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Forum
-> Household Management
-> Finances
amother
Navyblue
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Yesterday at 6:22 pm
amother Nemesia wrote: | In our 30's
26k down payment debt
16k student loans
12k cc debt
20k in savings (don't ask me why lol. Dh is in charge )
Own a tiny starter home and barely making the month
O and we are 5k behind in tuition |
If your cc debt is on 0 interest cards then it makes sense to have savings, especially nowadays where you can get 5% in a savings account. Once the 0 interest period ends, you can either transfer to another 0 interest card or pay it off.
If the debt isn’t on a 0 interest card, get it on one or pay it off asap. Credit card debt is not a thing to mess around with, it multiplies so quickly.
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amother
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Yesterday at 6:29 pm
amother Lightcoral wrote: | I feel like if you own a home you're better off than someone who has more savings but is renting |
Yep
I realized the hard way
I thought I was doing so well saving. Had over 500k saved. Now that all went towards our house and we are in the same boat as op.
Had we bough a few years earlier our down-payment would have been 50k instead of 500k
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amother
Snapdragon
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Yesterday at 6:32 pm
amother Babypink wrote: | Yep
I realized the hard way
I thought I was doing so well saving. Had over 500k saved. Now that all went towards our house and we are in the same boat as op.
Had we bough a few years earlier our down-payment would have been 50k instead of 500k |
500k for a down payment? That sounds crazy!
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amother
Aconite
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Yesterday at 6:33 pm
I’m in my 40s. We struggled for years until DH went to work. We sold our house to pay off 35k in private debt, and declared bankruptcy because we couldn’t dream of paying back the credit cards.
It’s 8 years later, DH has a job, we make it month to month, but we rent. And every month that rent can be going towards a mortgage but the mortgage rates means we’d have double the monthly payments which we can’t afford.
So we’re stuck here. We live on simple standards, basics and necessities only. We both work crazy full time and I squirrel away anytime there’s an extra few hundred in the bank but I have no idea, literally no clue, how we will marry off our kids.
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amother
Seagreen
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Yesterday at 6:35 pm
No savings, no house
Is that rare
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amother
Cognac
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Yesterday at 7:51 pm
I'm in my 40s. I have $1000 in my checking account and no savings account. When I was in my 30s, I was in a 2 bedroom apartment so I had savings. All my money went to my house. I can't afford my mortgage and have massive credit card debt.
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amother
Watermelon
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Yesterday at 8:15 pm
Low 30s
$30,000 in savings
$50,00 student loans to pay off
Currently not putting any money into savings , we live paycheck to paycheck .
We have a house bh, 6 kids
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ahappygirl12
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Yesterday at 8:28 pm
I'm 27 before I got married at 23 I had 40k in savings.... Now we have 2 kids and living paycheck to paycheck... so hard to save. Just paying rent takes most of my paycheck and we both have decent paying jobs. Sucks.
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amother
Peony
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Yesterday at 8:37 pm
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.
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amother
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Yesterday at 8:42 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. |
Oh yeah I didn't mention that we own 2 cars because as you say it's useless financially. It's just good that we're not paying them off monthly I guess.
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amother
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Yesterday at 8:44 pm
Yeah it was a lot .
We do have a very small mortgage ( under 2k on million dollar house) considering that we bought recently
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amother
Chestnut
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Yesterday at 8:44 pm
Does savings include retirement accounts (401k, IRA) and/or educational accounts, or are you just asking about liquid savings (cash/investments)?
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amother
Bergamot
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Yesterday at 8:45 pm
Similar here.
Was doing OK until husband had mental health crisis, lost job and spent tens of thousands on therapy. Oh and I found out he has been lying in therapy for a while. Ugh.
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amother
Yarrow
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Yesterday at 8:52 pm
I already had a house. I lost it to divorce a mentally ill man.
So I am in my 40s and back to square one.
No house. Live in a nebby rented shack.
Zero savings.
Zero pride.
Some cc debt for good measure so my pride doesn't kick in from the back door ya know.
I had minus zero in my bank account for a long while.
I cried a lot and danced a lot.
One day for a reason unknown to me Hashem decided that the decree of poverty was over for me and He is improving my financial situation every day bh.
Until the day that this decree wasn't over whatever I did was worthless.
When the minute came for this to be over things started happening in the upward direction.
We are still in the nebby shack with many children and one toilet that isnt functioning properly but I am very grateful. Bh.
I believe Hashem will send us another miracle and get us to a decent house bekorov.
OP hang in there.
Dance in the rain a little.
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amother
Bottlebrush
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Yesterday at 8:58 pm
40s, no savings, no house, 6 digits of debt (mostly to schools).
Rich with amazing kids BH!
Not panicking - Hashem got us to this point, I think He can figure it out from here too. (Not that I never stress, but that's not my baseline.)
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amother
Eggshell
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Yesterday at 9:00 pm
Low 30s
Own house n 2 cars have 2 years left on one own the other.
We have around 8k debt on 0% interest credit cards that we make sure to pay off b4 interests starts we have been doing this for years. We do live pay check to pay check bc we pay off our debt with anything extra... I really see hashem runs the world and everything works out well.
We prob have 50k in savings that we don't know how to invest. We have no retirement money saved either. Neither of our works offer it.
We need help with how to start saving for retirement and how to invest our savings. It seems to be a very big secret. Anyone we ask doesn't want to say what they do or they oh I'm not happy with the guy I use..
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amother
Midnight
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Yesterday at 9:09 pm
Early 30s here. No savings had about 25k when we got married 10 yrs ago, now it's about 4k (only cuz I wasn't working this summer and we're playing catch up, so hopefully it'll go back up soon, BH I got a better job). Dh has college loans he's paying off monthly. We are in the same apt we were in when we got married. 2bedroom 1 bathroom. 2 kids bH, the youngest of which will be toilet trained soon so we only have one toilet for the 4 of us🙃 I keep davening... One day Hashem will help! I'm just so thankful we're all in generally good health 💖
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amother
Daphne
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Yesterday at 9:20 pm
amother Nemesia wrote: | In our 30's
26k down payment debt
16k student loans
12k cc debt
20k in savings (don't ask me why lol. Dh is in charge )
Own a tiny starter home and barely making the month
O and we are 5k behind in tuition |
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...
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amother
Hibiscus
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Today at 4:34 am
amother Eggshell wrote: | Low 30s
Own house n 2 cars have 2 years left on one own the other.
We have around 8k debt on 0% interest credit cards that we make sure to pay off b4 interests starts we have been doing this for years. We do live pay check to pay check bc we pay off our debt with anything extra... I really see hashem runs the world and everything works out well.
We prob have 50k in savings that we don't know how to invest. We have no retirement money saved either. Neither of our works offer it.
We need help with how to start saving for retirement and how to invest our savings. It seems to be a very big secret. Anyone we ask doesn't want to say what they do or they oh I'm not happy with the guy I use.. |
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
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