My partner, A., finished his doctorate and started working around the same time. I couldn’t put much toward retirement until approximately three years ago when I switched jobs and started making double my previous salary (and hit the six-figure mark for the first time). Aside from the wedding costs, I have been putting a lot of my paychecks toward my employer’s retirement plan since I feel very behind on those contributions. I’m amazed I bring in my current income working in nonprofit. Money was tight during those times but we always made it work.
He also was laid off a couple of times during the ’90s dot com bubble burst and great recession for stints that sometimes lasted up to two years. I always “felt” his anxiety around money at home even though we were doing fine. My father has an extreme scarcity mentality and trauma from going hungry as a kid. I couldn’t partake in school sports or some school activities since we couldn’t afford it, which I remembered sometimes feeling sad about. I always had my basic needs met and my parents never skimped on spending on school supplies. I loved it and it felt empowering to make my own money. I worked most of the summer and after school and made minimum wage. I was very eager to start gaining work experience, even though my parents were firmly against it because they didn’t want me to have any distractions from school. What was your first job and why did you get it?Īt a coffee shop when I was 16. I worked part-time jobs in the summer and during the year to have spending money, including saving up for the extra expenses that came up in college.
I am very grateful that they paid for my undergraduate tuition and school expenses and I graduated with no debt. They were both the first in their families to attend university and they credit their educations for allowing them to set up life and raise a family in the U.S. Yes, university was absolutely expected since education is very important to my parents. Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it? I also have an after-tax Roth conversion set up within the plan. I plan to max out the allowable contribution amount pre-tax this year. Retirement: Ranges month to month as I don’t do an even distribution across the year to my employer’s retirement offerings. Rent: $1,475 (my half of a two-bed/two-bath apartment shared with my fiancé in a large apartment complex, including one parking spot)
Paycheck Amount (2x/month): $2,500-$3,000 depending on my retirement and transit deductions that month I live with my partner, A., and we keep our finances separate.) The pension will pay out $1,000/month once I retire. The $40,000 is the lump sum I’ve chosen to leave in that account until I turn 65, as withdrawing from it prior to that would disqualify me from the lifetime pension payout. As a caveat, a previous employer had a rare pension set-up which I contributed to over many years. Today: a development officer who makes $175,000 per year and spends some of her money this week on red pumps. We’re asking real people how they spend their hard-earned money during a seven-day period - and we’re tracking every last dollar. Welcome to Money Diaries where we are tackling the ever-present taboo that is money.
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