What’s considered a normal budget?

amother

↑ Oleander ↓

Tue, Oct 29 2024, 10:33 pm

amother Broom wrote:

Have in mind the ppl making 270k have no gvmt assistance and pay more taxes and have a big insurance expense.

Can you include your income plus gvmt assistance amount/tax return to get clearer pictures?

I think most of my friends make similar amounts. Think about it. If you have a woman who is a PA or accountant working full time in the tristate area with 8 years experience she is likely getting paid at least 120k. And then if her husband has a profession with a few years experience such as an attorney or accountant then he can be making 150k. There you have it. No one among my close friends is living a high lifestyle. Much of their money goes to tuition , actually. We are reasonably intelligent people with degrees who are working 30+ hours a week with husbands who work a lot more. We are getting paid tristate salaries but also paying tristate living expenses. It’s not like we own our own businesses or made big money in real estate. There are plenty of those on imamother too.
I am not downplaying our good fortune but I am explaining how in some circles a salary like this can be quite common and doesn’t mean we “struck it rich”.

I know this post will be upsetting to some people. And I know that there are people who are working a lot more than us with advanced degrees and don’t make nearly as much. I recognize that and I am very grateful.

amother

↑ Seablue ↓

Wed, Oct 30 2024, 1:10 am

amother Chartreuse wrote:

Ok can some lower income families chime in cuz I am feeling very intimidated!

We make a combined 120K and have 1 child. Married 5 years.

We live simply and mostly paycheck to paycheck.
We do have additional expenses like therapy that add up.

Curious if couples making this much are making ends meet and are able to save.

What are your expenses? We make this with a family of 7 and are bh fine… month to month but make it… you should be able to save- it’s easier to learn where to cut down at your stage and secure safety- too many in debt

amother

↑ Seablue

Wed, Oct 30 2024, 1:14 am

amother Arcticblue wrote:

Dh makes $80,000 a year; I make a lot less but varies by the month based on hours worked. Our mortgage is $4000 a month. Our credit card debt is out of control. Kids' tuition goes straight to credit card.
Does that make you feel better?

Sell and buy smaller- a 4k monthly mortgage on that salary with a frum lifestyle and tuition is living way out of your means. It will just lead to more and more debt … even if you have to move and find new jobs…

amother

↑ Broom

Wed, Oct 30 2024, 5:16 am

amother Oleander wrote:

Exactly my point.

“In town” is not enough of a reference.

What kind of community are you part of?

Do you and husband have degrees?

There are communities where making 250k is normal but tuition per kid is 25k where other communities making 150k is considered nice but tuition is 3k for the year…

At the end of the day - in the Jewish world especially - income isn’t the only factor….

amother

↑ Oleander

Wed, Oct 30 2024, 5:39 am

amother Broom wrote:

I guess you would call us open minded yeshivish? I went to BY, my husband went to well known yeshivos. Most of my friends got degrees right away and their husbands learned for a few years and then went to school or started working.

amother

↑ Apricot

Wed, Oct 30 2024, 6:46 am

Neither me or my husband have degrees but we are financially savvy bh (or try to at least)
Bh dh found a new job a few months ago
He’s not making much now, about 63k +commissions which didn’t start yet, but growth potential is beh great. When I was working before baby we made about 100k
Dh also does some trading through a program which helps add to our savings

amother

Purple ↓

Wed, Oct 30 2024, 6:56 am

amother Jasmine wrote:

Married a year
From what I can remember off the top of my head
Rent - 2,800
Renters insurance 100
Car- 1100 for both of ours ( finanace+ lease)
Gas - I think 300 we both drive ALOt
Health insurance 1200
Wifi/phone- 75
Life insurance - 800
No idea how much we pay in groceries. For sure 300 including weekly takeout.
DH and I went through a really traumatic event a few months ago and therapy is costing us about 1500 ( we each go separately)
I daven that we can continue to afford therapy ( even if we need to cut down elsewhere) until we are both truly healed

Renters insurance of $100/month sounds expensive. I usually pay around $200/year. Unless you’re renting a full house maybe?

amother

↑ IndianRed

Wed, Oct 30 2024, 7:08 am

amother Crimson wrote:

Good for you for thinking ahead! I was in your shoes not long ago. Here’s what our figures are at this next stage in case it helps-

We’re a family of 4, living in a smaller east coast community. Gross income about $200k, not all is taxable. Monthly expenses:
Mortgage: 4500
Kids tuition: 2570
Utilities: 250-450, depending on the season
Wifi and phones: 45
Auto insurance: 260
Groceries and household items: 1200- we really try to stick to this and avoid certain less essential items during months when someone needs a new clothing item, etc. so that we stay within budget.

Health insurance and life insurance are pre-tax deductions, around $800 per month for both

Whenever we get bonuses, we put them straight in savings. On top of that, we put away around $1000 in savings, less if we have car or home repairs that month. Good luck to you!! Budgeting becomes second nature the longer you do it

How do u pay tuition for only 2570!

amother

↑ Purple

Wed, Oct 30 2024, 7:29 am

amother Stone wrote:

Our income is about 6k a month. 2 kids

Rent: $1600
Utilities: $200
Cars: (we own) $350 insurance and gas
Childcare: $1,000
Groceries: average $600
Phones: $60
We are on jerseycare and we get a decent amount of food from wic

Total expenses around 4k a month

Baruch Hashem we have enough each month, but our expenses are going to grow insane as our kids get older/ we grow our family...especially once tuition starts
No idea how we will ever buy a house

6k after taxes? We make 7k before taxes and are not eligible for Jerseycare only the kids and only the kids are eligible for WIC through Jerseycare as through income we don’t qualify. (2 kids and I’m pregnant- I don’t qualify for WIC)

amother

Wine ↓

Wed, Oct 30 2024, 10:03 pm

amother Ballota wrote:

Compared to the average, to most, or to many many
It sounds like you're saying -"I make 270k/yr BUT don't feel bad because I have debt which if I payed off in one year would leave me with only 210k/ur for that one year waaah and then I'm done with it for good and back to my salary of 270k, so we're really in the same boat" I don't think that's making people feel better
If it is please do explain how

This is ridiculous. You have no information on this woman's expenses or family size, yet you assume she can just throw 60K at her debt.
I make 120K, my husband makes 110K.
We pay about 25-30% in taxes, leaving with us $13,500 in month net.

Mortgage $3800
Tuition (3 kids) $2400
Babysitting (2 kids) $1300
Maaser $1350
Health insurance (healthshare) $500
Random medical expenses $300 (deductibles etc)
Grocery/ household $1700
Gas/ tolls $300
Utilities/ phones/ wifi $600
out of pocket therapy for one kid $600
Car insurance, life insurance $300
Retirement savings/ kids' savings $600
Clothing on average $400
Yom tov expenses, summer camp expenses divided $400
Car expenses (own two, but they are older and need fixing) average $200/month

That leaves me about $400 per month, and I don't have a cleaning lady even though we work a lot!
That is miscellaneous gift expenses, or to cover the deficit in months of yom tov (I don't get paid).
We do have a bit extra bH most months to put toward savings.

So not hard to imagine how I would not "just" be able to pay $60K in a year.

amother

↑ Ballota ↓

Wed, Oct 30 2024, 10:19 pm

amother Wine wrote:

I did not assume she can nor did I suggest anything similar. I was responding to that poster when she asked me to explain how her response may be viewed by others, and she appreciated that.
There's really no need to try to stir up trouble between people who were having a respectful and productive conversation

amother

↑ Wine

Wed, Oct 30 2024, 10:27 pm

amother Ballota wrote:

Anyways, you're making a false equivalency. You not being able to pay 60/120 k isn't the same as 60/270 k
And again, I did not assume she can do that.
I also never said it's a "just" to pay it in a year, I said IF she'd pay it in a year (again 60/270).... THEN...

I'd suggest you reread what I wrote and what I was responding to

60/230

Read what I wrote

amother

↑ Trillium

Fri, Nov 01 2024, 9:01 am

amother Chartreuse wrote:

I’m married same amount as you with 2 kids and make a combined 80k if that makes you feel better. We mamish live in the red and I wish my husband was able to get a normal job but he has so many mental health issues.
I have $600 to my name that has to last me for the next month and that includes gas, babysitter and food . Wish me luck