A Week In El Paso, Texas On A $50,000 Salary

Housing costs: $680 for a one-bedroom apartment.
Loan payments: Car loan: $300; credit card: $1,000-$1,200; medical debt: $25; IRS payment plan: $100. Student loans are on hold.
Savings: $250-$300
Gym membership: $110
Car & renter’s insurance: $180
Electricity: $20-$70 (depending on the season).
Internet: $67
Subscriptions: $70 (Netflix, Hulu, Spotify, WriterDuet, Bon Appétit, NY Times, Normal Gossip).

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 always expected myself to go to college because I was good at school, and I ended up attending a private, four-year university. However, my two younger brothers both graduated from high school, now work and have not gone to college yet, so my parents are open to different paths. Most of my tuition was paid for through financial aid, and I also did a work-study job. My parents paid a portion of the tuition and I took out about $21,000 in loans to cover the rest.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Most of our conversations were about scarcity and how things were tight. I know that my parents regret some of the financial choices they made and not making more money, but they always provided for us. I don’t remember talking a lot with them about how to manage finances, although these last few years my dad has been emphasizing the importance of investing and constantly telling me to buy index funds.

What was your first job and why did you get it?
I did various odd jobs growing up like babysitting, dog-sitting and helping out at my grandparents’ business. I also worked a student job throughout college as part of my financial aid package. My first “real” job with benefits and a salary was right after college, when I worked as an event planner for a political campaign.

Did you worry about money growing up?
Yes. My parents were young and just starting out when they had me, so there were a few years when things were pretty tight. My dad was vocal about our financial situation and how much time was left until payday, which could be stressful.

Do you worry about money now?
Yes. I feel very uncomfortable with the amount of debt that I have right now, particularly the credit card debt, which I accrued when I left a job without a solid backup plan. I also don’t have the robust cushion of savings and investments that I would like to have. I’m constantly tracking my finances and thinking about how to pay off my debt and become more financially secure. It’s kind of an obsession at this point. I’m really looking forward to the feeling of being unburdened by debt and having more money to save and invest.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I became fully responsible for myself when I was about 24. I don’t have a huge financial safety net, although I know my parents would absolutely help me out if I needed it. I don’t like to ask them for money because I know they’re working on their own financial goals.

Do you or have you ever received passive or inherited income? If yes, please explain.
No.