Hello! I’m back from Chicago, and we had the best time! We walked a million miles, ate all the Chicago classics (hot dogs, deep dish, and Italian beef), and decided we want to start a new family tradition of visiting Major League Baseball parks across the country. It was wonderful to get away, but I am so glad to be home (and eating vegetables again).
Before I boarded the flight home yesterday, I posted a question in The Purse chat: What do you like to spend money on when you travel? (Related, Erika Veurink has a very fun chat going on the random things people pack for trips.)
There are a bunch of new subscribers here thanks to an article in The Cut by my friend Charlotte Cowles, where we chatted about everyone taking fancy vacations. Our trip to Chicago was decidedly not a fancy trip, but it sure was fun. Anyway, welcome to all the new readers! So glad you’re here! Your first issue is a fun one: the signature Purse series, Home Economics!
I chose this edition of Home Economics because the couple is spending more on day care for their two kids than they do on the mortgage of their half-million-dollar home. They arguably have to means to afford it, but it still eats up a shocking 27% of their monthly take-home pay.
They are far from alone: Research from Child Care Aware, a national child care advocacy organization, found that in 45 states and Washington, D.C., child care for two kids costs more than a mortgage, and in 49 states and D.C., child care for two is higher than what families pay in rent. (This story from The 19th* is a good explainer on the many reasons for the high cost of child care in the U.S.)
I also loved that today’s Home Ec writer is very aware of her privilege, and she and her husband aim to be transparent with friends and family about their experiences buying homes and raising kids. She told me a funny (in retrospect) story about buying their first home in the suburbs of Chicago. A sewage line burst in their basement shortly after they moved in, and their first baby was just a week old. They had a “moat of poop” to contend with—and had to pay $13,000 to clean it up and make repairs. Ultimately, insurance reimbursed them most of the expense, but they were happy they didn’t buy a house at the top of their price range so they had extra savings available to cover the damage. She’s had friends tell her that this horror story inspired them to avoid buying homes at the top end of their budgets in case unexpected expensive repairs popped up. See, talking about money can be really helpful!
And on that note, on to today’s Home Ec! If you’d like to share your own story, you can fill out the form here!
Age: 31
Location: Suburbs of Milwaukee, Wisconsin
Relationship status: Married
Age of partner: 31
About me: I am a 31-year-old married mom of two small kids. My husband and I have moved from Boston to the Chicago suburbs and then to suburban Milwaukee to be closer to family and live in a more affordable area. We both work remote full time, and he is the primary earner, but that’s not our long-term plan. I’m pretty involved in our community, sitting on our church’s council, and I have formed a political-action group with a friend from elementary school that helps parents get involved in hyper-local politics. My husband and I are the first among our families and friend groups to have kids, so we are generally very transparent about where our money goes to give people a realistic look at what parenthood is like!
All expenses are monthly unless otherwise noted.
Income:
- Your job title/salary: Communication and corporate affairs manager, $96,500
- Partner’s job title/salary: Senior actuary, $155,500
- Your monthly take-home pay (paycheck amount after taxes and other deductions): $4,638
- Partner’s monthly take-home pay (paycheck amount after taxes and other deductions): $6,666 (I had to triple-check this, but it’s correct. Ha.)
- Total monthly income: $11,304
