Loan payments: $0
Energy bill: ~$40 (fluctuates depending on the season but this is the average in spring/summer months).
Water: ~$21
Gas: included in rent.
Car insurance: $57.52
Renter’s insurance: $11.95
Gym membership 1: $57 (this is a local gym I really like).
Gym membership 2: $21.99 (I use Planet Fitness when I travel).
Vitamins/supplements: $50
Phone bill: $40
Internet: $59.99
Apple Music: $16.99
iCloud storage: $2.99
Amazon Prime: Family plan.
401(k): $187.09
HSA: $38.46
Nonprofit donations: $200
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, absolutely. One of the biggest lessons I remember my grandfather instilling in us was getting a good education. My family is part of the African Diaspora and, growing up, my older family members always highlighted working hard and continuing to learn as much as we could. I attended a local university and graduated in a dual degree program. My parents helped a ton with funding my education so by the time I graduated, I only had about $45,000 of debt left. I was able to pay it off within three years (my sister also paid off her loans in a similar amount of time, thanks to my parents allowing us to stay with them rent-free after graduation).
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
I had a few money conversations growing up. I remember my mom showing me how to balance a checkbook and my dad taking me and my sister to open up our first savings accounts around age 10. My parents didn’t give us specific advice on money. They usually emphasized finding a higher paying job after college. I asked my mom much later how they handled their finances and they didn’t budget so I could see why the advice stayed pretty generic. But I’m still immensely grateful for them and how we grew up.
What was your first job and why did you get it?
My first job was at Kmart one summer when I was around 17. I wanted extra spending money for books when the school year started that fall.
Did you worry about money growing up?
I didn’t worry too much, from what I recall. We usually took a vacation somewhere every year and traveled to see family. We had food on the table every meal. If there were major money issues, my parents didn’t let us kids know about it.
Do you worry about money now?
Sometimes. It’s starting to sink in that my parents are getting older. I worry about them sometimes and how to best take care of them as they age. My sister and I both have decent jobs and I’ve since grown in my knowledge of personal finances but there’s just a nagging feeling I have about money at times.
At what age did you become financially responsible for yourself and do you have a financial safety net?
It was around age 26. That was the year I officially moved out of my parents’ house. I started paying for most of my other expenses around 23/24 (switched to my own health plan, paid for my car insurance, gas, food etc.) but I don’t think I could say I was fully financially responsible until I moved out. If I needed a place to stay or financial assistance, I could probably ask my parents for a loan or stay with them (or with my sister) temporarily.
Do you or have you ever received passive or inherited income? If yes, please explain.
When my grandfather passed away, I received about $1,500.
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