Cash Confessional: A week of spending in Charlotte on a $69,000 salary

To see the other installments of Cash Confessional, click here. This series is completely volunteer-based; if you’re interested in keeping track of your own spending and having it featured, email Kylie at [email protected]. This week, I spoke with a 24-year-old man that makes $69,000 a year. Here’s how he spends his money. -Kylie

The basics:

Industry: Construction
Position: Assistant Project Manager
Salary: $69,000
Who do you bank with and why: Bank of America. I opened an account there when I was 18 because it was who my sister banked with. I use their mobile and online banking almost exclusively.
Savings: 6% to my 401(k) and I usually save $40/week for vacation funding.
Age: 24

Monthly expenses:

Rent: It ranges from $800-$900 depending on how the utilities shake out for the month
Number of roommates: 1
Neighborhood: Uptown
Utilities: Included in rent
Phone bill: Yes, I’m one of those who are still on their parents’ plan, but it works out to be cheaper for them, too, with their business plan. I usually pay for lunch or something when I see them.
Health insurance: $80 through my work
Health savings account: $30
Car payment: $530
Car insurance: About $100 per month
Gym: $56 for the Y
Netflix: $8
Student loans: I pay $200 toward it per month. The minimum payment was $150, but I just recently paid one off with my tax return, so I’m assuming the minimum payment will go down to $100. I still plan on putting $200 toward it to be rid of student loans within the next three years, though.

Three financial goals:

Pay off my student loans. While not a huge balance or monthly expense, I would like to have one less thing to pay for each month.

Start investing. I would really like to start investing more while I am young. I’m currently looking into IRAs, mutual funds or stocks. Just got to find the right fit for me.

Buy a house. I would like to buy one within the next three years. Hopefully the market prices will go down over the next two years before I start looking. Charlotte’s housing market is crazy right now and I cannot afford what I want which has turned me off from buying this past year.

Money Diary: How I spent my money last week

Day one: Sunday

I went to the driving range for a little stress relief and a bucket of balls ran me $12, which was definitely worth it. I also hit the gym and then Chipotle for a steak burrito because #gainz ($8.12).

Total spent: $20.12

Day two: Monday

My car payment auto-drafted from my account ($530). It’s a necessary evil for me – a large monthly expense, but I like to have a nice car to drive.

I went to Harris Teeter for lunch and since I’ve been trying to eat healthier, I had the salad bar and also decided to try the fad of drinking Kombucha. Not a fan. $12.89

The SUV needed filling up after work – $47.35 at the Quik Trip.

I met some friends at Midwood Smokehouse for supper to kick off the week and got a BBQ sandwich and some wings for $24.40.

Total spent: $614.64

Day three: Tuesday

I had coffee for breakfast at work ($0) and Pinky’s for lunch with coworkers. I got a not-so-healthy burger and fries for $12.01 after tip.

Met up with some friends at Hawthorne’s for pizza because all of the Taco Tuesday places were packed. Small pizza, salad and a tip – $19.73.

I had to pick some dog food up for the pup after dinner. Target was the closest place, so I grabbed a small bag to last us the week until I can order some from Amazon or something. $22.46

Total spent: $54.20

Day four: Wednesday

Since I’m trying to eat healthier, I went to Clean Eatz for lunch and got a BBQ chicken sandwich. While I was there, I got ten meals to eat over the next week. Not only do they work out to be cheaper, but they’re also healthier than eating out. $78.36

Some friends talked me into going to Rhino Market for supper and knowing that I had a bunch of meals to eat at home, I only got a soup ($4.32) and ate one of my Clean Eatz meals when I got home.

Total spent: $82.68

Day five: Thursday

Needed a pick me up on my way back from a meeting, so I ran by Starbucks and got a cold brew for $2.98. For lunch, I ate one of my Clean Eatz meals ($0).

The weather was so nice that I wanted to go out for supper somewhere so that we could sit outside, so my friends and I decided on Moo & Brew. They have some of the best burgers in Charlotte. A burger, OMB Copper and tip ran me $18.24.

Total spent: $21.22

Day six: Friday

It’s almost the weekend, so I celebrate by getting Starbucks ($2.98) for breakfast and some Chick-fil-A, which I Venmoed a co-work for. Worth it. $4

My coworkers and I go out for lunch since it’s Friday and choose Akahana, where we split an appetizer. I got sesame chicken and a water. $22.89

To celebrate the weekend, friends and I go out to Basil for supper. You can’t beat their Pad Thai – best in Charlotte. I had a gift card from Christmas that I hadn’t used yet, so I spent $0.

Total spent: $29.87

Day seven: Saturday

I decided to go see my parents for the day and go the chiropractor in Lae Norman. On the way, I stopped by the Human Bean for coffee. $3.02

A much-needed adjustment from the chiropractor ran me $45, and this came from the health savings account that I pay all associated medical bills with.

Afterward, I drop in to my old Crossfit gym for a workout with old friends. $20

I was starving after Crossfit, so I went to Chick-fil-A and got some grilled chicken nuggets with a fruit cup. $8.12.

My parents fixed supper that night (you can’t beat some home cooking), so it was free.

Total spent: $76.14

Total spent: $898.87
The breakdown:

Food and drink – $222.06
Transportation – $577.35
Health – $65
Miscellaneous – $34.46

What I learned: I spend WAY too much money on food, but I consider it more of a social event than anything and it’s my biggest expense per month by far. While I doubt that is likely to change, I do think I could order cheaper meals and/or limit drinks with meals to only the weekends and special occasions to help cut down on costs.