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: a senior communications specialist who makes $100,296 per year and spends some of her money this week on a handmade mug.
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Editor’s note: This is a follow-up diary. You can read the original submission here.
Occupation: Senior communications specialist
Industry: Manufacturing
Age: 29
Location: Baltimore
Salary: $100,296 + $7,000 bonus
Assets: Car: ~$10,000; employer 401(k): $20,200; Roth IRA: $8,973; HYSA: $3,649.
Debt: Federal student loans: $55,225; credit card debt: $5,783; medical debt: $979.78.
Paycheck amount (2x/month): $2,715
Pronouns: She/her
Monthly Expenses
Housing costs: $900 rent.
Loan payments: Student loans: $376; medical debt: $100; credit card debt: $800.
Cell phone: $115
Internet: $60 (split with roommate).
Utilities: $80 (split with roommate).
Health insurance: $130
FSA contribution: $40
401(k) contribution: $750
Car & renter’s insurance: $201
Therapy: $120
Psychiatry: $40
Yoga subscription: $32
Google Drive storage: $10.59
YouTube Premium: $14.83
Apple iCloud storage: $2.99
Portfolio: $12
Chani app: $12
NYT Cooking: $4.99
Peacock: $7.99
Spotify: $12.71
Paramount+: $12.71
Gym membership: $38 (split with roommate and boyfriend).
Babbel membership: $16 (charged every three months).
Annual Expenses
Daylio app: $23.99
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?
Definitely. I’m the first born of a Black parent in a second-generation immigrant family so suffice to say there was a serious focus on education pretty much immediately. I was raised in the classic “work twice as hard to get half as far” kind of mentality (cue the iconic Scandal scene with Kerry Washington and her dad), with the added pressure that neither of my parents were able to complete their college degrees. Good grades were expected and the bar was quite high. I’m first generation in a lot of ways and in terms of the financial part, it was kind of like, “well, figure it out.” My parents gave me a lot of love and support but they just honestly did not have these practices to pass on to me. I was awarded quite a few different scholarships when I graduated high school and worked as a dish washer at a local restaurant that summer to raise enough money to buy a laptop and the dorm necessities for starting out. After that, it was largely a combination of Pell grants and loans that both my parents and I had to take out to cover things. I was able to study abroad but again, only because I was awarded a hefty scholarship.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My mom was probably a little too transparent with me about finances from an early age. I was told a lot about what was going on, what we could and could not afford, and had a …read more
Source:: Refinery29
