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 product manager who makes $120,000 per year and who spends some of her money this week on a Tangled costume set.
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Occupation: Product manager
Industry: Climate tech
Age: 29
Location: New York
Salary: $120,000
Assets: Checking account: $20,350; savings account: $30,800; Roth IRA: $55,630; personal investment: $37,580; 401(k): $110,305; HSA: $3,500. No physical assets — I’m currently shopping for my first car, hence the bigger amount in my checking account (I usually keep it around $2,000).
Debt: $15,739.68 ($1,923.54 at 6.29%; $13,816.14 at 5.03%) in student loans.
Paycheck amount (2x/month): $2,734.83
Pronouns: She/her
Monthly Expenses
Housing costs: $1,850 with two roommates.
Loan payments: $511
Utilities: Usually $100 (wi-fi, gas/electric).
ClassPass: $84.23
Gym: $90.63
Nuuly: $98
iCloud storage: $2.99
Netflix: $16.52
Spotify family plan: $19.99 that becomes $11.99 (siblings pay me $4 each; I pay for my parents).
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?
While neither of my parents attended college or higher education, their siblings all did. Higher education was expected of us. For undergrad, I did work-study for the first two years of school. I also had loans of about $15,000 that I paid off within the first two years post-undergraduate. I took out $25,000 to attend graduate school (finishing in December 2023), which I’m currently paying off.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Conversations were about how my parents’ siblings were all much more successful than them, and that education was important. They are super risk-averse with spending… My parents advise me to not have too much in investments and that is what retirement accounts are for. They think I should only have money as cash or in retirement accounts. They don’t like how I use robo-financial accounts like Wealthfront and Robinhood.
What was your first job and why did you get it?
My first job in high school was as a hostess at a local restaurant. I think I made around $8 an hour but got to pocket any tips. Typically I got to bring home food every shift, too. I got it to have extra pocket money for hanging out with friends. I grew up in the suburbs so our main hangout was at the mall.
Did you worry about money growing up?
Yes.
Do you worry about money now?
Yes, especially being single. Most of my friends have been partnered for at least the last four years and have been able to split major expenses such as property, cars, and trips. I would like to live by myself soon but in NYC I can’t seem to find good options that are …read more
Source:: Refinery29
