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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 sales associate/freelance writer who makes $27,000 per year and spends some of her money this week on a birthday cake.
Occupation: Sales Associate/Freelance Writer
Industry: Media
Age: 23
Location: Brooklyn, NY
Salary: $27,000
Net Worth: -$20,000 ($20,000 in an investment account my mom started for me, $10,000 in savings, minus student loans)
Debt: $50,000 (student loans)
Paycheck Amount (2x/month): ~$1,000 (part-time sales associate job plus freelance work)
Pronouns: She/her
Monthly Expenses
Rent: $710 (Three-bedroom split with my boyfriend, F., and our roommate Y.)
Utilities: ~$70
Gym: $0 (My boyfriend pays $20/month and I take advantage of his free guest perk.)
Loan Payments: deferred (Will start paying this year when payments restart.)
Spotify: $5 (I’m on the family plan with my brothers, and I pay $60 to my oldest brother every August.)
Website Domain: $8 (Billed yearly, but I purchased a Black Friday deal so it was only $41 this year.)
Streaming Services: $0 (My mom pays for the family Netflix, Hulu, and Disney+.)
Phone: $0 (Mom pays for a family plan.)
NYT Cooking: $0 (My boyfriend pays $40/year.)
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?
I was always expected to attend college, though only one of my parents completed a bachelor’s degree. I received scholarships but have student loans from college because I attended a private college. I decided to study Literature because I wanted to be a writer and love books, though I am increasingly moving into the journalism field. Now faced with student loan payments in an industry that is not known for a high-paying salary, I wish I chose a community college for the first two years of school and finished my degree at a public, four-year college. I love the private university I attended for the education I received, but I am very anxious about student loans.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
I grew up in a financially secure household and didn’t worry about finances until my father died. My mom took over the family business and quickly saw how much money we were losing and had to cut costs. During that time, my oldest brothers were busy preparing for college, so my mom and I got really close. She leaned on me and was very open about our tricky financial situation, which definitely contributed to my anxiety about money. I always think about my purchases before pulling the trigger and often experience buyer’s remorse, even if the purchase is a necessity. The bright side of this anxiety is that I always spend within my means and pay off my credit card in full each month. I’m also getting better at letting myself spend money on the things I value most. My mom is financially savvy, though, and started an investment account for me, which I’m trying to take over.
What was your first job and why did you get it?
My first job was working under the table at my family’s business, but my first official job was working as a sales associate at a clothing store. I worked two to three days a week at $7.25/hour. It wasn’t too much to balance with school and sports because shifts were only five hours long, and I liked having money to be able to say that I could pay for my own gas. More accurately, I bought books and overspent on coffee.
Did you worry about money growing up? Yes, all the time. I avoided inviting friends to dinner because I didn’t want my mom to pay for them and I tried not to ask my mom for money if I could help it. This was all pressure I put on myself — she always gave me money if I asked and never made me feel like a burden. Do you worry about money now? Yes, but I am becoming more logical about my financial situation. I don’t make a lot of money right now, which is tough when it comes to being uninsured and working two jobs. But I also don’t […]
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