Loan payments: $0
Energy account: ~$40 (varies by season but that’s the average in the spring/summer months).
Water: ~$21
Gas: included in the rent.
Car insurance: $57.52
Renter’s Insurance: $11.95
Gym Membership 1: $57 (this is a local gym that I really like).
Gym Membership 2: $21.99 (I use Planet Fitness when I travel).
Vitamins/supplements: $50
Phone account: $40
Internet: $59.99
Apple Music: $16.99
iCloud Storage: $2.99
Amazon Prime: Family plan.
401(k): $187.09
HSAs: $38.46
Non-profit donations: $200
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?
Yes, absolutely. One of the biggest lessons I remember my grandfather instilling in us was to get a good education. My family is part of the African Diaspora, and growing up, my older family members always stressed that we work hard and continue to learn as much as we can. I attended a local university and graduated with a dual degree program. My parents helped fund my education tremendously, 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 letting us live with them rent-free after graduation).
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
I had a few conversations about money growing up. I remember my mom showing me how to balance a checkbook and my dad taking my sister and I to open our first savings accounts around 10. My parents didn’t give us any specific money advice. They usually emphasized finding a higher-paying job after college. I asked my mom much later how they handled their finances and didn’t budget so I could see why the advice remained pretty general. But I’m still very 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 to spend extra money on books when the school year started that fall.
Were you worried about money growing up?
I wasn’t too worried, as I recall. We usually vacationed somewhere every year and traveled to see family. We had food on the table every meal. If there were big money issues, my parents didn’t let the kids know about it.
Are you worried about money now?
Sometimes. It’s starting to sink in that my parents are getting older. I worry sometimes about them and how to best care for them as they grow. My sister and I both have decent jobs and since then I’ve grown in my personal finance knowledge, but sometimes I get a nagging feeling about money.
At what age did you become financially responsible for yourself and have a financial safety net?
It was around 26. It was the year I officially left 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 help, I could probably ask my parents for a loan or stay with them (or my sister) temporarily.
Do you have or have you ever received passive or inherited income? If so, please explain.
When my grandfather died, I received about $1,500.
