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.
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?