Nov 19, 2019 - Money

Cash Confessional: A week of spending on a 36-year-old mother’s $54,000 salary

Lauren Corriher

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.

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The basics

Age: 36-year-old female

Job: Customer success professional at a large supply retailer

Income: $54,000 salary

Extra income: $650/month in child support

Living situation: I live in South Charlotte with three roommates and one dog. My portion of rent is $400 a month.

Are you putting anything in savings? No

Credit card debt: $2,950.25 across three cards — Zulily credit card: $350 (payment $40 a month); Ulta credit card: $579.16 (payment $40 a month); Credit One credit card: $2,021.09 (payment $200 a month).

Most frivolous thing you’ve ever spent money on? Starbucks coffee.

If you had to show a friend your checking account, how would you feel? Anxious.

Monthly Expenses

Car payment: $454.00

Daughter’s dance class: $68

Daughter’s gymnastics class: $74

Car insurance: $151.00

401(k) loan payment: $315.00

Massage Envy membership: $65

Planet Fitness membership: $10

Parent counseling: $40

Lifetime Fitness: $129

Phone bill: $186

Waxing: $60

Sirius XM radio: $9.38

Netflix/Hulu: $17.88

Health Insurance for myself and child: $281.23 ($150.02 health care reimbursement deduction and $58.33 dependent reimbursement deduction)

Dental Insurance for myself and child: $30.25

Vision Insurance for myself and child: $12.87

Life insurance: $0.91 for dependent and $1.39 for myself

Three financial goals

(1) Pay off 401(k) loan (owe $2,000)

(2) Start saving

(3) Pay off credit card (owe $2,950.25)

How I spent my money this week

Sunday

Woke up in Atlantic Beach, North Carolina on a trip.

We needed OJ for our mimosas and Zyrtec, so we headed to the gas station for essentials ($13.49).

A friend asked me to order a pizza for him and his kids at Domino’s. I bought two medium pizzas (used a coupon). With delivery charge and tip I spent $20.23.

I also purchased a massage for a close friend who deserved an hour of relaxation ($55.00).

I placed an order for essential oils at Fabulous Frannie ($26.50).

Total spent: $115.22

Monday

I drove back to Charlotte and bought lunch for my mom and me at Smithfield’s BBQ ($14.86).

I ordered clothes for my child from Zulily ($23.57).

Had dinner at home.

Total spent: $38.43

Tuesday

Dropped my child off at school, then worked from home.

I ate dinner at home then had a massage at 7 p.m. With tip the massage was ($65).

My “Keep the Change” transfer $7.02 was moved from my checking account to my savings account.

iTunes charged my account ($14.98) for Apple Music and Pandora subscriptions.

My Zulily credit card payment was also deducted from my account ($40.00).

Total spent: $125.98

Wednesday

I dropped my child off at school and took my mom to pick up her car.

On the way home to work I stopped by Burger King and got a sweet tea and French toast ($3.30).

I had a hair appointment at 4:15 p.m. With tip it was ($100). I unexpectedly had to bring my child to my hair appointment, so I bought dinner for ($19.92).

Total spent: $123.22

Thursday

I dropped my child off at school, worked from home, and went to a nail appointment. With a 20 percent off coupon (plus tip) the total came to ($35).

I placed an order on Amazon for items needed, including a budget planner, chalkboard markers, and elderberry gummies for my child ($29.85).

I grabbed lunch to-go at Brown Bag next to my nail appointment ($10.78).

I finished working, ate dinner at home, and then dropped my child off at dance class. I stopped at CVS to pick up some things – moisturizer, candy, trail mix, and a Red Bull ($39.17).

Headed to bible study, then came home.

Total spent: $114.80

Friday

Dropped my daughter off at school, worked from home, and then went to a dentist appointment.

Then I made a Starbucks run for egg bites and a grande vanilla chai tea (I used a gift card).

My “Keep the Change” transfer $2.59 was moved from my checking account to my savings account.

I got gas before heading to Boone ($33.37).

Total spent: $30.78

Saturday

I woke up in Boone, and went to have breakfast at Cracker Barrel. I paid for myself and someone else ($36.97). I found a red N.C. State hat that was 70 percent off that I had to buy while I was there ($13.88).

I stopped at Burke’s Outlet on the way home to pick up an outfit for my child, nail polish, and a birthday present ($25.59).

I drove back to Charlotte to meet a friend for dinner and drinks at Hickory Tavern ($34.33).

Total spent: $110.77

Weekly total spent: $655.79

What I learned

I need to put more thought into planning ahead to save money.

Honestly, this week was very low-key for a normal week. Groceries are usually a big Sunday thing, but that didn’t happen this week.

I also need to cancel my Planet Fitness gym membership. I did review Netflix, Hulu, Apple subscriptions, and Sirius XM to see if I could lower that bill each month.

I don’t need to buy anything unless it’s necessary.

I should be able to put away money once a week for savings for sure.

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