How one young couple budgets and plans for the future

This month's theme at Get Rich Slowly is relationships. All month long, we're focusing on how money affects our interactions with family and friends — and how family and friends affect our interactions with money.

A couple of months ago, I shared a series of career interviews that the Khan Academy has been producing on an ongoing basis. Each interview consists of three or four separate videos exploring what it's like for different people from different fields to manage their households.

Last week, the Khan academy published a joint interview with a married couple: Julia (a registered nurse) and Michael (a construction business owner). They interviewed each partner separately, then brought them together to talk about how they budget and plan for the future.

When Julia and Michael got together, Julia was the sole breadwinner for the family. Michael was still going to school and he was trying to start his construction firm. When they learned Julia was pregnant, they shifted gears. Julia went on maternity leave and Michael found a job at an auction house. They've been living on one income their entire marriage, but that will soon change as Julia gradually re-enters the workforce.

Julia and Michael used to live in Boulder, Colorado, but city life didn't agree with them. Plus, costs were too high. They chose to move in with Julia's parents in the country, which gave them a lifestyle they preferred and allowed them to save money.

In the interview, Julia and Michael break down their income and expenses. (Their largest expense — by far — is $600 per month for transportation!) They also describe why they've made certain decisions

“We wish we knew how expensive life was. Having a kid is very expensive,” Julia says. “Rent is expensive. When we didn't live on the farm, it was unaffordable for us. One of the most important things we've learned is to invest in yourself. It's okay to invest in your education because that's improving you down the road, improving your financial outlook.”

If you want to see more from this couple, here's Julia talking about what she does (and how much she makes) as a registered nurse and here's how she got her job (and what she plans to do in the future). Here's Michael discussing what his job is like and how he got his job.

As I said in December, I think this library of videos is an excellent resource, especially for kids who might be trying to decide which career to pursue.

More about...Budgeting, Planning

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dh
dh

When I saw the words “Khan Academy,” the first thing that came to mind was Ricardo Montalbán doing a demo on ear worms.

S.G.
S.G.

I am very ambivalent about grown children living with parents, especially if they have kids. (This doesn’t get include when PARENTS live with their KIDS which is totally different) On one hand it can be a great way to save money and get their feet under them. On the other hand, they’re adults with the responsibilities of adulthood. The phrase “a lifestyle they preferred” made me cringe a little. She’s an RN and has a baby! Living with her parents should theoretically be too embarrassing to do a kahn video, not simply a valid lifestyle choice. There are valid reasons… Read more »

JC Webber III
JC Webber III

Yea, I felt the same way when I read that. These two need to group up and take responsibility for their adult lives.

JC Webber III
JC Webber III

That’s ‘grow’ up, not ‘group’ up. Damn spell corrector. 8^)

Steveark
Steveark

As the parent of three self sufficient millennials I have no issue with brief convenience extended stays such as changing jobs or selling a house. But to move in for an extended period is only OK in a true emergency. A gainfully employed couple with a baby would not qualify. I think they are being robbed of their dignity and their chance to become adults and it looks a lot like enabling. I haven’t seen the interview so there might be a dire underlying emergency or a plan in place to quickly move into a place of their own. If… Read more »

Steveark
Steveark

Ok, I watched it. No retraction, I should have written it in all caps. I thought it was satire at first, an SNL skit.

Fervent Finance
Fervent Finance

Sorry but was this video cringeworthy for others? Or just me?

Tim
Tim

Dude their combined Taxes Healthcare and Food is only slightly bigger than their commuting cost that they needed after they had a kid, even though only one of them works.

Having a kid is very expensive if you feel the need to spend $600 on commuting.

lmoot
lmoot

I’m a little surprised at some of the comments about them living with her parents. They have proven that they are adults through learning a skill, having careers, starting a family, they’re building a container house (assuming on the property owned by her family), and they’ve lived on their own previously. I commend them for not clinging to arbitrary markers of independence, and instead making decisions that obviously are working for them and their families. For all we know, her parents may only allow them to help out with so many bills, and insist on taking on the brunt of… Read more »

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