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Welcome to Money Diaries, where we're tackling what might be the last taboo facing modern working women: money. We're asking millennials how they spend their hard-earned money during a seven-day period — and we're tracking every last dollar.
Today: a law associate who earns $235,000 per year, and pools it with her boyfriend's earnings (noted below). This week, they spend some of their money on Marmite, purchased during a trip to London and Paris.
Editor's Note: This diary has been updated to reflect the diarist's full joint income.
Occupation: Associate
Industry: Law
Age: 30
Location: NYC
Salary: $235,000 | Boyfriend's Salary: $135,000 + bonus
Paycheck (2x/month): $5,150
Industry: Law
Age: 30
Location: NYC
Salary: $235,000 | Boyfriend's Salary: $135,000 + bonus
Paycheck (2x/month): $5,150
Monthly Expenses
Housing Costs: $0. I live with my boyfriend, and we pay $3,300 in rent. The monthly payment withdrawals are tied to my boyfriend's bank account, so I technically don't pay anything. We operate differently than most couples, however, in the sense that we treat our income as completely shared. We do have separate accounts, but it is irrelevant which one of us pays for expenses. We do not pay each other back, split expenses, or keep track of who spent more at any given time. In our eyes, my money is entirely his, and his money is entirely mine.
Loan Payments: None. I had six figures of student debt, but made extra payments and I was able to pay them off in about three years.
Housing Costs: $0. I live with my boyfriend, and we pay $3,300 in rent. The monthly payment withdrawals are tied to my boyfriend's bank account, so I technically don't pay anything. We operate differently than most couples, however, in the sense that we treat our income as completely shared. We do have separate accounts, but it is irrelevant which one of us pays for expenses. We do not pay each other back, split expenses, or keep track of who spent more at any given time. In our eyes, my money is entirely his, and his money is entirely mine.
Loan Payments: None. I had six figures of student debt, but made extra payments and I was able to pay them off in about three years.
All Other Monthly Expenses
FSA: $37.50
Health Insurance: $414
Dental Insurance: $128. I cover my boyfriend's health and dental insurance through my firm's plan, so these are payments I make for the two of us.
Cell Phone: $60 covers my boyfriend and me. (Our bill is $100, but my firm reimburses me $40/month.)
Internet: $0. (Tied to my boyfriend's bank account.)
Cable & Hulu: $0. (Tied to my boyfriend's bank account.)
Transportation: My boyfriend and I both walk to work and load up our subway cards on a pay-as-you-go basis.
Savings: I deposit any remaining money I have at the end of every month into various accounts, including an IRA.
FSA: $37.50
Health Insurance: $414
Dental Insurance: $128. I cover my boyfriend's health and dental insurance through my firm's plan, so these are payments I make for the two of us.
Cell Phone: $60 covers my boyfriend and me. (Our bill is $100, but my firm reimburses me $40/month.)
Internet: $0. (Tied to my boyfriend's bank account.)
Cable & Hulu: $0. (Tied to my boyfriend's bank account.)
Transportation: My boyfriend and I both walk to work and load up our subway cards on a pay-as-you-go basis.
Savings: I deposit any remaining money I have at the end of every month into various accounts, including an IRA.
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