Saving Cents: A week on a $37,000 salary
Saving Cents, in partnership with South State Bank, is a series of anonymous peeks into locals’ personal finance habits, spending, and savings goals over the course of one week.
Saving Cents is volunteer-based and accepts submissions from all demographics, including age and income level. If you want to document your spending for a week and have us publish it, visit Saving Cents on our website.
This week’s Saving Cents features a 26-year-old nonprofit employee who lives and works in West Columbia and is making $37,000/year. Here’s how she spends + saves.
BASICS
Age: 26
Where you live: West Columbia/Cayce/State Street
Where you work: West Columbia/Cayce
Industry: Non-profit
Job title: Media Specialist
INCOME
Annual salary: $37,000
Additional income: none
Savings: $10,000
RECURRING MONTHLY EXPENSES
Rent: $600 for my share; live with 1 roommate
Utilities: $0 (I pay for water which is included in my rent; my roommate pays for electricity)
Cable: $75
Phone: $85
Subscription services: $11/month for Spotify (I would die at work without it)
Insurance: $0 (car insurance is covered by my work)
GOALS
Three financial goals you currently have:
- Spend less at the grocery store
- Save for a home down payment
- Give to causes/those in need more freely
WEEK OF SPENDING
Monday
5:15 p.m. Grocery store visit for the week at Gervais Street Publix after work ($23.52) – so crowded! Automatic payment for Verizon cell phone bill ($85).
Tuesday
11 a.m. Donation to Autism Speaks because they were running a special where if you donated you could get a t-shirt and the chance to see the season premier of Game of Thrones - email marketing at it’s best ($100).
2 p.m. Birthday gift for coworker ($15).
2:15 p.m. Beauty supplies refill ($13.60).
Wednesday
12 p.m. Paid mom for portion of the family spring break trip to Hilton Head ($450).
12:15 p.m. Old Navy credit card payment ($98.42). Automatic payment for Time Warner Cable (Spectrum?) for internet ($75).
Thursday
8 p.m. Beers with friends at Columbia Craft Brewing. They helped with some of my tab since it was for my birthday ($14).
Friday
11 a.m. Birthday brunch with friends at Devine Cinnamon Roll Deli ($9).
Saturday
10 a.m. Grocery run to Bi-Lo for brunch supplies ($7.73).
5 p.m. Movie at the Regal Theatre in Lexington - saw Date Night with my boyfriend & another friend, very funny, totally recommend ($12).
Sunday
Nothing... recovery day!
Total weekly spend:
Food + Drink: $51.25
Entertainment: $563 ($450 for future vacation)
Home + Health: $0
Clothing + Beauty: $112
Transportation: $0
Other: $185
Total = $911.25
REFLECTION
What did you learn?
I am fairly happy with my spending this particular week. Obviously, some extra expenses that don’t happen on the regular, but still not an extremely spendy week.
How much could you have saved by cutting one expense per day?
Clothing + beauty are where I spend a lot of my disposable income (right, girls?!). I could probably cut costs there & save a lot more!
Three savings strategies you’ll use for future budgeting
- Avoid eating out as much as possible - especially during the week. Save that for special occasions (like birthdays!)
- Stock up on sale items at the grocery store when possible to save money in the long run
- Set up an automatic transfer from checking to savings to avoid spending extra cash.
Figure out your finances and set achievable goals with South State Bank’s free, approachable Advice Center, or stop by to see a local banker.
Want to submit your own Saving Cents? Here’s how.
