Industry: Health care
Age: 35
Location: Midwest
Salary: $135,000
Combined Salary/Financial Arrangement: $265,000 base (my and husband’s combined salary), plus up to 15% annual bonus for my husband. I also “moonlight” or take on extra shifts. This year, I made an extra $20K. So I expect we will do $290,000 total this year. My husband and I have had joint accounts since we got married in 2014. He bought our house in 2013, as I was in school and he was working. My husband spends very little money when we are apart, mostly just buying gas and sometimes going out on food.
Assets
Savings: $100,000. This is up because we’ve had a lot of purchases this year: renovating the yard and a new car for myself (we’ll start moving money to the business next month).
My 403(b): $265,000
My husband’s 401(k): $202,000
Bonds: $800
529 plans: $10,000
Roth IRA: $34,000 (x2)
Brokerage: $45,000
House value (estimate): $400,000 (paid in full)
Car (x2): Estimated at $15,000 and $30,000 (both fully paid)
Guilt: $0
Cash Out (2x per month): $3000
Pronouns: He
Monthly Expenses
Accommodation Cost: $0
Loan fees: $0
Tools: gas/water $150; electricity $85 and internet $40.
Phone: $143, which includes Netflix and AppleTV.
Exercise: $20 for my husband, $0 for me since I have a gym at work. Sometimes I buy passes to yoga and Pilates, and I spend $300 over the course of a year.
Disney+ and Hulu bundle: $2.99
Cleaning service: $160 (2x per month). This is a new expense as I am injured and have just had surgery to repair an ACL tear.
PreK for daughter: $1050 per month
Child care before/after school: $90 per week
Diet: on last year’s budget, we usually spend $1000 a month
To eat: with last year’s assessment, usually $800 per month
Annual Expenses
Property tax: $6,000 (paid twice a year in separate payments)
Home insurance: $2,500 (paid annually)
Car insurance: $1,500 (paid annually)
Vehicle tax/registrations: $2,750 (I bought a new car this year).
Were you expected to go into higher education? Have you participated in any type of higher education? If so, how did you pay for it?
Yes. My mother had driven to college in a full-size car, and there was something I expected to do as well. Fortunately, I’m a good test-taker, and my ACT scores qualified me for a full scholarship. My parents had started a 529 plan for me when I was born, and luckily they covered my living expenses. I originally planned to be a pharmacist, but I compared to a primary care PA, fell in love with it, and switched gears to PA school in the middle of undergrad school. My GPA during PA school helped me get a full scholarship, and my husband covered our living expenses during school. I actually got married and we bought our house during my last year of school (I am NOT motivated; I am very stressed).
Growing up, what kind of conversations did you have about money? Did your parent or parents teach you about finances?
When we were growing up we didn’t have much money. My father didn’t have a college degree, and he worked repairing phones in companies. My mother was a stay at home mother. I realized that we don’t have money to buy extra things like traveling and eating out. However, we always kept our heads down and food on the table. I got some money when I was young, but I was scared of money, and I wasted any money I had right away.
What was your first job and why did you get it?
I started working at a grocery store when I was 15. I needed to pay for my car for gas and car insurance. I was also a quick spender and wanted to buy myself clothes and other nice things.
Were you worried about money growth?
Sometimes, it is. My parents were financially savvy, and I knew we had a budget. My parents pretended that I wouldn’t be able to go to college if I didn’t have a scholarship, so I applied to many. I didn’t realize loans were an option at the time, which was scary, but now I’m so glad I don’t have one. My recent PA students had 150K+ in student loans, and it hurts me because loan repayment is a burden.
Are you worried about money right now?
Sometimes, it is. We are in a very good financial position, but since my injury, I know that things can change in the blink of an eye. During this break from work, I realized that I would love to work part-time or PRN, but I’m not sure we can do things on one salary.
How long have you been financially responsible and do you have a financial safety net?
When I started PA school. Actually, both my parents and my parents can be our financial safety net, but I dread having to ask them for money. It’s hard enough to ask them to watch the kids.
Have you ever received income alone or inherited it? If so, please explain.
My parents paid for me through PA school, and I benefited from the 529 they made for me. They also gave us $10,000 for our wedding and honeymoon, mainly because I wanted to elope, and they wanted us to get married in a church. My husband’s parents gave us $10,000 to pay for our house. We each had our first car paid for, $3,000 a salvage title for me, and a new two-door sports car for my husband. We are now buying new cars ourselves.
#135K #Library #Frugal #Life #Hack