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Author Topic: Saving Money
pray today

Dating Maven

Posts: 168
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Post Saving Money
on: June 12, 2013, 9:17 PM

OK so we're all single right? Chances are you make more money then you need right? Do you save it up? Or do you think well no guy is going to find out before we get engaged how much money I have, so it's not going to help me get a learning boy. So why not enjoy it now!
What do you do??

atararox

Dating Pro

Posts: 227
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Post Re: Saving Money
on: June 12, 2013, 9:27 PM

Enjoy it now!!! I don't deprive myself of anything! Now is the time when I can spend freely - one of the few benefits of being single! I mean I x buy a yacht or anything but definitley cute clothes jewelry variety of makeup, eat out whenever etc. I also have a cc to my parents account on me most times but I try to use that only for necessities like tights shells n stuff but I definitley enjoy myself as much as possible

yaeli

Dater

Posts: 5
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Post Re: Saving Money
on: June 12, 2013, 10:18 PM

I know someone who would save everything. She would think before she bought anything, do I want this dress, or another day my husband can learn Torah. She said that after a certain amount of time she realized she was becoming way to serious and intense a person that no one would ever want to marry her! So she set aside a certain amount of moeny as a "simcha fund" for herself that she would use to do nice things like occasional treats, meals out etc.
I thought that was a ver balanced approach

in the gap

Dating Maven

Posts: 164
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Post Re: Saving Money
on: June 12, 2013, 11:14 PM

I don't usually spend money, as I am trying to save up. However, I will spend if I really want something, or every so often go on a big trip. I don't think that a person should be obsessed with saving, but do it within reason. Some people who have enough saved up make major investments like buying a house or apartment. I think if you have the money for that, then do it and rent it out. That way you will always be making money or have a home to fall back on if you are not making money.

feigy123

Dating Coach

Posts: 553
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Post Re: Saving Money
on: June 13, 2013, 4:15 AM

Would be awesome to be able to make a downpayment on a coop when you get married, instead of renting.

Princess-
Lea

Dating Pro

Posts: 223
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Post Re: Saving Money
on: June 13, 2013, 9:52 AM

I'm not looking for a learning boy, and I spend/save.

A minimum goes directly into savings. I then allow myself some spending money. Going into marriage with savings is a great benefit—taking care of an apartment/house, for instance, would be a great relief. Most marriage problems are based with finances, plus there are so many expenses when one goes out on one's own—definitely put something aside.

But one can still save and still have some fun!

feigy123

Dating Coach

Posts: 553
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Post Re: Saving Money
on: June 13, 2013, 10:28 AM

Non-learning boys are frequently just as poor as learning boys, since they usually won't be working yet for several years, or will be in low paying jobs for some time. Depending on their age and profession.

hannahr

Dating Maven

Posts: 51
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Post Re: Saving Money
on: June 13, 2013, 1:25 PM

I'm not dating or working yet (long story) but I have to say that my parents got married on the later side and were immediately able to buy a house with a short mortgage.
I think I'm going to be saving my money.

patcha

Dating Coach

Posts: 445
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Post Re: Saving Money
on: June 13, 2013, 1:41 PM

Quote from feigy123 on June 13, 2013, 4:15 AM
Would be awesome to be able to make a downpayment on a coop when you get married, instead of renting.

+1

Everyone should save money. It is a mistake to think that a girl should only think about financial resources if you are going to be marrying someone in learning. No matter how much you save, that lifestyle pretty much guarantees that you will be financially unstable. However, marrying someone who is working doesn't guarantee financial stability, especially with the cost of a frum lifestyle and a lot of kids. It just makes it possible and way more probable.

People have debt from their education, it takes a while to work up to a decent salary, and cost of living differs greatly depending on where you live. Parnasa comes from Hashem, and if your husband is working at a job he is good at and happy with, that is what counts.

If you can make a down payment on a coop in the beginning, you save thousands of dollars in rent over the years, and will own a home after that time. Anybody who has any foresight at all should do this.

bibliophil-
e02

Dating Maven

Posts: 134
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Post Re: Saving Money
on: November 21, 2013, 7:10 AM

I know a single girl who is saving up for a trip to Europe because why not?

It's not for me-- I'd rather spend on more frequent, smaller luxuries instead of a one-shot deal. And of course, having a savings account is a good idea because you never know when you may need it.

ME

Dater

Posts: 18
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Post Re: Saving Money
on: November 21, 2013, 5:48 PM

Why not both? You can set aside a certain amount of your paycheck for "your future" and the rest just use Stam- you don't have to use the whole thing- and whatever is still left at the end of a few months gets put away as well- this way you have a set amount to put away, a maximum amount for "extras" so you don't overspend and get in over your head- and if you have left over from "extras" you have a bonus to put away... This way you kinda start learning how to budget yourself better so that when you do get married (iyH soon) you aren't already used to just spending whatever whenever; so it's not a culture shock...

sarala

Dater

Posts: 36
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Post Re: Saving Money
on: November 21, 2013, 10:22 PM

idk I dont think saving has the least bit to do with what your husband is doing. Nowadays even with both spouses working many are really struggling- no luxuries, just for daily living - they have no savings.
SAVING is VERY IMPORTANT!!

    To buy a house
    To marry off your kids
    To help them
    To send them to college
    When a sudden big cost comes - when youre living day to day you need savings for these times, for example when your car/fridge/washing machine breaks down
    AND for retirement!!!!!!! pension plans if you can get on one are not that great these days, and I know a bunch of women who are in their mid-sixties and cannot financially retire any time soon, but most ppl that age really need to - for medical and family reasons

think about it - an average 65 year old can be just about marrying off their last kids and have lots of expenses

ER

Dater

Posts: 10
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Post Re: Saving Money
on: April 13, 2014, 3:12 PM

I believe that now, when you're single and making money with not so many responsibilities, is the time to start practicing and building responsible financial habits like budgeting, paying off debt, and investing. Of course, no one should live without buying "wants," but it's important to think about the future. Any financial expert, or older person who hasn't taken advantage of their younger years, will tell you that time is our biggest asset when it comes to investing. Every dollar you invest in your 20's can balloon up to thousands later in life.

I use some great tools:

Steps to Financial Stability: http://www.daveramsey.com/category/tools/

Budgeting: http://www.youneedabudget.com/

Investing for beginners: https://www.betterment.com/

chaykie

Dating Coach

Posts: 466
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Post Re: Saving Money
on: April 13, 2014, 8:32 PM

until now i've been saving most of my money in my "Im Yirtze Hashem" acct. The rest of my money goes for spending... but lately i've been spending a bit more than i can afford...not too good. I'm gonna check out those websites, ER. do they rlly help? they sound exactly like what i need.

ER

Dater

Posts: 10
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Post Re: Saving Money
on: April 13, 2014, 10:35 PM

ABSOLUTELY! I wish my friends would check out those sites! I'm really into being financially secure–partially my personality. Although I'm not financially perfect, the tools I posted really help me stay on track.

The first link I posted is the website of Dave Ramsey, a big financial personality on the radio. The main thing I like on his site is his "Seven Baby Steps" (http://www.daveramsey.com/new/baby-steps/) which will give you a basic step-by-step direction on taking care of yourself financially.

The budgeting website I posted (the second link) is a great program I downloaded. It cost $60, but I highly recommend it. If you don't want to spend the money, there are free budgeting programs out there. I know of http://www.mint.com, although I've never tried it.

I know how important investing is (it's in Dave Ramsey's baby steps, so don't worry about it yet!) but I was confused and overwhelmed by all the conflicting information. I found Betterment.com (the third link) which is so easy to use, you don't need to wait until you know what you're doing, before you can just get your money to start working for you and grow!

There is no reason why you can't treat yourself to clothing, trips etc. while still being financially responsible. It's like eating. Of course you can have dessert and cake once in a while, but you need to take basic care of yourself to live a healthy life.

Feel free to message me if you want any more info on something I love blabbing about! 🙂

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