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Director of photography: My budget and planning for the future

Video transcript

my name is Trevor merchant I'm a director of photography and I make $80,000 a year my relationship with money is a little bit complicated by the fact that I grew up with parents who had a hard time keeping a job here and there and were able to always afford what we needed to to buy okay sometimes I would have really nice clothes and you know great backpack and go to school with all my school supplies and some years like we wouldn't have Christmas and so I always felt like there was this sort of irresponsibility but also struggle you know I always had this complicated feeling that well if my parents just knew how to budget three be fine but then there were other times where we were you know had enough money and it was no big deal I kind of inherited my parents money problems so I had to learn strategies to hide money from myself I have kind of a feast or famine sort of budget where sometimes as a freelancer you don't make any money for a month and then you make three months worth money in a week and so then oh I've been waiting to get that thing or I need a new phone so I'll just get that nicest one now that I have some money or I want that new piece of a camera equipment and I just got paid for this thing so I can go buy that but I have to create some sort of discipline for myself to stick to a budget and that's really been really hard for me I have to set up automatic transfers and that sort of things so that I never see certain amounts come in or out of my accounts and they just go to places that I can't touch my wife and I are pretty fluid with our our budget we sometimes we spend quite a bit of money in one month and we'll spend a little bit less the next month things like buying a new ski pass or if I need you know stuff to go up to the mountains and gear that gets pretty expensive and then other times we aren't going out as much or we're not traveling that much and so our expenses for that month are lower our budget is definitely not rigid it could be but neither of our personalities really fit into that and we've been making enough money right now to where we can put away what we need to and we can invest in our retirement accounts but I would like to in the long term take the money that we might go out and spend on dinner or on you know some thing to buy fill up our house with stuff I'd rather take that money and invest it into buying a second home that we could move into and keeping our current home as a rental property so my annual salary is eight thousand dollars a year my wife is also working in the film industry and she makes about $40,000 a year so our combined monthly income pre-tax is about ten thousand dollars a month we take out about three thousand dollars for taxes four hundred and fifty for retirement which will go up soon and then our health insurance is about five hundred fifty dollars a month our take-home income is about six thousand dollars a month and we are very fortunate that we were able to buy a house with help from our family a couple years ago and so we have a mortgage on a three-bedroom one-bathroom house in Denver for about 1250 a month our gas and electric bill ranges quite a bit but it right now it's about 150 dollars a month our internet and TV adds up to about 120 we are on a family plan and our portion of that family plan is about 80 dollars a month and then one of our biggest expenses is my car payment and insurance I decided to buy a nice car this year and so we pay about $900 for my car payment both of our insurance gas and any sort of car expenses monthly our student loan payments add up to about five hundred and fifteen dollars a month we're paying a little bit more than we need to but we can afford it at the moment and then our monthly groceries are about $500 and then I would attack on our entertainment expenses to that so when we go out to eat or out to bars and restaurants is another $500 so about a thousand dollars in consumables each month we have about a hundred dollars in subscription fees whether that's prime Hulu Netflix or even some stuff for my business but I deduct those expenses our gym membership is fairly expensive but it's all personal training and it's about two hundred dollars a month we have about fifty dollars a month in prescriptions and then I pay for laundry services for my work clothes which is about $30 a month and then we do quite a bit of house projects and then some travel and shopping and that all kind of falls into one bucket of about a thousand dollars a month left over we have roughly $600 a month and we put that into our personal savings account for a rainy day my financial goals are shared with my wife so we are always having a conversation about what we're saving for and what we need to be paying off if we've taken a trip and put it on a credit card or something like that would you plan on having kids in the near future and so we should be setting aside money for that and that's one of our goals for next year
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