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- Sheldon and Camry are a couple earning $250,000, making their household among the top 10% earners.
- Their monthly spending includes a $200 gym membership, date nights, and paying for a wedding.
- But the Gen Z pair doesn't feel like major earners thanks to New York rent and saving for a wedding.
This as-told-to essay is based on a conversation with investment banker Sheldon, 26, and 25-year-old registered nurse Camry. They requested to use their first names only to maintain their privacy and protect their careers. Together, the New York City-based couple earns about $250,000 annually, with both making six-figure salaries. They have no children. According to the Bureau of Labor Statistics, the highest 10% of earners in the US brought in at least $199,135 as a household in 2022. This article has been edited for length and clarity.
We're both less than five years into our careers, and while we're considered in the top 10% of earners, it doesn't feel like that at all.
Two major reasons for that: We live in New York City and are planning a wedding, so our $4,000 in rent and $3,000 in wedding expenses tend to eat up the majority of the monthly budget.
This wedding is a sacrifice we knew we wanted to make, but we'll be glad when it's over. The wedding will end up costing between $55,000 and $60,000 total.
We've basically been paying another rent payment on top of our other expenses. As soon as it's over, we can finally splurge the way we'd like. It's definitely going to feel like a pay rise.
Despite earning more than a lot of people, we both still have this kind of grinder mentality because our life isn't cheap, and times are tough. Our jobs in investment banking and nursing are pretty stressful, but they provide a certain lifestyle that we definitely want to attain.
Our finances won't be fully combined until after we're married, but we pay for things cooperatively. For now, we spend from separate accounts.
On budgeting
Sheldon: I've gone through the trouble of actually creating a budget using a template on Excel and all that. It looks nice and pretty, but adhering to it is a completely different ballgame.
Camry: I always have a number in my head of what I don't want my checking account to go below or my credit card limit to go above. Having something we're working toward is kind of like budgeting. We're on a wedding budget right now.
What they splurge on
Sheldon: Our special date nights do incur a lot of expenses because we're going to nice restaurants spending between $250 and $275 for the two of us. It definitely adds up.
I'm kind of big into fashion — brands like Kith or Aimé Leon Dore —so I'll buy a couple of pieces here and there when it makes sense. Wall Street is very "work hard, play hard," so sometimes you need to treat yourself with retail therapy.
Camry: I pay for my student loans, rent, and my phone bill. Whatever I have left after wedding expenses, I consider my discretionary spending money.
We're privileged enough to eat out multiple times a week if we want, and if I want to go to Sephora and buy some things or have a monthly gym membership, I can do those things.
My $200 monthly unlimited membership at CorePower Yoga is a non-negotiable for me.
What they save on
Sheldon: I don't really spend extravagantly to begin with because of my schedule. I'm able to avoid a lot of expenses because I work so much.
My food and travel expenses are typically paid for when I'm working late into the evening, so it saves me a lot of charges.
But apart from eating out, we're not doing a lot of recreational stuff. Right now, our favorite activity is taking walks in Central Park, which is nice because it's free.
Camry: I do get a discount as a nurse on my gym membership. I try to look for those sorts of discounts to save money where I can.
I used to buy designer bags and shoes without a second thought, but now we have something to pay for as a couple.
Their financial advice to others
Sheldon: I advise my friends to sacrifice a little now so that you can live better later, to invest in the market and be patient, and to have an idea of the life you want and what it will cost and plan accordingly.
Camry: If I could do anything differently, I would've opened up a high-yield savings account when I first started my nursing job post-graduation.
Their future plans
Sheldon: Once the wedding is over, we'll be able to resume normal operations. I'll finally be able to start saving regularly again since this process has made me stop almost completely.
We definitely have very ambitious travel goals. There are no limitations of places we can think of. South Africa, Singapore, Paris, and Japan are on our dream travel list, for sure.