Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.
Today: an MBA leadership development program participant who has a $175,000 joint income and who spends some of her money this week on Powerade.
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Occupation: MBA leadership development program participant
Industry: Retail
Age: 31
Location: Arkansas
Salary: $130,000; 15% annual bonus ($19,500); $15,000 RSUs. Partner’s income: ~$45,000. When it comes to finances, I pay rent completely and my partner handles all other household expenses (utilities, wi-fi, car insurance and groceries). This is supposed to be closer to a 60/40 expenses split (though that’s not entirely accurate).
Assets: Checking: $706.35; HYSA: $1,639.29; investments: $123,731 (brokerage: $619; Roth IRA: $34,010; rollover IRA: $82,861.44; HSA: $6,027 — I only use my HSA as an investment vehicle and not for medical expenses); vehicle value: $10,000; engagement ring: $1,500.
Debt: Auto: $7,275; credit cards: $11,370 (0% interest); private student loans: $105,000 (from my MBA that I finished in June).
Paycheck amount (biweekly): $3,564.94
Pronouns: She/her
Monthly Expenses
Housing costs: $1,850. I rent a three-bedroom, two-and-a-half-bath townhouse with a two-car garage with my fiancé, E. This place is more than enough space for us but we really wanted a two-car garage and this was the only way to get it. Smaller options in our area are ~$1,600 so we felt the pricing was worth the “splurge.”
Loan payments: $712 (minimum) but I pay ~$2,500.
Utilities: ~$180 (E. pays).
Wi-fi: $82 (E. pays).
Car & renter’s insurance: $200 (E. pays).
Gym/fitness memberships: $90 (this includes the Peloton app and access to my company’s gym for both of us).
Phone bill: $100 for three months with Mint Mobile (I don’t budget for this monthly).
Therapy copays: $40 (two sessions per month).
Medical expenses: $170 (doctor visits and prescriptions).
401(k)/HSA: Currently not contributing.
Wedding savings: $850
Emergency fund: $400
Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
Yes and no. I was a first-generation college student; both of my parents went to college but didn’t graduate so they definitely wanted better for me. I was a well-performing student and was known as the “smart” one in my family, so they expected great things from me. They thought I’d be a doctor or a lawyer. I went to a private religious undergrad far from home that gave me significant financial aid and I received Pell Grants. My parents covered nothing — not even a phone bill. I graduated with $20,000 in federal student loans and paid them off in 2020. In late 2020, I decided I wanted to get my MBA so I started that process (test prep, prep programs, etc.). I spent $12,000 in total preparation and was admitted to all seven of the MBA …read more
Source:: Refinery29
