I'm currently experiencing a profound sense of frustration. I work full-time with an annual salary of approximately $80,000, while my wife juggles three jobs as she works towards obtaining her therapist licensure. Regrettably, her combined income from these positions only amounts to roughly $25,000 to $30,000 per year. We are hopeful that her earnings will increase once she secures her license, but at present, our combined annual income stands at around $100,000.
Today, we embarked on our grocery shopping trip with a budget of $300, expecting it would be enough to restock our fridge and pantry. However, upon unpacking our groceries, it's disheartening to see how little they fill our fridge. We meticulously plan our meals, shop at budget-friendly stores like Aldi, and predominantly prepare homemade meals, abstaining from dining out entirely.
I can't help but reminisce about a time when I was single, and $150 could amply stock my fridge and freezer, sustaining me for weeks. The stark reality of inflation is significantly impacting us, affecting ordinary individuals like us who are striving to manage our finances. To compound our financial concerns, we are burdened by looming student loan payments exceeding $2,000 per month, stemming from our accumulated $150,000 in student debt, which we are diligently working to pay off.
I anticipate that some may question where all our money is going. The majority of it is consumed by student loans, essentially equating to a mortgage payment without the benefit of a house over our heads. The goal is to wipe these out fast because we really want to buy our own home, but we can't do that with student loans over our heads. We steer clear of unnecessary subscriptions, and our limited streaming services (Netflix and Hulu) are family shared, meaning we don't pay for them. We are committed to preparing our own meals and avoid food delivery services like DoorDash and GrubHub, as we find them wasteful. Our most recent significant expenditure was purchasing my wife's car, which we paid for entirely in cash on the spot because her 2003 vehicle had become unreliable. We do not embark on annual vacations; it has been almost three years since our last one.
In spite of these challenges, we are determined to allocate a portion of our income towards savings and retirement while refraining from making frivolous purchases. The nominal pay raises I receive, typically ranging from 1% to 3%, feel like token gestures, especially in light of the escalating cost of living. Companies must recognize that these modest increases are inadequate. We require substantial and meaningful adjustments that truly acknowledge the reality of our financial struggles and elevate our quality of life. Comprehensive benefits such as fully covered healthcare would make a significant difference.
Our needs surpass company-sponsored events like pizza parties and casino nights; what we genuinely need is financial stability. It feels like we are constantly on the brink, and it's disheartening to realize that we are not alone in facing this struggle. I remain hopeful that as a society, we can unite to find solutions to the financial challenges that so many individuals are grappling with. Let's maintain a respectful tone in this discussion, and I will disregard any disrespectful or privileged comments.