Paycheck Breakdown: 24 year old engineer

@financebynick

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Why it worked

The video provides a relatable and transparent look into personal finance management, particularly for a young professional in a high-demand field. The "salary increase" hook and the detailed breakdown of spending and saving categories likely resonated with viewers interested in financial advice and career progression.

Summary

A 24-year-old engineer breaks down their paycheck after a salary increase, allocating funds to rent, credit card spending, Roth IRA contributions, student loans, and car savings. They highlight a significant decrease in credit card spending compared to the previous month, emphasizing that increased income doesn't necessitate increased spending.

Structure

1Introduction and salary increase context
2Rent payment
3Credit card payment
4Allocation of remaining funds (Roth IRA, student loans, car savings)
5Personal savings
6Comparison to previous month's spending and concluding thought

Product placement

The video discusses personal finance and budgeting, showing a breakdown of the creator's paycheck. No specific product or service is explicitly promoted or demonstrated.

Call to action

Follow for more finance tips.

On-screen text

Original caption

It’s that time of the month: budget my paycheck with me (salary increase??) #budget #salary #PersonalFinance #engineering

More from @financebynick

More breakout videos from this creator.

$3568 $2768 -$800 (Rent) $2325 -$800 (Rent) -$443 (CC Spending) $1325 -$1000 (Roth IRA) $825 -$1000 (Roth IRA) -$500 (Student loans) $325 -$1000 (Roth IRA) -$500 (Student loans) -$500 (Car savings) $0 -$1000 (Roth IRA) -$500 (Student loans) -$500 (Car savings) -$325 (Personal savings)

Transcript

It is that time of the month again. Let's budget my paycheck. As a 24 year old engineer, crazy enough I am coming off a pretty significant salary increase. My company ended up increasing these specific job titles, data engineer was part of that. So this paycheck I got $3,568. Have you been, you know exactly every single time I get paid, I pay half of my rent first. So I move $800 to my rent savings. Next I paid off the spending of my credit cards over the previous two weeks. That total payment was $443. Now with this leftover, I split between three different categories: student loans, investing, and saving. Off the top, I want to be aggressive with maxing out my Roth IRA this year. So I moved $1,000 to my Roth IRA. Then I paid $500 in student loans. I just bought a new car and I want to be proactive when it comes to maintenance or any unexpected damages that might occur. So I moved $500 to a car savings, already saved up and bought the car. The remaining $325 I move to personal savings, which I donate or buy things that I want to buy guilt free. If y'all recall my last video, I spent about $1,500 in credit card spending in 2 weeks. This time it was only $400. That just shows you as your income increases, that doesn't mean you need to spend more. I did buy a car, but I've been thinking about that since last year before the salary increase. Follow for more finance tips.