Juggling Expenses with Purpose: How One SaverLife Member Used Strategic Saving to Achieve Economic Mobility
Images by Josiah Randleman
For Deborah, financial stability has always been a journey requiring careful planning, determination, and balance. Originally from New Jersey, she and her husband, Eli, lived in New York City while pursuing their degrees. As their family grew, they realized that New York’s cramped apartments and high prices weren’t a good fit for their future. In 2019, they decided to move to Philadelphia, where they could rent a three-bedroom house for less than the cost of their 1.5-bedroom apartment in New York.
A little over a year after relocating, in the midst of the pandemic, they seized the opportunity to buy their current home when interest rates hit historic lows. Their new home, located near the synagogue where they pray, provided both financial and communal stability for their growing family. But, even with a beneficial interest rate, relocating is an expensive endeavor, and expenses can deplete savings and increase debt. Deborah recalls how the generosity of their families provided some financial support during the move. “I’m so grateful that family pitched in, but you don’t feel good about asking to borrow money. It gets to you after a while, and we promised we wouldn’t put ourselves in that position again,” she said.
Making the Most of Tax Season
Like many SaverLife members, Deborah’s household financial health has been bolstered at times through the tax-filing process. This was the case after the move, when their tax refund, along with credits like the Child Tax Credit (CTC) and stimulus payments, provided much-needed relief at a critical moment. These funds allowed them to repay family and helped them find a more solid financial footing while Eli started projects he worked on as a freelance editor and tutor.
Deborah specifically credits the CTC for creating breathing room to cover bills and recover from the financial strain of relocating and getting settled. "With a growing family and bills to pay, we were very careful with the money we spent. We had money in savings for our house, but we didn’t want to use that for regular expenses," she said. For many families like Deborah’s, these credits are not just a temporary boost—they are essential in managing the financial ups and downs of the year. Without them, the challenges of maintaining stability, affording necessities, and planning for the future would be even greater.
The Intentional Juggler
Today, on top of managing her home and raising six children with her husband, Deborah is an educator at a private Jewish elementary school, where she teaches both religious studies and language arts. While she admits the days are long and busy, she calls herself “an intentional juggler” and finds great fulfillment in both her personal and professional pursuits.
At home, after full days of teaching, Deborah prepares dinner for the family, reads with the kids, and often stays up preparing her lessons and listening to podcasts or engaging in professional development to further her knowledge and personal growth. Juggling these responsibilities isn’t easy, but she has found ways to strike a financial balance that allows her family to live according to their values.
A key part of that balance involves maintaining a kosher lifestyle. Kosher dietary laws dictate specific guidelines for food selection and preparation, which often come at a premium. According to a Salon article, kosher meat costs approximately 20 percent more than non-kosher alternatives. Beyond food expenses, private school tuition for their children is another significant financial commitment. Yet, despite these added costs, Deborah remains steadfast in her choices, drawing on the positive saving habits instilled in her from a young age. “My parents gave me an excellent education and were examples of the importance of staying out of debt, living within one's means, saving for retirement, and being honest and charitable with one's money. I remember going grocery shopping and learning about buying items on sale, comparing prices, etc. I'm so grateful to have absorbed their messages.”
While she acknowledges that there are elements of daily life that are costly, she is confident it is the right choice for her family. They have learned to be intentional with their spending in other areas, ensuring they can prioritize their kosher practices while still creating meaningful experiences for their family.
“We take daycations in the area, doing low-cost or free activities,” she said. “We don’t do takeout, and we are also paying tuition for our religious school. When we can, do our best to live simply and cut out unnecessary expenses.” Through careful planning and smart financial choices, Deborah and her family continue to enjoy life while staying true to their values.
The Price of Home Sweet Home
For Deborah and her family, home is more than just a place to live—it’s the heart of their world, a sanctuary where they can come together and find peace amid busy lives at work and school. But, as any homeowner—especially one with children—knows, maintaining a home comes with ongoing expenses. From everyday wear and tear to unexpected repairs, the costs of homeownership extend far beyond the monthly mortgage payment (see SaverLife’s research on the relationship between housing costs and financial health), impacting the family’s overall financial health. Deborah understands these demands and does her best to prepare for the unexpected.
Each month, she sets aside money in a dedicated savings account to cover potential home repairs, whether it’s fixing a broken appliance, patching the roof, or improving insulation. “The added costs are, thank God, within our ability, and my husband has been rediscovering his creative, DIY side to fix things as necessary,” she said. By prioritizing savings and planning ahead, she is building a strong financial foundation that ensures long-term stability for her family. Every dollar saved is a step toward greater security and peace of mind.
“After years of renting, it’s been great to have a place to call home,” she said. “It was the right decision for us to stop renting. It’s good to be building equity, and the mortgage rates couldn’t have been better at that time.” Investing in homeownership has not only given her family a sense of stability but also reinforced the value of intentional juggling and planning for the future. While she never had a specific age in mind for homeownership, she feels blessed to own a home at this stage of her life and would make the same decision again if given the chance.
Planning for Stability, Celebrating Wins
Deborah’s financial benchmark for stability is having an emergency fund that covers three to six months of living expenses, in case of unforeseen financial pressures.
Through Wells Fargo’s investment in the financial health of SaverLife members like Deborah, she was recently named SaverLife’s Philadelphia Super Saver and received $5,000 from Wells Fargo and SaverLife—money that will help her meet her financial goal of maintaining that rainy-day fund.
“When I found out I had won, I honestly laughed because we never win anything,” she said. “It felt like a tremendous gift. It was much appreciated. It helps the savings journey and gives us a little bit more breathing room.”
Deborah’s story is a testament to the power of being intentional with finances and the impact of programs that support families on their financial health journeys. Through disciplined saving, strategic budgeting, and a commitment to living within their means, Deborah and her family have found ways to thrive while staying true to their values.
(We extend out gratitude to the Wells Fargo Foundation for their generous philanthropic support, which has made it possible for this story to be shared.)