budget to keep things in check

amother

Aqua

Sun, Oct 13 2024, 2:11 pm

Of course
I’m in a financial field
Big firms and companies including investment banks have been reducing staff like no tomorrow
That says a lot on its own
For middle class and lower end consumers it’s extremely hard.

amother

Red

Sun, Oct 13 2024, 2:13 pm

I don't live in the tristate area and my husband's a salaried employee so I'm not the target audience but wondering if anyone has any ideas why that is? is it because a lot of frum jews are in real estate and the rates were higher?
I know for myself I am more worried/stressed about money but I don't know exactly when it started, don't know that it was this year, the cost of food has gone up...

amother

Banana ↓

Sun, Oct 13 2024, 2:18 pm

Thank you for sharing, op.

I know some business owners and I’ve been hearing this from them as well. Formerly thriving businesses are down a lot this year with few exceptions.

Layoffs are happening everywhere. Tomchei Shabbos of Lakewood said that they have an unprecedented amount of formerly middle class families that are now not able to even afford food because they’ve been laid off and job openings are few and far between.

Housing is unaffordable, food prices are through the roof, schools are closing for lack of funds. Salaries if you’re lucky enough to have kept your job are just not enough.

It’s so hard. Things got better after 2008. I hope they will for us too.

I really want to grow my family but I’m so scared to have another child when who knows how much longer I’ll have my job for and it’s not like we have much extra funds…

amother

Denim ↓

Sun, Oct 13 2024, 2:28 pm

I live in Lakewood and I remember looking at the BP Weekly's job section in 2008 or 2009 and it was basically empty. No jobs, nobody was hiring. I don't know if the situation is the same now or worse... it feels worse to me but that could be just my own perception.

tweety1

Sun, Oct 13 2024, 2:34 pm

For me it's for sure. But for us it's a combination. We stopped using credit cards. We only use it for tuition, gas and electric bill and phone bill. We used to somehow just swipe swipe swipe and sometimes yes pay the full cc balance sometimes not. We stopped that swiping. This month was brutal! Dh had to borrow $1000 because we didn't have for the basics and dh check was late. He still didn't get it. Yea that's life....

amother

Tuberose

Sun, Oct 13 2024, 5:38 pm

Yes yes and a big fat yes! We went from blithely spending without thinking to carefully counting dollars and cents.
I hardly bought new clothes and shoes for the kids this season. Or for myself. Whatever fit from last year we kept. Whatever wasn’t an absolute NEED we didn’t buy. I’m trying to make cheaper foods and being more careful in the grocery, buying less of everything, instead of buying more just in case we need.

Dh business isn’t bringing in the profits it used to. I volunteered at chessed the last few years since I didn’t need to work. Dh asked me to go back to work to help out, so will look into that iyh after succos. We’ve been cutting back on a lot. I also feel bad for the businesses I used to buy a lot in. I spent a fraction of what I spent in previous years, and I’m sure I’m not the only one. They are definitely seeing less profit. Even small things like I buy pizza once a week, I’ve been buying less so spending half of what I used to.

amother

Hibiscus

Sun, Oct 13 2024, 5:41 pm

amother Red wrote:

Same. I think about money and finances much too much now

Bh I can afford life now. Kids are still all little. I just don't possibly see how anyone can afford older kids , making weddings etc ( unless they are very wealthy)

amother

Mintcream

Sun, Oct 13 2024, 5:58 pm

Yep. Husband was laid off. I didn't get a real raise and it was the first in a few years.

Cost of everything skyrocketed. Not in NY/NJ but another major USA city.
I would say the last year was the toughest for us since DH lost job but even before that- the last 3.5 years were awful. Inflation, gas prices went up, food prices...

max

Sun, Oct 13 2024, 6:22 pm

Yes! I am employed but business is not doing as well as it used to so raise is definitely off the table.
Food prices seem higher and our maintenance costs are higher as are utilities and insurance and everything I buy on Amazon for the house. Definitely didn’t purchase any new clothes or shoes yet since they were not absolutely necessary. Trying to buy less expensive food items more chicken less meat for Yom Tov. Baking at home instead of bakery purchases just trying to cut corners where we can to make our needs fit our income and davening knowing HaShem will send a Yeshua!!

amother

Goldenrod ↓

Sun, Oct 13 2024, 7:23 pm

We were always poor and struggling . I don't feel anything around me except people continuing with high end lifestyle. He's right about tzaros rabim being a nechama. It would make life a lot easier for me if food, camp , clothing would come down ...

amother

Tealblue ↓

Sun, Oct 13 2024, 7:26 pm

Many companies are outsourcing to other countries for cheap labor to replace lots of employees (really bothers me, not going to derail) so many people getting laid off

Anyone in the MCA industry (so many Jews!) has felt a major rock this year and many people went totally bust

Real estate is down

Costs of everything is UP

It’s been really tough all around

amother

Navy

Sun, Oct 13 2024, 7:35 pm

amother Tealblue wrote:

I thought MCA is predatory lending. Did the merchants they advanced cash to go belly up?

amother

Trillium

Sun, Oct 13 2024, 7:40 pm

Definitely for me. We were living ok and now we're skin-of-our-teeth paycheck to paycheck. One Bar Mitzva plus the cost of everything is making us go into savings.

We've gone chicken only since the beginning of the summer. I know that for some people that might seem petty, but for us it is a big deal.