Want to know where this Millennial’s money goes?

There seems to be a rumor in this country that Millennials are frivolous with their money.

That may be true sometimes. I do get Dunkin’ Donuts. I do travel. I can confidently say I’ve never bought avocado toast.

But let me just give you a quick picture of monthly expenses and let you do the math for whether this is affordable on a couple entry-level salaries. And keep in mind, this is Atlanta – not NY or San Francisco.

 

Monthly

Mortgage/Insurance/Taxes – $1200 (going to $1450 in a couple months due to tax assessments). Our house was very inexpensive, intentionally.

Childcare – $1400 (a nanny 2 days a week and a nanny share 3 days a week, covering a total of 23 hours/week. He couldn’t get into daycare despite being on 2 waiting lists since I was 6 months pregnant. FT daycare would have been $1300/month.)

Family Health Insurance – $1000

Car Insurance – $100

Life Insurance – $90

Vet care and heartworm/flea meds (pro-rated average) – $100

Utilities (internet, streaming services, electric, gas, car gas, water) – $450

Cell phones – $150

Car payment – $400 (we pay extra on this each month; we have a used Prius and the other car is paid off)

Food – $300 (if we’re frugal and eat only at home)

 

That’s $5,090 per month in basic, base expenses for a healthy family of 3. We could have bought a cheaper car. We could, I suppose, not have smartphones. We could not take care of our pets. But there isn’t a lot to shave off here.

Now consider that the average entry-level job in our industry is going to pay $40k. After taxes (at a low tax bracket), that’s maybe $2500/month. Multiply that by 2 people and you’re not even covering the most basic expenses each month, much less putting anything into savings.

Where does Millennials’ money go?

A broken, crappy system that means your childcare costs more than your mortgage and your health insurance is a close third.

Democrats advocate for a universal healthcare plan and more childcare program options for parents. Housing subsidies and stronger support for the middle class, instead of the top 1%.

Tell me why you voted Republican again? And tell me where I’m wasting my money?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s