Industry: Banking
Age: 23
Location: Wichita, KS
Salary: $22.06/hr
Joint Income/Financial Setup: My spouse makes between $22-25/hr, so combined, we bring home around $70k per year after tax. We have a joint checking account for groceries/eating out and pet expenses, as well as a joint savings account for travel. We contribute the same amount to our checking account every month ($600 each). All other money is separate. We love having the joint checking since it makes any small purchases or eating out really easy — without having to keep track of who owes what.
Assets:
Checking: ~$450 (I contribute $300 biweekly and my spouse contributes $150 weekly)
High-Yield Savings: $9,721.72
401(k): $8,623.70 (this is a combined value with my Roth)
Car (KBB value): ~$18,000
Debt: $0
Paycheck Amount (biweekly): ~$1170 ($1,700 minus taxes, pet insurance, 10% 401(k) contribution, and 5% Roth contribution)
Pronouns: They/them
Monthly Expenses
Housing Costs: $575 (one-bed, one-bathroom townhouse — plus pet rent, split evenly with my spouse)
Loan Payments: $0 (I have one CC that I put larger purchases on to get cash back, but I pay them the same day they post)
Utilities: $50-100 (gas and electric, depending on time of year, split evenly)
Internet: $0 (we both have unlimited data on our phones and use our mobile hotspots to save money)
Phone: $30 ($360 prepaid yearly for unlimited data with Mint Mobile)
Car: $160 (insurance, tags, oil changes, and gas)
Compost: $6 (split with spouse)
Google One: $2.99
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?
It was definitely assumed that I would go to college. My dad is highly educated, and my mom got her bachelor’s degree. Although I’m sure they wouldn’t have been opposed to me going to a trade school or something, college was just the default. For their generation, it was worth the cost and time, but now it’s not guaranteed you’ll make more, or even be able to pay back your loans. They told me my whole life that they would cover tuition or room and board, so if I could study hard and get a full tuition scholarship, I could go to school for free. I ended up getting a half-ride at a small liberal arts college, and paid for the room and board with a combination of savings, campus/summer research/off-campus jobs. Since I got a half-ride, my parents did contribute some money to my housing, and I did graduate with my bachelor’s degree debt-free, which is an immense blessing.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
My mom is really into finance and always managed the money in our house. She tried to teach me about the value of money from a young age. I was raised religious, so any money I made doing chores around the house had 10% go toward tithing, 50% to savings, and 40% to what she called “fun money.” If I wanted to go to the mall with my friends or get something from the store, it came from that. I also remember her telling me to open a credit card at a young age to build credit, but to never spend money I didn’t have (that advice apparently didn’t stick; I got into upwards of $2K at one point and $5K at another in credit card debt in my life, all of which I have since paid off).
What was your first job and why did you get it?
I babysat for families in the church growing up for pocket money, but my first taxable job was during the summer at 16, working as a host at a chain restaurant for $4/hr plus tipshare. Quite literally, it is the hardest job I ever had in my life. I got it because I wanted to save for college and my parents wanted me to get work experience.
Did you worry about money growing up?
I don’t know that I was worried, but I was definitely aware. My dad was in school during my childhood, and my mom didn’t work, so I knew that there were things we “couldn’t afford.” I think things were tighter than I knew, but they made things work. We would go out somewhere to eat like Taco Bell on birthdays, but otherwise never ate out. Every other year we drove twenty-plus hours to visit family, but otherwise we didn’t go on vacations. We got hand-me-down clothes from friends or family, or went to thrift stores. It just seemed normal then, but now that my dad makes more, they can afford a lot more. My siblings are all younger and I’m the only one who remembers it being different. My mom is still very frugal and particular with how they use their money, and they save a lot but they go on a lot of nice trips and eat out weekly, which is just kind of shocking to me.
Do you worry about money now?
I’m thankful to have the means to provide for my lifestyle and have some leftover, but I’m very conscious that I have no choice but to work. I have an emergency fund built up that would last me about six months of unemployment, and I know I’m lucky enough to have a safety net in my family and spouse, but capitalism is just scary. I’m currently thinking about moving to part-time work to pursue writing as a career more seriously, which we can afford, but it does worry me. I’m aware I don’t really have that much in savings or my 401(k). It’s really important to me that I’m able to retire, and I care more about being able to work fewer hours and still make the same income than increasing my income.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I was pretty much responsible for myself in college. Other than the half of tuition my parents provided, I covered my rent/board and living expenses. I always paid my own insurance and tags for the car my parents let me drive, as well as my phone bill. I would say true financial independence happened at 22 when I’d had my own place for over a year, and got my own insurance and phone plan, instead of paying my mom back. If I really needed it, I think they would be a safety net for me, but I would like to avoid that at all costs.
Do you or have you ever received passive or inherited income? If yes, please explain.
As mentioned above, my parents paid for my college tuition, which I’m very grateful for. They also bought a car during my last year of college after I broke up with my long-time partner and didn’t have a way of getting to school out-of-state. They ended up giving me this car, paid off, which was unexpected, and I’m so lucky to have. My parents also offered $10K towards my wedding, which we ended up using ~$8K of.
