Budget My $130,000 Salary paycheck

@themekhicarter

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Why it worked

The video provides a transparent and detailed look into personal finance, specifically budgeting a significant salary. This relatable content, combined with clear on-screen text and a breakdown of expenses, likely resonated with viewers interested in financial planning and understanding how others manage their income.

Summary

A 23-year-old software engineer in Seattle breaks down their $10,953.63 gross monthly paycheck after taxes and benefits. They allocate funds towards credit card payments, 401k contributions, and student loans, with the remaining balance being set aside for savings or additional loan payments.

Structure

1Gross pay and taxes
2Benefits and 401k
3Credit card payments
4Student loan payments
5Remaining funds for savings/loans

Product placement

The video mentions and shows the net pay after taxes and deductions, and then breaks down expenses including payments to American Express (MX Gold card) and Robinhood (Robinhood Gold credit card), and a 401k contribution. These are mentioned as part of the budgeting process.

On-screen text

Budget My $130,000 Salary paycheck $10,953.63 $8,272.90 After taxes $8,069.27 $7,639.27 $6,513.83 $5,753.17 $3,337.39 ***After rent*** $3,337.39 Leftover

Original caption

pretty sure i’m obligated to say this is just for transparency purposes. 😁 Very grateful, ready to to trick. #budget #payday #softwareengineer featuring @American Express @Robinhood

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Transcript

So I just got paid $10,953.63 as a software engineer in Seattle. Let's budget my paycheck for this month. So the $10,953.60 is my gross pay. But you know, we got to pay taxes. So off the bat, I paid $2,680.73 in taxes. Which is not really bad considering Washington doesn't have a state tax. So it could always be worse. Next is the benefits they take out of my paycheck, which was $230.63. And for my 401k contribution, I just do enough to get the match from my employer. And so that comes out to $430.00 on the dot. Making my take home pay $7,639.27. Next, I like to pay off my credit card balances from the previous months. So on my Robinhood Gold credit card, I paid off $1,125.44. Which was the statement balance. Next I paid off my MX Gold card, which I use for food and groceries. And that came out to $760.66. Unfortunately, I have to pay off some student loans. So I put $700.00 into those. Aggressively trying to pay them off. And with the remainder of the money, I usually decide month by month. But for this month, I'll probably put in a high yield savings account or even pay off a little bit more on my loans. That's how I budget my paycheck each month as a 23-year-old software engineer working in Seattle.