Industry: Apparel
Age: 26
Location: Dallas, TX
Salary: $53,000
Joint Income/Financial Setup: n/a
Assets:
Savings: $793.62 (I recently went to Hawaii for vacation, and that wiped out a bit of my savings despite traveling on the cheap, staying in hostels etc).
Debt: $33,386.42 (My student loans plus credit card debt)
Paycheck Amount (2x month): $1,803
Pronouns: She/her
Monthly Expenses
Housing Costs: $1,265 (I live alone in a one-bedroom apartment).
Loan Payments: $1,803
Utilities (electricity & water): ~$100
Nuuly subscription: $106.09 (I forgot to cancel it last month, oops!)
Gym membership: $95
Web portfolio: $8
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, I got my bachelor’s degree from the same school my family’s three generations of women went to. When I received a partial academic scholarship, that was that! I’m currently paying it back with state and federal loans.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
Other than vague, dad statements of “you need to save!” etc., we didn’t really talk about actionable steps/financial literacy in our house. To me, money has always felt very stressful and confusing to navigate. I want to be “good” at saving, etc., but it can feel overwhelming. I loved writing this Money Diary as an exercise to track my spending, so hopefully it’s the start of better money habits.
What was your first job and why did you get it?
I had a front-desk job at a country club during college (my cousin who had also worked there referred me). I answered phones, refilled water/coffee, managed schedules and was generally helpful. It was excellent money and a very low-stress job! My parents helped pay for my rent in college, but I was expected to pay for gas, groceries, and other needs.
Did you worry about money growing up?
I remember a couple of times growing up when I realized we were sort of “cutting back” as a family. But, fortunately, no dire circumstances. In terms of handling my own money, I remember wanting to give away any I had accumulated — this being maybe $20 at most, made from neighborhood donut stands or “cleaning” my grandmother’s room. I think my kid brain thought I’d be no good at handling it and/or sensing it would be stressful to manage. I just wanted someone else to have it and be done.
Do you worry about money now?
Yes, especially since I was recently passed over for a raise and I make the lowest salary within the company. I struggle to find a balance between accruing savings while paying off my student loans/credit card debt. I worry constantly about being the sort of person who is good at saving, good at spending, good at maximizing credit card points — I definitely don’t understand credit card points!
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became fully financially responsible for myself post-grad at 22 years old, when I got my first full-time job. I would say my parents are my “financial safety net,” although since my mom just lost her job — and they are helping pay back some of my brother’s student loans, which accumulated — that would be an absolute last resort.
Do you or have you ever received passive or inherited income? If yes, please explain.
I received $5,000 from my aunt in her will and used the majority of it to pay off one of my credit cards.
