The budget breakdown of a 22-year-old who lives 'comfortably' on $55,000 a year in LA. (via CNBCMakeIt)
series, which profiles people across the U.S. and details how they earn, spend and give away their money.
Parkinson researched schools where people she looked up to in the entertainment industry had gone and settled on the University of Texas at Austin. After finishing undergrad a year early, she landed a job as a video editor at the L.A.-based company Watch Gang, where she's been working since July 2018.
Besides her 9-to-5, Parkinson spends up to 15 hours a week working on freelance video editing projects. She charges $20-$30 an hour and the side hustle earns her an extra $5,000 a year after taxes. She buys the off-brand kind and gets a discount with her loyalty card. "My grocery budget used to be a lot higher because I was buying real Diet Coke and a pack of 12 is like $6 or $7 at my grocery store," she says. Now, she pays about $2 for three, 12-packs and includes the expense in her food budget.Health, dental and vision insurance come straight out of Parkinson's paycheck. Combined, it costs about $85 a month.
Since she doesn't have any car payments, her main transportation expenses are gas, which costs her about $40 a month, and parking meters, which can add up to $30 each month. As for television, "my roommate's friends used her Hulu on our Apple TV once and it's just stayed logged in, so I don't pay for Hulu. My Netflix account is my ex's Netflix account. He knows I use it."Business expenses: $50 for her editing softwareParkinson saves about $730 a month: She contributes 8% of her income to a Roth 401, which comes to about $330, and automatically transfers $400 to a high-yield savings account, where she keeps her emergency fund.
Parkinson also has an Australian bank account that she uses when she goes home. "There's honestly not that much money in my Australian bank account: It's my McDonald's money from when I used to work there," she says. "It's not very much, but whenever I go back I don't have to worry about exchanging currencies."Because Parkinson is an Australian citizen, she needs a visa to work in the U.S. She hired an immigration attorney to help with the process.
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