How many have basically no savings in 30s. Panicking

amother

Dandelion

Today at 7:58 am

Low 30
A little over 20 k in 401k
Around 160 k saved
Don’t have a house yet
Got married late so no kids yet
Hoping to buy a house in the next 3 years

amother

↑ Chambray ↓

Today at 9:54 am

amother Babypink wrote:

Yeah it was a lot .

We do have a very small mortgage ( under 2k on million dollar house) considering that we bought recently

I actually think you’re in an excellent position. Your home is nearly paid off and you’ll be debt free.

It’s not that you have no savings, you just have a major asset. Your cash isn’t disappearing, it’s being transferred to your asset. You’re nearly a millionaire! 😊

amother

DarkViolet

Today at 10:55 am

High 30s. Have a house b"h, paying monthly mortgage. Own 1 shared car in bad shape. Zero savings. About $20k -$25k debt, but only $1k on a CC. Rest of debt is to gemach, family & a big portion is Ma'aser which I consider debt, although purely on us to pay back...

amother

↑ Babypink ↓

Today at 12:16 pm

amother Chambray wrote:

True. We had reasons for putting down and structuring it that way.

Still it's bothersome to go from having hundreds of thousands to basically nothing. The house would have costed much less t years ago before covid

Anyone ( almost) who has a house and zero savings is really better off than those with a lot of savings

House isn't really paid off. We still have a 25 year mortgage.

amother

Olive ↓

Today at 12:19 pm

amother Sienna wrote:

Upper 40's.
Savings spent on kids' weddings. Also supporting.
Own house. Old cars.
Very tight.

So sad that people have to use their savings to support their children who are fully capable of working. We need to change this.

amother

↑ Chambray

Today at 12:19 pm

amother Babypink wrote:

I am also interested in structuring it that way… I want to put a very heavy down payment on our first home. Are you happy you did it that way? What are the pros cons? Any advice to your younger self?

I set a plan to pay off a mortgage in 7 years

amother

↑ Babypink

Today at 1:20 pm

amother Chambray wrote:

I wish I would have bought sooner. Then we could have the same house from much much less . We could have bought it with just 50-60k down and the same house and much more savings.

Sometimes I wish we put down less.

amother

↑ Olive

Today at 1:21 pm

amother Chambray wrote:

It depends how much your interest rate is. If my mortgage is 4% why should I pay off my mortgage faster if I can invest the money and make more than that?

amother

↑ Nemesia

Today at 2:53 pm

amother Daphne wrote:

Idk what apr you're paying on your cc debt but it's usually high and if it's any amt higher than your 20k in savings is earning, take that money and pay off you cc immediately...

We keep moving our cc debt to 0% apr credit cards but I hate it . Our savings is earning High interest . Dh is in charge and I don't mix in. I use to be super controlling but bh I let go over the years and living with more manuchas hanefesh