Money Journal: A week in the Dutch neighborhood of Minneapolis on a $128,000 salary – thug – thug | Directory Mayhem

Welcome to Racket’s new Money Journal series in which you can spy on the finances of an anonymous Twin Cities neighbor. Interested in submitting your own? Email jay@racketmn.com for instructions on over-sharing the financial details of your life! H/T to Refinery29 for pioneering a great concept that we look forward to localizing.

Personal information

work: Design Program Manager
Age: 33
Area: Holland neighborhood in northeast Minneapolis
education: Master’s degree
salary: $128,000
partner’s salary: $89,000
Estimated net worth: -$55,000 (total debt $337,000; total assets $282,000)

debts

  • Student loans: $86,000
  • Personal loan: $47,000
  • HELOC: $10,000
  • House: $194,000

MMonthly expenses

Paycheck Amount: $11,820 per month total (spouse is paid biweekly, I am paid monthly)

family help: $0

Rent/mortgage: $657 is paid every other week

Insurance:

  • Health: $225 (before taxes from my paycheck)
  • Dental: $28 (before taxes from my paycheck)
  • Life: $845 term used towards retirement (Editor’s note: We checked with the journal keeper – this is actually the monthly amount.)
  • Car: $81
  • House: The house is paid for every two years out of the mortgage account, but we pay an additional $10 a month for a $1 million umbrella policy that covers everything; it’s more like personal liability insurance.
  • Pet: $126

401K/Retirement: $429.33 from me, $65.38 from my husband

Student loans: $795

Phone: $111

Subscriptions:

  • Spotify
  • Hulu/HBO
  • apple tv
  • Netflix

Money Talk – Questions and Answers

Did your family talk about money growing up?

No, it was just me and my mother growing up. We didn’t have much money. I think I remember seeing a W2 a year ago and it was about…$24,000 in 2005. We were pretty poor.

Did you worry about money growing up?

I knew we didn’t have any money, but personally I never worried about that because I had the basics. When I was 16 I got my first job and I was abominable with money. I got credit cards when I was 18 and I DID NOT know how to use them properly. In addition, I found out in my late 20s that my mother had issued a credit card in my name and ruined my loan.

At what age did you become financially independent?

I went to college and my mom moved out of state – by that point I was living in college year-round and with my sister during the summers. I would say that was when I was about 19 years old when I was financially independent. But I started buying my own clothes when I was 16. I didn’t own a car until I was 23.

How did you learn to plan your life?

I’m still bad with money. I’ve made stupid decisions with money and I should be in better financial shape.

Have you ever received an inherited income, a large monetary gift, or a large insurance payment?

nope I have never received any inheritance or insurance payments. I’ve also never received a gift of more than $100 on a holiday.

Are you worried about money now?

I’m not trying. I have many years of work left to save for retirement and I will only continue to make more money. Growing up with nothing didn’t help me though – I buy the dumbest stuff. But we’re working on it now with a financial planner.

How much do you think a person or household needs to earn to live comfortably in the Twin Cities?

I would say $78,000 a year. A good apartment costs around $2,000 and I’ve always been told that the apartment should be 30% of your salary. But I also think it really depends on your debt, credit and payments. If I didn’t have personal student loans, I’d be really lucky. I think about the $4,700 I pay out every month on my various loans and I think –Impressive, what could I do with it? My personal loan is due to be paid off in 10 months. That will be a great relief. But we also want to redo our kitchen and it’s going to cost $60,000, so I always have money on my mind.

day 1

10am: Finish off for groceries and some Halloween decorations. $172.

11 a.m.: Starbucks. $5.

11:15 a.m.: I wanted burrata, but Target didn’t have it. I ended up with ricotta and ice cream bars. $18.

11:55 a.m.: Car wash. $15.

Noon: Went to the Home Depot to get paint and primer for exterior window trim and a new back door light. $196.

5:30 pm We use Imperfect Foods as a supplement to our regular foods. $50.

5:45 p.m.: Every six weeks, Chewy ships our auto-ship dog food, cat food, and litter. $105.

In total: $561

day 2

Nothing!

In total: $0

day 3

8am pre-nail appointment Starbucks, I’ll take one for myself and one for my nail artist. $12.04.

10 a.m. nail appointment. $108.

11am: Post-Nail Starbucks, grabbed one for me and my husband! $12.47.

3 p.m.: Amazon. I needed some items for cakes I’m making for friends’ children’s birthday parties and also a book for my 13-year-old niece, who says she wants to be a quantum physicist. I will support this dream until the day she has another. Then I support that. $79.02.

In total: $221.53

day 4

10:42 am: Amazon again, this time ingredients for a fondant for a cake I’m baking. $15.28.

In total: $15.28

day 5

21:20 Wine and cheese flight with a friend at Sister Sludge while our other friend was working. $37.

11:15pm: Travel to LA next month and buy Comedy Store tickets for $57.76.

In total: $94.76

day 6

9:10am A to Z Creamery, this very exclusive ice cream shop sold online that you have to pick up in Hopkins. It’s so expensive but so good. $15.20

In total: $15.20

day 7

10:11 am Lattes at Amy’s Cupcake Shoppe in Hopkins. Had to pick up the ice cream I bought yesterday. $12.68.

1:06 p.m.: Some groceries for Cub to bake. $63.48.

8:15pm: After baking all day I really didn’t want to cook dinner so my husband and I went to the Blue Door pub to get burgers. $50.62.

In total: $174.30

Week total: $1,082.07

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