If you're seeing this message, it means we're having trouble loading external resources on our website.

If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked.

Main content
Current time:0:00Total duration:5:03

Health care community liaison: My budget and planning for the future

Video transcript

my name is Teresa Lewin and I'm 29 years old I'm the community liaison for Colorado choice transitions at the Colorado Department of healthcare policy and financing it's always a double-edged sword with employment and disability I'm fortunate now to be able to be healthy and maintain my health and be in a career path that supports my quality of life however I can speak to two crises already that have happened this year that have put me out of work for months and months at a time and so you know the fear the worry there is always you know what happens when I have a health issue what does that mean from my employment and eventually what does it mean for my budget and budget to me for money I guess to me doesn't always mean personal spending money or money to support me but it's kind of health care benefits that come with my career I grew up in Colorado and so I've never really left although the cost of living has definitely increased from the time I was attending college to now 2017 so I would say within the last yeah 10 years or so it's really really grown here the cost of living definitely set kind of the tone for my career path and what I wanted to do what job I was looking for what salary was acceptable to me what skills I needed to attain to make myself attractive to employers all of that the cost of living really kind of set that in place for me I made about four thousand one hundred and sixty six dollars monthly pre-tax a portion of that is taken out to go into my 401k which my company matches a small percentage of that after taxes and healthcare benefits and other deductions it's about three thousand one hundred and sixty six six dollars which a portion of that will go to rent so um eight hundred and fifty dollars a month and I live with two other roommates and so my portion is able to be that little because of that um gas and electricity is included in my monthly rent internet and TV I pay about $70 a month towards those expenses apparently I don't have a phone bill because I'm on a family plan I have a car that I rarely use right now it's a little complicated and has to be additionally modified but when I do take trips or when I do have to use it it's about $40 a month on maintenance and gas in student loans I pay about $400 a month I had to take out about $40,000 worth of loans for four years and then on to graduate school that was all loans I took out $80,000 for two years that puts me on about one hundred and twenty thousand dollars in student loans that I'm paying back monthly I'm thankful I can make the payment and I'm confident that I will continue to be able to make the payments and so it's not as daunting to me as it is just to others I give myself a budget of $100 for groceries and $100 for dining out sometimes I don't meet that which is good and then for entertainment things like you know vacation or small trips around Colorado or whatnot I'll feed myself $150 to $200 a month to spend on that so leftover I have anywhere from one thousand four hundred and six dollars to one thousand four hundred and fifty six dollars which essentially goes into my savings account my savings account kind of acts as an emergency fund for myself as well and really should just address in my mind all of my health needs and so essentially I don't know how much I'm saving because I always have you know pretty high health bills with my disability but again it's helps me my maintain my quality of life and so I'm fortunate to be able to again set aside money for that budgeting kind of serves me in a sense of just giving me a rough idea of how much I save on a monthly basis and so I do it for that reason eventually I want to you know use it in a larger scale to look at mortgages and what that means for me and my budget and things like that but I've just started it's very new for me
Careers brought to you with support from Better Money Habits® Powered by Bank of America® Bank of America, N.A. Member FDIC. Equal Housing Lender. Investment Products: Are Not FDIC Insured, Are Not Bank Guaranteed, May Lose Value