How far does a $50K salary go when you’re starting out? It depends a lot on where you live.
Recent graduates in entry-level jobs made an average of $51,347 annually in 2019, according to recruiting firm Korn Ferry. In this series, millennial workers tell The Wall Street Journal about what it’s like to live on roughly $50,000 a year in their city. From Oklahoma City to Detroit, they share their living expenses, whether they’re able to save, and what they do for fun.
Here is the story of Salt Lake City resident Christianna Johnson, edited and condensed from a recent interview.
Christianna Johnson
Age: 25
Salary: $50,000
Occupation: Civic Engagement Specialist for Salt Lake City Corporation
Rent: $500 for a $1,000 two-bedroom apartment she shares with her boyfriend
What brought you to Salt Lake City? Where do you live?
I’m originally from Idaho, and I moved to Salt Lake to go to college at the University of Utah. I graduated a few years ago and decided to stay after I fell in love with Salt Lake City. It’s such an up-and-coming city with so much access to the outdoors.
I’ve lived in a few different places in Salt Lake. My partner and I were lucky to find our current apartment in Central City right near downtown because housing costs have definitely increased in the city. The rent where we are now is very affordable, especially for such a great location. I’ve always planned on paying at least $750 to $1,000, and now I pay $500.
How do you get to work?
I prefer to take the train or ride my bike, which I bought used for about $200. Both ways allow me to not spend any money. Salt Lake City government employees get a free transit pass that helps me with my budget. Salt Lake City also has some of the worst air quality in the U.S. It’s a huge issue for us and a big reason why taking public transit is so important to me.
I try to use other transportation options, but I do have an electric car as well. I got it in 2017 because my old car broke down, and there were a lot of new incentives to buy an electric car when I bought it. It cost $15,000; my parents paid $10,000 and I paid $5,000. I don’t have to pay for oil changes and Salt Lake City makes a lot of the charging stations free.
I try to live my life with climate change in mind as much as possible. That’s honestly a big reason why I studied urban planning in college, why I am vegan, why I try to drive as little as possible, and why I tend to only buy clothes from thrift stores.
What are your typical Friday night or weekend plans?
My partner and I like to go out to breweries and bars nearby, and a typical date night includes going out to dinner and a concert. With our salaries, we can do that once a week.
We’re both vegan and there are a surprising number of vegan restaurants in Salt Lake, like Seasons Plant Based Bistro. If we’re going to a nicer dinner we probably spend about $50 each and about $20 to $30 on a concert ticket, and we each split all expenses for the most part.
We both ski, which is really fun but can get expensive. The pass I get costs about $600 for a season, but they go up to at least $1,000 or more. Then there’s the food at the resort, which tends to be very pricey. It’s a lot more affordable to bring your own.
Starting Out
How far does a $50K salary go when you’re starting out? It depends on where you live.
How does your focus on living an environmentally sustainable lifestyle affect your budget?
Some things are less expensive, like shopping for clothes. I try to reduce what I buy, but when I do buy new clothes I get them secondhand. There are a couple of thrift stores in Salt Lake City that I go to, like one consignment thrift store called Uptown Cheapskate. The clothes are good quality, and I can find Ann Taylor Loft sweaters or jackets that would be $50 or $100 and I can get them for $10 or $20.
But I definitely spend more on groceries. It’s a lot cheaper to eat a hamburger than a Beyond Meat burger, or to buy regular cheese than vegan cheese. I also try to buy things that are packaged in glass or other reusable packaging, which increases the price.
My boyfriend and I use a budgeting app to split all our bills, and we spend an average of about $500 to $600 on groceries a month. It’s a lot more than I would spend before I started making these choices.
Do you do anything else, like carbon offsetting?
I don’t do carbon offsetting. I think it’s worthwhile for more wealthy individuals and businesses to do it, but I think it’s most valuable and effective to try and live your life reducing your climate impact in the first place.
Are you able to save money? What does that look like?
For retirement, I save $200 a month in my 401(k) and $60 per month for my Roth IRA. I also have a health savings account; I have a couple thousand dollars in it so I’m not putting money into it right now.
I have a personal savings account. I don’t have a set amount each month that I try to save, but I’d say the most I put in there is $50 to $100 each month.
Do you have student loans?
When I decided to go to the University of Utah, I knew it was going to be more affordable than other colleges I considered, and eventually I was able to get in-state tuition. I don’t have any student debt. My parents saved for my college account and I was able to get enough scholarships to pay for the rest.
What are you saving for?
I have enough in my savings account for an emergency, and I’m privileged to have a support system I can rely on. I do really want to save for a down payment for a house in the long term, but that feels out of reach for now.
Since you graduated, what’s the biggest purchase you’ve made?
Other than my car, my partner and I went on a two-week trip to Europe in the spring of 2018. It cost us about $2,000 each. I still have too much stuff, but I try to spend more on experiences, not just on material things.
Write to Francesca Fontana at francesca.fontana@wsj.com
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January 24, 2020 at 10:00PM
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Salt Lake City on $50K a Year - The Wall Street Journal
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