Welcome to Salary Series! I am asking real people what they make, what they do, and how they spend their money. If you are interested in submitting your information, you can do so here.
Profile:
Job Title: Marketing Coordinator
Industry: Fashion
Location: Working in NYC, living in NJ
Annual Salary: $72,000
Bonus: N/A
Side Hustle: N/A
Education: Drexel University, Marketing, 2023
Financial Profile:
Essentials:
Subway/Parking: $271
NJ Transit Pass: $518
Gas: $80
Grocery: $80
Amex Fee: $60
Dates: $200
Non-Essentials:
N/A
Financial Goals:
401k: $554
Savings: $1,568
Student Loan: $200
Assets
Savings: $6,800
401k: $20,300
Roth IRA: $5,300
Debts
Student Loans: $3,830 (3.8%)
Net Worth
$28,570
Please provide any additional context around your financial situation that may be helpful.
After graduating in 2023, I live at home in New Jersey. This has allowed me save money to pay over $15k of my student loans, with only $3.8k remaining. I plan to pay it all off by October, becoming debt-free. My parents support me with free housing and I use my parent’s car.
My focus in my early 20s is to travel as much as I can, so I take advantage by playing the credit card “game.” I have the Amex platinum which provides me with travel perks, and I also use credit cards that earn me cashback and points. I am very careful and make sure that a credit card is NOT a money extension, I don’t spend more than I have in my checking. Logging each transaction into my personal money tracker spreadsheet helps me with this.
My boyfriend and I go out once a week hence why I set aside $200 per month for dinners and activities. While I don’t do zero-sum budgeting, whatever is left from the money I set aside I use as my “guilt-free fund” which is primarily spent on food. I do not go shopping for clothing all that often despite working in fashion.
What tool(s) do you use to manage your money?
Google spreadsheet (my own tracker).
Do you feel confident in your finances?
100%!
Do you feel like you are financially “behind” your peers? Why/why not?
If anything I feel ahead of my peers. I am close to paying off my student loans, I don’t pay for housing, I don’t pay for a car.
What is your biggest money struggle?
Feeling like I am still not saving enough!
What financial goals are you working towards right now and why?
I am working towards moving out and moving to New York City by 25. I want to have $15k in moving expenses and $15k in my savings, so I am working towards saving about $25-30k before moving out
Are you looking for tips/advice? If so, please ask your question here and I will do my best to answer. Make sure you provide as much info/context as possible!
Moving back home is nothing to be ashamed about and if anything will make you financially ahead.
Michela’s Advice: I think it’s amazing that you live at home to prioritize paying off your student loans. I chose this specific feature for this reason – it’s normal to live at home to get financially ready to move out, and if you have the opportunity to do so, then you should! I definitely would recommend exploring zero-based budgeting because you could be putting more towards your various goals to reach them faster! But otherwise, you are doing great!
Personal Finance Dashboard Monthly Snapshot
