How much do you save per month?

amother

↑ OP ↓

Wed, Jul 10 2024, 9:22 am

amother Latte wrote:

We have about $20,000 per month in passive income and I earn around $2500 a month.

We put away $50-70,000 a year for ourselves plus about the same for weddings and bar mitzvas for our kids, and to help them buy a house when the time for that comes.

Saving 50-70k and another 50-70k for the other things mentioned?
Sounds right around what I was looking for. We don't (yet) make these numbers yet I do like to imagine saving to this degree when the time comes.

And what passive income do you do for 20k?? Good for you!

amother

↑ OP ↓

Wed, Jul 10 2024, 9:24 am

amother Obsidian wrote:

We make around 200k a year 2 kids and a huge mortgage 😩
Feels like we can’t afford life but trying to prioritize saving
we put away
$300 a month into a retirement account
$300 a month in a high interest savings account

How much is your mortgage?
200k is great with two kids - usually.
Which high interest savings?
We use Capital. Is there something better

amother

Banana

Wed, Jul 10 2024, 9:40 am

The Israeli numbers are interesting to me.

I’m in Israel too. We both make about 200k usd combined when converted. We save from 0 to 12000 nis a month. It depends on the month, a car repair, camp payments or a ticket to the States for a family necessity. We also have pensions and work savings accounts that has about 10,000 nis a month maybe going into it. Most of our savings goes to our house downpayment.

amother

↑ Floralwhite

Wed, Jul 10 2024, 9:47 am

amother Floralwhite wrote:

How much does tuition cost you? I was planning to have 4 kids so I could afford life but if 200k isn’t enough, I’ll have to rework my plans.

Why the hug on this? I think practically when deciding how many kids to have.

amother85

Wed, Jul 10 2024, 9:48 am

What’s savings? Haha.

We make combined around 180k gross (112k net) plus another 23k net in child tax benefits so basically 135k take home or $11,250/month. We have nothing left after expenses and paying down debt (debt being mostly past tuition). I do have a pension through work so about $700 a month is deducted for that and eventually IYH I’d get a very nice pension from that. Once we are debt-free (other than mortgage) IYH in the next year we can maybe save but we’ll also have another kid in school by then 🙃

I want to make aliyah in the next ~3 years (even though it means not getting my full pension) but have no idea how to save up the money for it.

amother

↑ Obsidian

Wed, Jul 10 2024, 12:47 pm

amother OP wrote:

How much is your mortgage?
200k is great with two kids - usually.
Which high interest savings?
We use Capital. Is there something better

We have a small house with 6.5 interest rate it’s painful…
We pay around $4,000 a month
It feels tight every month so not sure how others do it
Not sure my husband takes care of it.. think it’s about 5% interest but could be wrong..

Genius

Wed, Jul 10 2024, 1:11 pm

amother Floralwhite wrote:

How much does tuition cost you? I was planning to have 4 kids so I could afford life but if 200k isn’t enough, I’ll have to rework my plans.

200k should be enough for four kids. You just need to know how to budget.

Also, who's to say you won't be a millionaire one day? Don't you feel like you're limiting Hashem with this black and white thought process? He has enough.

amother

Eggplant

Wed, Jul 10 2024, 1:18 pm

About 100k combined gross. Save on average 1500 a month, sometimes more sometimes less depending on expenses. One baby
Feel like we should he able to save more esp since we live pretty simply but life’s expensive

amother

Stoneblue

Wed, Jul 10 2024, 4:17 pm

Husband earns 160k. I earn 35k. pretax His salary covers expenses. 2k goes to 401k. most of my salary after tax goes to savings

small apartment, low rent and only one tuition so far. crazy it takes so much to live.

I dont understand how anyone from our generation will afford to make weddings.

amother

Peachpuff

Wed, Jul 10 2024, 4:20 pm

I dont save. Im a single mom, not getting support, make a low salary, feel all alone. I dont know whats going to be with ny future.

amother

Lemon

Wed, Jul 10 2024, 4:29 pm

We used to save about 12% of our annual income

Now BH our income went up the last couple of years and we are able to save about 30%

But even when we had very low income we prioritized saving. I did an automatic transfer every paycheck into a savings account. When I started I transferred $25 per pay period. Just to make it a habit and a non-negotiable. BH BH we now save significantly more.

amother

Oak

Wed, Jul 10 2024, 4:30 pm

amother Magenta wrote:

We make over 200k per year and put away nothing. Frum life with 4 kids is very very expensive. And this is with us “only” having a $2500 per month mortgage , since we bought our house several years ago, if we bought more recently our mortgage would be much more between higher interest rates and housing costing much more in our area.
I worry about the future but we have nothing to save at the end of the month.
We have a small 401k with about 15k in it for emergencies.

We’re in the same situation..make over 200k, mortgage is $2,750, 4 kids and the heavy burden of frum cost of living. Not a penny to save, ran through our savings and most months we’re in a deficit. Wish so badly things were easier.

amother

Strawberry

Wed, Jul 10 2024, 4:31 pm

Joint income of 120k before tax, which comes out to 6k a month after tax and health insurance. And we’re not covering expenses, forget saving.

amother

↑ Magenta

Thu, Jul 11 2024, 1:53 am

amother Floralwhite wrote:

How much does tuition cost you? I was planning to have 4 kids so I could afford life but if 200k isn’t enough, I’ll have to rework my plans.

For 4 kids we’re paying about 5k per month (this is with discounts !!)

amother

↑ Royalblue

Thu, Jul 11 2024, 1:54 am

amother OP wrote:

For Israel that's pretty good. What does ur husband do

He's a programmer.
I was never an adult in the us so I don't know how it works there but in Israel part of your salary also goes to your pension automatically and in good jobs they also pay into a keren hishtalmut (a tax free savings/investment plan). Some comes out of your salary and some the employer puts in. So besides for our savings that I mentioned before there is also this

amother

↑ OP ↓

Thu, Jul 11 2024, 6:00 pm

amother Stoneblue wrote:

I did the math after the wedding posts were talking about minimum 75k PER CHILD. That's a heck of a lot of money to save each month and consistently in order to afford that, which will only go up, by the time my small kids are older. Crazy!

amother

↑ Latte

Thu, Jul 11 2024, 6:21 pm

amother OP wrote:

We have a smaller family so that makes putting away more money much easier.

Our passive income is generated from a smallish apartment building we bought a few years ago at a great price. (We had amazing siyata dishmaya with that whole story.) DH was in the construction industry at the time and renovated the building, plus was able to add three apartments ( built out the attic and basement), at a rock bottom price. (This came after 20+ years of very hard work, living below our means and saving a lot.) Rents where we live are through the roof and there's a housing shortage, so we b"h don't have a problem keeping our units rented out.

amother

↑ OP

Thu, Jul 11 2024, 7:47 pm

amother Latte wrote:

Amazing

amother

Ivory

Thu, Jul 11 2024, 8:16 pm

amother OP wrote:

Don’t just save. Invest. That’s the trick.