How a 24-Year-Old First Grade Teacher Spends:

  • SALARY: I make $35,000 per year as a first grade teacher living in Mississippi. I have not yet asked for a raise.
  • SAVINGS: I have $3,268.20 in my savings account right now. In my investment accounts (taxable and Roth IRA combined) I have $24,637.39. I previously invested a little bit of money on Loyal3, a fee-free investment tool that allows you to buy into initial public offerings, then I realized how much of a waste of time individual stocks are, so I only invest in index funds now.
  • MONTHLY EXPENSES: Right now I pay $200 on rent. I pay $10 for a gym membership. My parents cover my health insurance. 
  • DEBT: I am luckily not in debt. 
  • SPENDING VICTORY: A spending victory would be my Aeropress coffee maker. I'm usually really hesitant to buy things for myself and I'd been wanting it for a long time. I plan on making myself iced lattes all summer long. It cost $29.95 on Amazon.
  • SPENDING REGRET: I'm often regretful about spending on dining out when it isn't something planned or when I'm not all about the experience. I have no problemspending money to go out to dinner with friends, but I always regret spending money when it's more random. Looking at the past month, I've spent $305 at restaurants, and around $100 of that was less planned, not as great of an experience. It was probably higher this month than average because I spent time traveling.
  • CHARITY: Uhhh… I need to get it together and contribute to charity on a regular basis.
  • SIDE HUSTLE: I haven't started this yet, but I got the job - I'm going to be running professional development programs for other teachers. It'll be about five to eight hours per week and pays $8 an hour.
  • GOALS: I have a very specific net worth goal to hit by next May, and I move that goal up in increments whenever I reach it. That net worth goal is tied to a longer term goal of buying a house someday. It's a very vague goal because I'm not sure where I'll be living and where I'll want to settle down. My shorter term goal is to save for a trip to the U.K. around Thanksgiving. I'm saving $1,200 for that, so around $200/month. I want to be able to see into the future to know if grad school would pay off for me; I've been thinking about going to grad school to become a school counselor, and I wish there was some way to know if it was worth it, from a financial standpoint.

- She Spends Issue #12