Industry: Nonprofit
Age: 36
Location: Charlottesville, VA
Salary: $140,000 (this includes consulting that I do on the side that pays $25,000 to $30,000 annually).
Joint income: $350,000. My husband, C. (same age, works in PR) makes $195,000 base + bonus ($15,000 in 2024).
Assets: Checking accounts: whatever covers monthly credit card bills; my savings: $20,000; C.’s savings: $22,000; joint savings/down payment fund: $130,000; joint investment: $100,000; retirement: $550,000 (my 401(k): $400,000; C.’s 401(k): $150,000); HSA: $15,250; car: $20,000 value.
Debt: Car loan: $15,000
Paycheck Amount (2x/month): $2,400 for me and $5,224 for C. (net/take-home); my consulting pays $2,000 to $2,500 monthly (I pay taxes quarterly).
Pronouns: She/her
Monthly Expenses
Housing Costs: $2,250 (rent, including utilities).
Loan Payments: $462.59 (car payment).
Retirement: $3,916.67 pre-tax (we both max out our 401(k)s).
HSA: $712.50 pre-tax (we max out a family HSA).
Health/Dental/Vision Insurance: $240.20 pre-tax.
Joint HYSA/Brokerage Investment: $4,000 (we each contribute $2,000) — $1,000 is allocated to savings and $3,000 is invested.
Individual Savings: I put an additional $1,000 into my savings. C. says he “puts whatever he doesn’t spend into his savings.”
Cell Phone: $208.60
Wifi: $25
Apple: $23.30 (this is a combination of frankly mysterious Apple fees).
News Subscriptions: $0 (subscriptions through employers).
Hulu/ESPN/Disney+ Bundle: $16.99
IVF Embryo Cryogenic Storage: $65
Annual Expenses
Tempdrop App: $35.99
Sweat App: $119.99
Credit Card Fees: $1,975 across six credit cards. We pay for everything using credit cards for the points and then pay the monthly statement balances in full, usually $2,000 to $3,000 (mine) and $2,500 to $3,500 (C.’s).
Car Insurance: $1100 ($550 twice a year).
VA Vehicle Tax: $700 ($350 twice a 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?
Yes, my concept of education (formed by my parents and those around me) included college as the final step. It felt like everyone at my high school went on to higher education, whether it was a two- or four-year program. For undergrad, I had scholarships, some help from my parents, and student loans (about $10,000, which I repaid within a few years of working). For my master’s degree, I chose an evening program so I could continue working full time for the paycheck and a $5,000 tuition reimbursement from my employer per calendar year. I still had to take out loans and accumulated $90,000 of student loan debt from my program. I repaid my loans as a result of the pandemic student loan policies, overtime and extra work (ranging from $300 to $2,500 monthly), and becoming a DINK (Dual Income, No Kids) couple. While I’m not sure whether my master’s degree was worth what I paid for it, I try to focus on what I did get out of it, including the real-life lessons I learned from being in so much debt.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My parents were upper middle class but talked as though we were broke, which was said lightly but likely sincerely felt. The two ways my mother talked to me about money was teaching me the power of a sale (she helped pioneer girl math) and the underestimated cost of eating meals out. My parents gave me a debit card and spending money in high school, and I disliked asking my mother for more, so I was pretty frugal.
What was your first job and why did you get it?
I started baby-sitting around 12 years old, since I’ve always been good with children… Though back then it was probably because I was a child myself? My first jobs that involved a paycheck rather than cash were working as a summer camp counselor and refereeing children’s sports in high school.
Did you worry about money growing up?
Yes and no. My parents would talk about how we spent too much, which created an underlying sense of uncertainty, but we never wanted for anything during my childhood. Then my father lost his job in the 2008 market crash, which was transformative for me as I saw my parents legitimately worry about losing their house. That was my first lesson in making sure to prepare for the future.
Do you worry about money now?
I do, even though I know my finances are in a solid position. My adult financial anxiety began when I graduated college and was making $30,000, contributing 3% to my 401(k), and returning cans for extra cash. Although I liked my job, it had less career mobility than I’d realized, so I worried about future earning potential. Later, I wasn’t sure my master’s degree was worth it and worried I’d never be free from the debt. I was ashamed I’d wasted all the advantages my parents had given me.
