Loan payments: $0
All other monthly expenses: $400. My job covers my health insurance and my phone bill. All other monthly expenses are through my husband. Since we moved in together, we’ve kept his gym membership (with me as a free guest), utilities, and streaming services. That $400 is something I insist on putting down.
Was there an expectation to attend higher education? Did you participate in any form of higher education? If so, how did you pay for it?
There was definitely an expectation that I would attend college, from me and my parents. It was never given a second thought. I always really enjoyed school and got decent grades, so it just presented itself as the inevitable next step. My parents helped pay for a huge chunk of it – probably about a third. Other than that, I got some scholarships, paid some myself and took out loans.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My parents did a great job teaching us about finances. My mother took my siblings and me to the bank to open savings accounts when we were very young, and it was a weekly mission to deposit something — even if it was just a few dollars. Of course we loved this mission because we always got lollipops. When my father paid bills, he laid everything out on his desk and encouraged us to watch and ask questions. They also both strongly encouraged me to sign up for a 401(k) as soon as I could and to always contribute at least what my employer would match.
What was your first job and why did you get it?
My first job was in retail. As soon as I turned 14, I worked in a small craft shop in the center of my town. I did it because it was expected. The mindset was: You are old enough, you have free time, go get a job. I put most of my paycheck into savings, keeping a little each week for mall outings or McDonald’s hangouts with friends.
Were you worried about money growing up?
I wouldn’t call it “concern”, but I’ve always been money conscious. I was lucky enough to grow up in an environment where we never questioned the roof over our heads or where our next meal was coming from, but we didn’t have the latest fashion toys, shoes, etc. or frequent breaks.
Are you worried about money now?
Again, I wouldn’t call it “concern.” I have enough of a safety net (both monetarily and socially) that I know I’ll be fine. That said, New York is expensive and I’m always aware of the cost and relative value of things and constantly weigh short-term vs. long-term financial decisions.
At what age did you become financially responsible for yourself and have a financial safety net?
I became financially responsible for myself gradually. I had to start paying my own phone bill at 18, for example, but I lived with my parents rent-free after college for a few years. I became fully financially responsible for myself at 24 when I moved out of my parents’ home. I have a safety net, both from my own nest egg and from knowing I can rely on family members if needed.
Do you have or have you ever received passive or inherited income? If so, please explain.
No.
