Although it was more assumed than explicitly expected, my sisters and I were always likely to attend college. I never felt pressured into it by my parents as a requirement for success. Instead, they encouraged me to experience the social aspects of college and the valuable life lessons that come with it. The pressure, I’d say, came more from the community I grew up in and the school I attended, where most students went to a four-year college after graduation. As the firstborn, my parents and I were navigating the college process together and they didn’t know what to expect in terms of applications, housing, or the other logistics. It was a learning experience for all of us, and at times I felt a little lost after high school. But since most of my friends were doing the same thing, it felt like the normal path to follow. I chose an in-state university because I loved the campus, and the fact that it was a Big 10 school appealed to me. Additionally, attending an in-state school was more affordable for me and my family. I’m thankful that my parents supported me by covering my housing costs, sorority dues, and occasional groceries throughout college. I wasn’t given their credit card for spending money — any extra cash came from part-time jobs or savings from summer work. I graduated with about $22,000 in student loan debt, which didn’t worry me too much, since many of my friends had similar debt. A few of us lived at home for a year to save money and pay off loans, and I’m so glad I did the same.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Growing up in a middle-class family with my dad as the primary breadwinner, my sisters and I were taught that money doesn’t buy happiness. My parents did a great job shielding us from financial worries, even when times were tight. I have some memories from the recession when there was a possibility we might need to downsize our house for a few years, but that never ended up happening. We weren’t given everything we wanted but my dad would hand us a $20 bill when we went to the mall or the movies with friends on the weekends. One thing I wish we had been taught is the importance of saving a portion of each paycheck, no matter how small. I think learning that earlier could have helped me in high school and college, and it’s something I prioritize now in my mid 20s.
What was your first job and why did you get it?
My first “official” job, aside from babysitting or helping my dad at the office, was working as a barista at Caribou Coffee (the Starbucks of Minnesota) when I was 17. My main motivation, apart from wanting some spending money in high school, was that my dad promised I could get a debit card once I had a real job. I worked during the summer and a few times a week during the school year. I had to start at 5 a.m. on Saturday mornings, which wasn’t too bad, but I’m definitely grateful I don’t have to do that anymore! Through that experience, I learned the value of customer service and how it teaches you patience — something I’ve carried with me as a customer ever since.
Did you worry about money growing up?
When I was younger I would overhear my parents argue about money, but they never put that financial pressure on my sisters or me, for which I’m very grateful. We were never denied the things that made us happy. Each of us played multiple sports, spent lots of time doing activities and camps with friends, and always had plenty of moral support from our parents throughout childhood. I never truly worried about money until college, when I began to wonder how I was going to afford the life I wanted after graduation.
Do you worry about money now?
Yes and no. I think about money all the time but I don’t necessarily worry about affording rent or meeting my basic needs. I currently save and invest about 20% of my take-home pay and constantly push myself to find new ways to cut back on spending, especially now that I’ve moved in with my boyfriend, M., and we split groceries, gas and other apartment expenses. I also track everything I spend using Deborah Ho’s free expense and income tracker on Google. I prioritize spending money on experiences and travel rather than material items. But don’t get me wrong — I still love treating myself to a new pair of shoes and clothes when I feel it’s needed.
At what age did you become financially responsible for yourself and do you have a financial safety net?
After graduating from college I became financially responsible for myself, aside from living at home during my first year post-grad. Since moving out, I’ve paid for everything on my own, except for my health insurance and phone bill, which will soon change once I turn 26 and my youngest sister graduates from college. My financial safety net is my high-yield savings account, and I’m confident my dad would help with a few bills if I were ever laid off. However, with my parents separated and soon going through a divorce, the option to live at home is no longer available.
Do you or have you ever received passive or inherited income? If yes, please explain.
No.
