Industry: Construction
Age: 40
Location: Norristown, PA
Salary: $70,000
Joint Income/Financial Setup: $180,000. My husband and I have a joint checking account, HYSA, and cash back credit card. We also have our own personal checking, savings, and our own credit cards. We mostly use the joint credit card for expenses and bills to get cash back when we can. My husband contributes $686 a week to the joint checking, and I transfer $950 twice a month, sometimes more. My husband contributes more since he makes more than me, but since I have fewer bills than he does, I end up contributing extra.
Assets:
High-Yield Savings Account: $30,200
Combined retirement accounts: $172,230 (total across all of our accounts) Joint checking: $1,876.46
Debt:
New car: $18,300
My husband’s student loans: $12,000
Joint credit card: $2,734
Paycheck Amount (bi-weekly): $2,074, after 401(k)
Pronouns: She/her
Monthly Expenses
Housing Costs: $2,300 (my husband and I rent a two-bedroom single-family home)
Electricity: ~$200 for the warmer temps
Internet: $99
Gas: $225
Water: $70
Loan Payments:
Car payment: $368
Husband’s student loans: $500 (sometimes he pays more if he can)
Other:
Car insurance: $221
Cell phone: $225
Subscriptions: HBO Max: $20; Netflix: $19; Apple TV: $14; Reddit: $7; Spotify: $13; Peacock: $8.50; Amazon Prime: $16
Pet supplies: $130
Husband’s Personal Expenses:
Gym memberships & personal trainer: $350
My Personal Expenses:
Apple Music: $12
Clothing subscription: $98
Savings contribution: $700
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 — my parents did not go to college, so there was an expectation. However, it was not strictly required that I go to college. I went to art school for undergrad, where I received several academic and housing scholarships, took out $15,000 in student loans, and my parents helped with off-campus housing expenses. I also went to graduate school, which my full-time job paid for 60% of, and the rest I paid for through $12,000 in loans.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
My parents didn’t really educate me about finances. My parents did set me up with a checking account when I got my first job at 16. Then at 18 they set me up with my first credit card (which I still use!) that I used for college expenses, and my dad paid it off while I was in school. Otherwise, I learned on my own how to budget my money.
What was your first job and why did you get it?
My first job was at TJ Maxx, the chain retail store, at the age of 16. I got it to earn extra money to buy things for myself. My mom was a stay-at-home parent, and my dad was our primary income source. When I would come home from college for the summer, I would go back to TJ Maxx and work to save money for college expenses.
Did you worry about money growing up?
A little bit. I knew that my dad made a good amount of money for me, my brothers, and mom, but since he works in the construction world, there were times we couldn’t afford certain larger purchases. As I got older, I became more mindful of the costs of the things I requested from my parents. We would bargain shop a lot with coupons or find deals.
Do you worry about money now?
I think everyone worries about money to a small degree. I struggled through my late 20s and early 30s living solo on a small paycheck, and worried about money A LOT. I reached a point where I had no money, maxed out my credit card, and had to move back in with my parents. But now, I feel comfortably stable about being able to pay for monthly expenses, contribute to savings, and also be able to enjoy a few luxuries in life.
At what age did you become financially responsible for yourself and do you have a financial safety net?
When I was 24 years old, I moved out of my parents’ house after returning home from undergrad and was fully financially on my own. Now at the age of 40, my husband and I do have a financial safety net. His parents were in the medical field, and his dad made a very decent living. If something were to happen, I know my in-laws would step in to help. My husband and I also have four months of expenses saved in the event one (or both of us) lost our jobs.
Do you or have you ever received passive or inherited income? If yes, please explain.
I received inherited income from my grandmother. Before she passed away, my mom had power of attorney and gifted $10,000 to each of my grandmother’s six grandkids. She passed right after I graduated with my bachelor’s degree, so I used most of the money to buy my first car, which I had for 18 years.
