From Ben Barry and Kelsi Karruli on Dailymail.Com
20:47 January 30, 2024, Updated 20:56 January 30, 2024
A woman who earns $100,000 a year claims her salary is still not enough to support herself and has “downgraded” her regular outings, including dropping her gym membership and cutting back on eating out. He lamented that he was forced to do so.
Natalie Fisher, 25, and her husband Keldon, 30, of Seattle, Washington, both work in the technology industry and have a combined salary of $200,000.
Natalie admits that as a result of the couple earning six-figure salaries, they were taking home more cash and spending more, experiencing a “lifestyle abnormality”.
But soon, especially with rising inflation and the rising cost of living, the couple found their money draining away, forcing them to drastically cut back on the small luxuries they once enjoyed.
Before cutting back on spending, Natalie and Keldon often dined out with friends and went on lavish trips to Rome, Mexico, and Alaska.
The couple previously spent about $4,000 a month, including $2,738 on their two-bedroom apartment, $1,163 on bills, $200 on groceries and $300 on eating out.
Natalie says, “My husband and I consider ourselves middle class. We live in the greater Seattle area, and we both worked 9-5 jobs in the tech industry.
“We're both making over $100,000, and now that we're making more money, we're starting to value ourselves more.”
Natalie and Keldon got married in August 2023 with $20,000 saved up for their special day, so they decided to spend 2024 carefully.
To cut costs, the couple canceled their $208 gym membership, Natalie stopped getting $100 monthly manicures and pedicures, and the couple now eat out only once a week.
She added: “A big reason we decided to downgrade our lifestyle was because we didn't know where our money was going.”
As the couple's salaries increased, they experienced what is called “lifestyle creep.” That means you won't be afraid to spend more because you can.
Natalie says, “Just five years ago, we were broke college students. As we started making more money, we started taking better care of ourselves.''
“We weren't really worried about spending money to go out, get our hair done, go on trips, etc.”
They each spent $208 a month on gym memberships and ate out two to three times a week, averaging $60 each time.
Natalie said: “Last year was a bit of an unusual year for us. My husband and I got married and it cost a lot of money.
“We didn’t save much because we traveled a lot and had a lot of general expenses.
“We are trying to cut down on these unnecessary expenses.”
Natalie and Keldon are currently trying to save $200 each and would like to use the savings to fund a trip to visit Guam, the Philippines, and Japan.
Since the beginning of 2024, the couple has stopped eating out and is opting for more home-cooked meals.
They're also canceling gym memberships and keeping all credit cards with annual fees.
Natalie says, “I found it very difficult to keep track of how much I spent when I went out.'' I was living beyond my needs.
“I want to significantly increase my savings, but I feel like I'm spending too much, so I'm trying to find a balance this year.”
“I know we're experiencing a lifestyle deterioration, which is a big reason why I wanted to upgrade my lifestyle and track where all my money was going. .”
In 2023, the couple spent a total of $4,601, but have now cut back on spending and shared new budget goals.
The couple's monthly spending goals for 2024 are: mortgage: $2,378, bills: $753, gym membership: $0, food: $227, eating out: $0, shopping for clothes: $10, socializing: $0, savings: $400. Total: $3,368.
According to PayScale, the cost of living in Seattle is 50% higher than most areas.
According to Apartment List, the recommended household income for a two-bedroom apartment is $78,240 per year.
The median household income at the end of 2022 was $105,391, according to the U.S. Census Bureau.
A six-figure salary was once considered the standard for a comfortable lifestyle, but new research suggests it depends on exactly where you live.
A report from GoBankingRates analyzed how far a $100,000 annual wage would stretch in America's 50 largest cities.
According to the study, a person living in Seattle who makes $100,000 a year will only have about $24,330 left over after their bills.
Due to inflation, many people have turned to living in cars and vans.
With the rising cost of living, many people across the country are trying to cut back on spending.
Although inflation has declined in the past few months, it remains high at 7.1%.
According to consumer data firm Dunnhumby, a third of households skip meals or reduce portion sizes to save money.
Researchers found that 18% of the 2,000 study participants said they were not getting enough to eat.
Additionally, as a result of rising prices at grocery stores, pantries are emptying and 31% of households are eating less.
In addition to food costs, millions of people across the country lack a financial safety net.
Researchers found that 64% of participants admitted they would not be able to raise $400 in an emergency.
Many people are suffering as inflation has caused the prices of basic goods to soar, with meat and poultry prices rising by 10.4%, grains by 15.1%, and fruit and vegetable prices by 8.1%.
Another pressure for many people across the country is gas prices, which have increased by nearly 60% in the past year, airfares by more than 34%, and used car prices by more than 7%. There is.
Clothing costs rose 5.2%, overall shelter costs rose 5.5% and delivery services rose 14.4%.
