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Friday, 16 Tammuz, 5779
  |  July 19, 2019

    How I Got To Financial Freedom

    Up until 5 years ago, Chaya Margolin says she knew nothing about money. When debt began piling up, she decided to make a big change. Full Story

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    What is The Price on a Life?

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    The nate
    Guest
    The nate

    Secrets of the millionaire mind is one of the best books

    a thought
    Guest
    a thought

    i followed dave ramsy method of budgeting for a year and a half and i found that its hard to stick to a budget for a whole month … for example if i had 1000$ for food for the month by the last week and a half we always ran out … now i follow jordan page who works with a budget plan by the week (not including any fixed expenses…) i find it soooooooo much better and we bh stick to our budget every week. because now if thursday i finished my budget then i just wait to sunday… Read more »

    My gosh!!!!!!!!!!!!!!!??????!!!!!
    Guest
    My gosh!!!!!!!!!!!!!!!??????!!!!!

    You don’t need a rocket scientist to tell you “don’t spend more than your income. Really, are you going to pay someone to tell you “make a budget… Get out of debt before going on your next vacation… Don’t eat out if you make less then 50,000 a year… common, use your head if you have a little common sense..don’t spend like your in congress… then cry I’m broke… Get your act together and your finances…..people are just plain dumb these days…. That max out all their credit cards and wonder 6 months later… Oh boy… I’m in debt.. heeellloooo….… Read more »

    Its about time
    Guest
    Its about time

    So many families are struggling. Sometimes I wonder how they make it. I myself calculated my income at a little over two million a year and still find it a bit difficult. It’s not only tuition but also supporting my kids in kollel. My wife is a big spender but I myself live simple. I’m glad there is someone out there to help yidden with financial advice. Hatzlacha

    Congratulations and best wishes
    Guest
    Congratulations and best wishes

    Many years ago (I’m now on Social Security), we also struggled, especially with Pesach expenses. We worked out a system where our weekly food budget included Pesach. My job was to “hide” the Pesach money so we would have it for Pesach. I had my own bank accout where I accumulated the money. It may sound like a gimmick, but it worked for us.

    with# 3
    Guest
    with# 3

    everything is so gashmius that people just plunge into the buying mode and keep up with the jonzes. Tuition is a killer, yes.But if you are eating out and buying plane tickets tuition should not be the issue.

    Go chaya!
    Guest
    Go chaya!

    Chaya, U don’t know it, but I’ve read one of your articles a while back and it really inspired me to get on board with our family finances. We began digging our way out of debt, and BH were almost there!

    Wishing u lots of Hatzlacha in the great work that u do!

    investments
    Guest
    investments

    How?
    What?
    Where?

    Glaringly Missing -
    Guest
    Glaringly Missing -

    It’s not as simple as prioritizing roof, food and chinuch. Yidden give maaser and do chesed, especially us Crown Heightsers are constantly hosting out of town guests. It’s now considered spending irresponsibly when agreeing to host yet again for the upcoming chidon or when giving maaser to a yid missing limbs r”l! That’s as inherent to our lifestyle as paying tuition.

    At comment #4
    Guest
    At comment #4

    What do you do for a living?

    To #3
    Guest
    To #3

    ‘Spend like you’re in congress’? Sounds like a Dave Ramsey quote to me;) Sounds like you did benefit from having someone tell you how to work your finances.. Nothing wrong with that.

    Expenses are over jncome
    Guest
    Expenses are over jncome

    So what do you do if your expenses are more than your income?
    Yeshivah Tuition 50,000???
    thats just 5he tip.
    All i can say is that our debt is mostly not frivolous
    Its from Tuition, Camp which we consider priorities

    To #3 One size does not fit all.
    Guest
    To #3 One size does not fit all.

    You think it’s all about one simple idea. It isn’t.
    What do you if you are living within your means and suddenly one of the kids gets sick and the hospital bill which the insurance won’t cover, is more then what you gross, in a month?
    What if a person has ADHD and cannot effectively concentrate on things like figuring every purchase into a budget?
    Your simplistic view leaves out many real world situations.
    Don’t judge others who’s place you are not in, and have no concept of.

    Good until...
    Guest
    Good until...

    You have 8 tuitions to pay and between that, mortgage, food and very basic bills you are just not making enough money. Sometimes the paychecks do not cover basic expenses. You can’t not send your kids to school, have a roof over your head or eat. We don’t go on vacations or spend a penny that is not necessary, and we are still in debt from basic expenses

    So interesting!
    Guest
    So interesting!

    I would appreciate a weekly column from Mrs. Margolin, this is so apropos, and so relevant. I also listen to Dave Ramsey, but it would be nice to hear from a yiddishe person.

    I used to be in debt
    Guest
    I used to be in debt

    We were always in debt, on food stamps, missed tuition payments mind you for an oot school so our bill is bigger than out mortgage and barely food in the fridge. We barely gave tzedoka, I did not have enough emunah. We did a major turnaround first we got rid of our second car although we live in a place where 2 would be better, I found having one of us uber to work cheaper than paying a car payment, gas and insurance. When it’s nice out my husband will bike to work. I gave up my job as a… Read more »

    Fan from Far
    Guest
    Fan from Far

    Chaya Margolin! The Best!

    Much needed!
    Guest
    Much needed!

    Thank you Mrs. Margolin. The topic of finance and proper budgeting is so important. You are correct: many marital problems can be averted with proper money management. We have enormous expenses as frum Jews but we can manage if we take proper precautions. It may not still be easy but we can make life more bearable. Young couples, along with the halachic and hashkafic training they receive, should have a couple of courses on finance. Maybe you should make this a priority. And women need to be aware nowadays too. Finance was often the responsibility of the man of the… Read more »

    To save something you need to make enough first of all
    Guest
    To save something you need to make enough first of all

    Living in CH is expensive but Income not so good for many …. so all your theories are good only for people who make 100k after taxes +but overspend all for luxury and maids …
    families who lives under 50K are broken families with 0 Money to save, stretching $ too hard for them.
    That’s why you see long lines for food pantries & food distributions before YomTovs in CH or other gemach like uniform donations or coat donations for CH kids

    The millionaire next door
    Guest
    The millionaire next door

    A number of years into my marriage I read this book & it changed my life. No secrets or even techniques but a healthy awareness of money and how to make it work for you.

    So important
    Guest
    So important

    There are so many women operating as Mrs Margolin describes at the start of the article. It’s extremely unhealthy in this day and age of credit cards and the ability to spend more than you have. I always thought I was careful with $ but I had never even looked at the bank account once I got married and my husband managed the $. I finally opened my eyes, went to the bank, and started to see what was going on. My understanding of “necessary” purchases changed dramatically and we began to take control of our life and finances (long… Read more »

    Mrs. Margolin
    Guest
    Mrs. Margolin

    While there are many expenses associated with raising a family, especially a Frum one, I think that it is very important to stress the issue of purchasing Life insurance especially for families with young children..

    Neshei
    Guest
    Neshei

    I was just going thru some old neshei magz and came across this exact article. Thankfully I have been starting along this road. Thank you Chaya for your great work.

    I think would be great if there were courses in the community on this topic
    Guest
    I think would be great if there were courses in the community on this topic

    So many people struggle. But where is this topic taught? It needs to be a priority, especially in the frum community where expenses are high

    To No. 19
    Guest
    To No. 19

    Yes, it is very hard on 50K or less, but that does not mean budgeting is not important. It is even more important. And part of financial planning is determining whether there are realistic ways to increase income. With two healthy adults there are many options for increasing household income by investing in yourselves to learn new skills, go back to school, etc. so the parents can get a better job or start a business — perhaps as a financial coach/personal financial advisor. Investing in a few really touch years early in your life (i.e. Abba takes care of the… Read more »

    To No. 16
    Guest
    To No. 16

    I love your comment about now looking forward to giving Tzedakah. It is so liberating to get one’s priorities straight and escape the pressure to keep up with the Jones. And a great example for your children

    You paid off your debts with your parents/wedding  money
    Guest
    You paid off your debts with your parents/wedding money

    Your wedding money that you paid off debts was your free money, it’s nice that you had this option that usually others don’t have. so what is the idea of budgeting – set your real goals and live by budget, it dose not mean not to go to the restaurants or vacations – it does mean to save first before for all your pleasure time.

    Dave Ramsey rocks!
    Guest
    Dave Ramsey rocks!

    I’m reading this article and it really mirrors my own experience- I also am married with a young family living in CH and spent the first few years of married life spending as needed and wanted. Then before I knew it I had over $100k in Cc debt. Long story short, my husband and I listen to Dave Ramsey’s podcast almost every day to keep on track. We follow a budget now for 4 years and have BH gotten out of debt and are working on saving for a down payment. I have to admit that now, with my kids… Read more »

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