How many have basically no savings in 30s. Panicking

amother

Dandelion

Wed, Oct 30 2024, 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 ↓

Wed, Oct 30 2024, 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

Wed, Oct 30 2024, 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 ↓

Wed, Oct 30 2024, 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 ↓

Wed, Oct 30 2024, 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

Wed, Oct 30 2024, 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

Wed, Oct 30 2024, 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

Wed, Oct 30 2024, 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

Wed, Oct 30 2024, 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

amother

Ecru

Wed, Oct 30 2024, 3:45 pm

Mid 30's

7 kids bh
No house
No savings
About 250k of various debt.

DH started a new business years ago that really strained us. Recently started pulling in real money bh. We paid back about 350k of debt. I'm hopeful we will soon be able to buy a house!

amother

↑ Eggshell

Wed, Oct 30 2024, 11:09 pm

amother Hibiscus wrote:

If you’re paycheck to paycheck and have debt and only 50k in savings that is rainy day money- do not invest because if you need it and have to take out you will lose… if you do figure out to cut down on expenses then you can put some in the s&p500 - don’t do any risky investments - so many people lose everything like that. Until then just keep it in a savings that earns decently or a money market account

What about starting to set aside money each month for the future?

amother

Coffee

Wed, Oct 30 2024, 11:50 pm

amother Peony wrote:

Low 30s here.
We don’t own a home. But we do own our car (useless financially tbh).
Have $26K in savings but that is my emergency fund so I don’t really count that as saving towards anything.
No pension (yet working on setting it up).

But we also have zero debt so atleast something. We work like dogs and are pushing to get as much as possible to be able to settle down comfortably. Iyh.

This sounds similar to us...
Low/mid 30s
We don't own a home. We rent.
We fully own 2 cars.
No debt.
$15k in savings. Trying to double it before I consider it a full emergency fund. So technically we don't really have savings.
No retirement yet.

We came a long way through a debt payoff journey and we aren't yet where we want to be, but we are heading in the right direction...

amother

Slateblue

Thu, Oct 31 2024, 12:04 am

Low 30s. We've Done 7 years of a 30 year mortgage on a house we outgrew 2 years ago....
We have around 30k debt total. We already paid off around 30k... but have 30 more to go.
We own 1 used car.
Our household income is 185k for a family of 6. But it's not. After tax, mortgage, tuition, utilities, health insurance, therapies (ND kids) We're barely making it.