A marketing consultant in finance located in Charlotte, NC, who yearly earns $120,000, shares a week of her earning and spending from a Money Diary. At the age of 27, she has a net worth of $7420, split between her checking account and a Roth IRA, and is also grappling with debts of $2800 on a credit card. The marketing consultant acknowledges that her savings could use some work, mostly due to her poor planning, despite experiencing three layoffs in five years and several emergency expenses.
Her biweekly paycheck amounts to $3338 and she has calculated her monthly expenditures to weigh in at around $3404.94 inclusive of rent, utilities, insurance payments, and various subscriptions for entertainment and fitness. Additionally, she also contributes to a Health Savings Account (HSA) and a 401k plan.
The marketing consultant holds an MBA and admits that college was a non-negotiable for her family. Despite the high academic pressures, she asserts that ultimately, she is grateful for them. During her childhood, her parents shielded financial matters, therefore, she never felt the urgency or worry in regard to money matters. Although her parents are wealthy, she noted they are making efforts to teach her about money now.
Although she has been financially responsible since graduating college at the age of 22, she acknowledges that she’s been fortunate to have her parents as a financial safety net during difficult times. In addition, she has also received passive or inherited income from them.
She meticulously tracks her daily expenses, ranging from fitness expenses, grocery shopping, social engagements, self-care, and more. She is thoughtful about her spending habits, weighing the balance of need vs. want and convenience vs. cost. The marketing consultant also highlights the importance of mental health in her life, indicating how regular workouts play a key role in keeping her mental health in check.
In addition to her job, she maintains social relationships, navigates a “situationship,” and is conscious of preserving her financial health while indulging in occasional treats and new experiences. The comprehensive week-long diary offers a glimpse into her life, combining work, personal relationships, and financial management while highlighting the need to maintain balance.
Source: A marketing consultant in Charlotte, NC — Money Diary }}.
