How much do you save per month?

amother

Tue, Jul 09 2024, 7:51 pm

Many people on here earn great salaries. Hopefully one day I'll know the trick to how that's done.

In any case, wondering how much people save per month to get an idea for myself what is common.

Please share, if possible -
-Annual salary per spouse
-Savings per month

Expenses vary esp depending on how many kids, where you live etc so not looking for that info.

Thanks

amother

Springgreen

Tue, Jul 09 2024, 9:04 pm

dh earns about $100k
I earn about $5k
We save $100 to accounts in the kids names for wedding expenses etc each month ($20/child, its really not very much, but its better than nothing)
We save $200 in retirement accounts each month.

amother

Aquamarine

Tue, Jul 09 2024, 9:10 pm

For the past few years we’ve had to dip into our savings several times to afford normal frum life and I feel deep shame that our combined income of about 200k doesn’t cover our expenses (almost 100k just in tuition) and that neither of us are likely to find significantly higher paying jobs.

amother

Floralwhite

Tue, Jul 09 2024, 9:12 pm

amother Aquamarine wrote:

Please stop feeling shame! Easier said than done lol. But 200k is a ton to be earning annually. The frum lifestyle doesn’t make financial sense. If you weren’t frum, you’d be rolling in dough. It’s totally not your fault.

Speaking as a person with an annual income of 80k here, earning 200k is nothing to sneeze at.

amother

DarkCyan

Tue, Jul 09 2024, 9:16 pm

$0.
My paycheck goes to rent, playgroup, groceries. DH started a business that is just quiet now and his CC fluctuates at about 4k and never goes down. He needs more clients. My cc bill is now around 6k and I have no idea how I will pay it back since I am a teacher and waiting for summer to be over asap. I make pennies over the summer. Married under 7 years, but maybe one day we'll make it big. Think last year combined we only made 75k.

amother

Geranium

Tue, Jul 09 2024, 9:34 pm

Making 175k with 5 kids, dipping into our savings about 5k a month, and our tuition is going up next year Sad

It's insane and we have no idea what to do about it

amother

Mustard

Tue, Jul 09 2024, 9:38 pm

I make 90k
dh makes 30k.
the only thing we put in savings is our annual tax refund of about 8k and maybe here and there $100.

amother

Royalblue

Tue, Jul 09 2024, 10:26 pm

I don't know if this is helpful because I am in Israel but my husband makes around 24k shekel a month and I made between 1-2k. We usually save around 6-7k a month. I work freelance so there were 2 months this year so far that I made around 5k and then we saved around 11k those months which was fun.

Just did the math turning it into yearly salary and dollars. Pre tax my husband makes $119k but that comes out to almost $80k after taxes and everything and we are saving between $1600 and $1900 a month

amother

Magenta

Tue, Jul 09 2024, 10:36 pm

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.

amother

Thistle

Wed, Jul 10 2024, 12:07 am

I live in Israel.
Our combined income pretax is about $140K. After tax is roughly $112K.

My goal is to save $1000 a month. Sometimes we can do that or more, sometimes we can't.
It's important to me to save but somehow expenses are just high.

amother

Obsidian

Wed, Jul 10 2024, 4:22 am

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

amother

Latte

Wed, Jul 10 2024, 4:37 am

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.

amother

Antiquewhite

Wed, Jul 10 2024, 5:17 am

We used to save a good 5k per month.
In the past year things have gotten really tough and we were in a deficit every month. We went from 60k on savings to zero. We literally used it all up to live Sad

amother

Amethyst

Wed, Jul 10 2024, 5:20 am

amother Aquamarine wrote:

How many kids do you have?

amother

Outerspace

Wed, Jul 10 2024, 5:22 am

Not sure. My husband has his own business and only takes out about 10-12000 a month. The rest is our savings. The taxes show we make about $400,000 a year

amother

Aster

Wed, Jul 10 2024, 5:22 am

We used to save. The last few years with inflation we need to live on every penny.

justforfun87

Wed, Jul 10 2024, 5:24 am

I think there are two issues regarding savings. People who don't make enough to save anything and those who spend too much and therefore don't allocate for savings. If I'm being honest, I love the mindset of saving but very rarely make the effort to put money aside and thereby it is spent.

amother

Floralwhite

Wed, Jul 10 2024, 5:27 am

amother Magenta 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.

amother

Wed, Jul 10 2024, 6:18 am

amother Royalblue wrote:

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