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Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking millennials how they spend their hard-earned money during a seven-day period — and we're tracking every last dollar.
This week: an IT consultant making $140/hour and spending it on golf lessons.
Occupation: Consultant
Industry: IT
Age: 29
Location: Chicago, IL
Salary: $140/hour, which works out to about $340,000 annually
Paycheck Amount (2x/month): ~$8,000, varying based on hours worked
Industry: IT
Age: 29
Location: Chicago, IL
Salary: $140/hour, which works out to about $340,000 annually
Paycheck Amount (2x/month): ~$8,000, varying based on hours worked
Monthly Expenses
Housing Costs: $1,735. I rent a one-bedroom. (This includes heat, air, water, trash, and cable.)
Loan Payments: $0. No school loans thanks to a big scholarship, being an RA, and generous parents. My car is paid off.
Housing Costs: $1,735. I rent a one-bedroom. (This includes heat, air, water, trash, and cable.)
Loan Payments: $0. No school loans thanks to a big scholarship, being an RA, and generous parents. My car is paid off.
All Other Monthly Expenses
Pre-Tax Monthly Deductions: $1,400
Roth 401(k): $230, with employer match
Health Insurance: Dental and vision are covered by my employer
Health Savings Account: $260
Long-Term Disability & Life Insurance: $60
Pre-Tax Monthly Deductions: $1,400
Roth 401(k): $230, with employer match
Health Insurance: Dental and vision are covered by my employer
Health Savings Account: $260
Long-Term Disability & Life Insurance: $60
Monthly Expenses
Managed investment account: $10,000
Parking: $170
Social/Cultural/Educational Group Membership: $40
Netflix: $10.89. I share my account with family and use their HBO, Showtime, and Hulu accounts.
Spotify: $10.89
New York Times: $5
Electric: $40
Phone & internet: $0. Work pays $100/month for "home office” costs since I frequently work from home. This covers my $19.99/month internet and $62.33/month cell phone.
Savings: $1,000 -$2,000 leftover each month stays in savings for big expenses like travel. If it builds up, I move it to investments.
Managed investment account: $10,000
Parking: $170
Social/Cultural/Educational Group Membership: $40
Netflix: $10.89. I share my account with family and use their HBO, Showtime, and Hulu accounts.
Spotify: $10.89
New York Times: $5
Electric: $40
Phone & internet: $0. Work pays $100/month for "home office” costs since I frequently work from home. This covers my $19.99/month internet and $62.33/month cell phone.
Savings: $1,000 -$2,000 leftover each month stays in savings for big expenses like travel. If it builds up, I move it to investments.
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