Cash Confessional: A week of spending in Charlotte on a $58,000 salary
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Our Cash Confessional series, in partnership with Bank of America, takes a personal and anonymous look into how people of all ages and incomes spend their money in the span of seven days.
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 23-year-old woman that makes $58,000 a year. Here’s how she spends her money. -Kylie
The basics:
Industry: IT
Position: Data Analyst
Salary: $58,000
Savings: 10% goes into my Roth 401(k)
Age: 23
Monthly expenses:
Rent: $1,350
Number of roommates: 1
Neighborhood: Cotswold
Utilities: $100
Student loans: None
Car payments: None
Car insurance: None
Transportation costs: $60
Phone bill: None
Insurance: None
Spotify: $10
Fitness: $220 for yoga and spinning. It’s excessive to have both, but I rationalize it by not having any other expenses – shout out to my parents!
Three financial goals
Stop unnecessary spending during the week.
Learn how to better utilize credit cards. And raise my credit score.
Save money to travel to South America in the fall.
Money Diary: How I spent my money last week
Day one: Monday
It wasn’t even 8:00 am and I already bought something on Amazon (☹) – vitamins and Matcha green tea for $34.94. Also, my monthly credit card payment went through today ($301.11).
I went grocery shopping yesterday and made food for the week. I know I love to eat out on the weekend, so I make a point to not spend money on food Monday through Thursday. I had oatmeal for breakfast, homemade chili for lunch and an omelette for dinner.
I didn’t use either of my gym memberships and ran outside on my lunch break instead because it was over 60 degrees in January.
I ended the night with baking brownies and catching up on Shameless.
Total spent: $336.05
Day two: Tuesday
I took a spinning class this morning before work and made a smoothie for breakfast, sandwich for lunch and chili for dinner.
I stopped at Rite Aid for contact solution ($18.44) and Ulta for makeup ($21.45) on my way home from work.
I ended the night lying lifeless on my couch and falling asleep by 8 p.m., it was perfect.
Total spent: $39.89
Day three: Wednesday
I did a yoga class before work this morning and had a hectic day at work, which means I had no time to tempt myself with online shopping, but I stayed strong.
For breakfast I had oatmeal, made a chicken wrap for lunch and ate leftover chili for dinner again.
After work, I went to my friend’s to watch Black Mirror and eat ice cream free of charge.
Total spent: $0
Day four: Thursday
I woke up feeling very sore this morning, so I decided to sleep in. I had toast for breakfast, the last of my sacred chili for lunch and a zucchini pasta for dinner.
It was a slow day at work, so I found myself using my kryptonite, Amazon, for my upcoming trip to Florida. I got sunglasses and a bathing suit for $89.39.
I went for a run after work and ended the night with Netflix, per usual!
Total spent: $89.39
Day five: Friday
Payday! I started my morning with a yoga class and homemade matcha latte. I usually go to Starbucks every Friday with my co-workers, but I’ve recently been making my own beverages to save money. I had oatmeal for breakfast and a chicken wrap for lunch.
It was casual Friday at work, but once I got into the office I realized that my jeans were extremely uncomfortable and worn out. I work in SouthPark, so on my lunch break I went to the mall to get a new pair at Nordstrom ($75.08). I also stopped by Urban Outfitters because I have zero willpower and got a sweater and dress for $129.19.
After work, I baked cookies and went over my friend’s for a party.
Total spent: $204.27
Day six: Saturday
I started my morning off with a spinning class and a trip to Green Brother’s Juice with my friend. I got a wellness shot and açaí bowl for $15.21.
Later, my sister and I took her dog to a Lucky Dog to watch some pups run wild. I sipped on Lenny Boy kombucha while there. I’ve been doing Dry January, which has helped me cut back on spending this month ($10.79).
After the dog bar, we got some premium Asian cuisine at CO. I had the spicy udon for $18.16.
On the way home, we stopped at Selwyn Pub to meet some friends. I had a club soda with a lemon and lime while relaxing on the patio. My friend treated.
Total spent: $44.16
Day seven: Sunday
It was a rainy Sunday in Charlotte, so I made myself of bowl of oatmeal for breakfast and hit up Trader Joe’s before it got busy for groceries ($56.84). I try to alternate between Harris Teeter and TJ’s every week to save money and also because there’s food I like from both stores.
After grocery shopping, I went for a run on the treadmill at my apartment gym. I ended my week of spending at Chopt for lunch. $11.14
Total spent: $67.98
Total spent: $781.74
The breakdown:
Food and drink – $112.14
Bills – $301.11
Shopping – $368.49
What I learned: This was a rare week where I shopped significantly more than I normally would. I realized I definitely look for things to buy whenever I’m bored. Staying focused at work not only benefits my company, but it also benefits my bank account! I need be more aware of my shopping patterns because it’s starting to seriously add up.
I utilize my credit card mostly for groceries and gas because I’m scared I’ll go over my allotted monthly amount. I need to start tracking on my Bank of America app to see how much I have left to spend elsewhere.
Dry January has opened my eyes to how much I blow on alcohol every weekend. Now that I learned I can still enjoy being bar setting to socialize without drinking, I’m going to try to do this moving forward. My friends will definitely give me a hard time about abstaining from alcohol, but I’m cool with being sober (and wealthier).
I need to dedicate at least two days per week where I don’t spend any money whatsoever. Wednesday was the only day where I had zero expenses and if I want to go abroad in the Fall I need to stop spending unnecessarily during the week.
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