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This Is How You Budget When You're Not Making Money

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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. (Thanks, New York mag, for the inspiration.)

    Today, a stay-at-home mother and writer, budgeting student loans for a family of three.

    Industry:
    Stay-at-home parent and writer
    Age: 27
    Location: New York City
    "Income" From Husband’s Loans: $56,500. My husband receives federal student loans twice a year — both Stafford and Grad Plus loans. These loans are only intended to support my husband, with a small budget (essentially, just a small loan increase) approved by his school for our daughter. These aren't intended to be enough to support a spouse, as well, which is why budgeting is so important for us. We take the maximum amount of loans offered to him.
    Loan Disbursement (2x a year): $26,000
    Husband’s Summer Income (1x): $4,500
    Freelance Editing Income: Varies. We don’t budget or depend on this income.
    Family Size: 2 adults, 1 toddler

    Monthly Expenses
    Rent: $1,872 for a one bedroom in Manhattan. Our apartment is located on the Upper West Side, just a few streets away from my husband's classes. When my husband was accepted into his program, he is able to enter into a housing "lottery" for university-owned, student housing. We had to pay close to $4,000 (first and security) in the summer just to secure the apartment without even knowing more than the square footage. However, I'm extremely pleased with the apartment. It turns out it's the nicest place we've ever lived.
    Loan Payments: $0 for both of us while husband is in school
    Phone Bill: $49 for one iPhone we share
    Internet: $45
    Health Insurance: $0, Medicaid for the family
    Netflix: $9.99
    Savings: $0. We have an emergency fund, but nothing we currently add to.
    12 Boxes Of Annie’s Organic Mac & Cheese (Amazon Subscribe & Save): $28
    Laundry (Including Detergent): $25
    Diapers & Wipes: $45

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