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. (Thanks, New York mag, for the inspiration.)
Today, a single mother attending grad school and filling out preschool applications for her 2-year-old daughter.
Higher education (program assistant)Age:
New York, NYSalary:
$41,000 per yearPaycheck amount:
$1,170 after taxes, 2x a monthOther income:
Child support, $400 per month# of roommates:
1 (my 2-year-old daughter)Monthly Expenses
$600 (rent-stabilized apartment in Hamilton Heights)Loan payments:
$0 (don’t have to pay until after graduation)Electricity:
$86Credit card payments:
$60 pay-as-you-go. I live close to work, so most days I walk home.Phone bill:
$297 (I pay for the family plan, which includes my mom, dad, brother, and stepdad.)Health insurance:
$16 for vision. Medical and dental are part of my union benefits. Day care:
$640. I pay my sitter $160/week. That’s cheap for NYC; the sitter is a family friend and was very generous with pricing. My daughters' lunches and dinners are included with the sitter's fee.Total savings:
~$700. I have two savings accounts with my bank — one for myself and one for my daughter. I have $185 in mine and $200 in hers. I contribute $25 to her account monthly. It isn’t much, but it’s what I can do currently. I also have a Digit savings account with $365.