It’s Per$onal is an anonymous blog series designed to shed light on the intricate details of the personal finances and lifestyles of women.
Name:
Megan
How old are you?
25
Where do you live?
Detroit, MI
What is your highest level of education?
Bachelor’s
Are you single or married?
Engaged
If you are married, do you and your spouse have joint or separate finances?
N/A
Do you have any children or dependents? If yes, please explain.
No
What is your total monthly rent / mortgage for your household?
1135
Has Covid-19 impacted you financially in any way?
I had to defer a raise, but that’s it. I’m very fortunate!
What is your current occupation? If not currently employed, please say “Not Employed”
Engineer
What is your yearly salary (or approximate yearly compensation) for your current occupation?
$75,000-$80,000
If you are currently employed, do you like your job? Why or why not?
Yes, I am compensated fairly, people are great, and lots of room for growth!
Do you have a second job or side hustle? If Yes, please explain.
No
If you have a second job or side hustle, about how much money do you make monthly from your second job / side hustle?
N/A
Do you budget on a consistent basis? If so, please explain how you currently budget:
Yes, using excel to create my monthly budget and track my spending
Are you debt-free?
No
If you are debt free, how much debt have you paid off and how long did it take you to pay it all off?
Not debt free yet, but I’ve paid off $26,850 in about a year and a half
Do you have any student loan debt currently?
Yes
If yes, about how much student loan debt do you have?
Started at $56,000 and now I’m at $29,150
What is your monthly student loan payment amount?
1000
Do you have any credit card debt?
No
If Yes, about how much credit card debt do you have currently?
N/A
Do you have any other kinds of debt? If Yes, please explain:
No
Do you know what your credit score is?
Yes
If Yes, what is your credit score?
747
Are you currently saving for retirement?
Yes
If yes, about how much do you have saved for retirement?
$38,000
What does an ideal retirement look like for you?
Having the freedom to pursue whatever I want to do without thinking about money, traveling, giving
What’s your biggest purchase of 2020 so far?
A couch
Biggest purchase of your life?
I still drive my high-school car, so probably my laptop!
What do you spend money on that brings you joy?
Travel, home décor
What are your short term money goals, if any? ( < 1 year)
Save for and cash flow my wedding!
What are your long term money goals, if any? ( > 1 year)
Pay off student loans in less than 2 years, save for a 20% down payment on a house, and continuously save 20-25% toward retirement after that.
What is your #1 financial concern right now?
Student loans
What financial victory/success are you most proud of?
Living on less than half of what I bring home every month and having almost $40,000 saved for retirement at 25
Anything we didn’t ask about you that you want to include?
I currently have $15,000 saved for a car and I will never have a car payment!
