bills, bills, bills #21

A week in the life and wallet of an administrative leader with a buyout

Feb 01, 2024

editor’s note

The thread that most jumped out at me when reading this month’s column is that this contributor is a conscientious saver who tips well and loves dogs, which are traits that I feel generally correspond with lovely human beings. Suffice it to say, I’m instantly suspicious about what kind of toxicity exists in an institution that would buy out the contract of a nice person who is good with money. (It’s like when an out-of-town show announces an NYC transfer with the same director but several different designers…I tend to assume it’s not the designers who were the problem.) This month’s columnist has put a lot of thought into savings and budgeting. It has served as a reminder to me personally (and perhaps to you, dear reader), that retirement savings aren’t just a thing that happen magically or passively, but they take active, conscientious, ongoing work. (You have until Tax Day to contribute to your 2023 IRA! Don’t delay, invest today.)

This month’s columnist opted to donate their honorarium.

Position: I am the General Manager of a small theater (under $3M operating budget) in a warm part of the country. (Editor’s Note: The living wage for this area is in the ballpark of $40,000/year.)

Age: Near retirement

Yearly Income: $70,000, plus $500 per month from a rental property formerly owned by a parent and now ownership shared with my brother.

Current Checking: $3,232

Debt:

Student Loans: I finally paid off my student loans at age 52!
Car Loan: $349 a month.
Mortgage Payment: $1,200 a month (including insurance and taxes). My low mortgage, benefiting from the lowest interest rate, keeps me from taking a job in a big city. I’ll never be able to get something this affordable again. When I was looking for work, I didn’t consider looking in New York City, New England, or California. So the job I’m in will be my last theatre job.

Savings: After more than 40 years of work (my first theatre job was at 16 as a costume assistant), I have been able to save. I have $300,000 in my IRA. I “lost” around a quarter of its value in the recent market correction which was scary and may mean I have to work longer than I planned. I also have $21,000 in non-retirement stock and $20,000 in savings.

Monthly Bills:

Hulu: $8.99 (I rotate a different service each month but sometimes allow an overlap)
Paramount Plus: $9.99 (gotta watch Star Trek spin-offs)
HOA: $70.43
Water/Trash: $33
Internet: $80
Gas: $30
Electricity: $50
Executive Coach: $100 to $200 depending on how often we speak
Health Insurance Contributions at Work: $9.41
Health Spending Account Contributions: $125 (covers dental bills, glasses, and bouts with poison ivy)

Annual Expenses:

Accountant: $300
Rotary Membership: $1,000
Amazon Prime: $139
Car Insurance: $900
A partial season package to my favorite sport: $400
Charitable Donations: approx. $3,000
IRA contribution: $7,000
And there’s always a GoFundMe and or a friend’s fundraiser to donate to.

Context: My house is the result of a career misstep. I was able to purchase my home because my contract was bought out at a previous leadership job in a different part of the country, providing me with a few extra months’ salary. Knowing that the job wasn’t working out, I already had another job lined up and was able to save the entire buyout.

I’m also lucky on several fronts. I’ve been able to save for retirement because 1) I went to state schools for my BFA and MFA and in graduate school I was supported by a fellowship. Doing so limited my student debt to $30,000 and I took 20 years to pay it back. 2) I unfortunately have not had children so I have a lot more expendable cash than the average person my age. 3) Working in administration pays better than the theatre career I prepared for with my theatre MFA. 4) I’ve always had health insurance and other than a minor cancer incident (completely covered by insurance) and anxiety-producing dentals bills, I have not had any major medical debt.

I finally stopped living paycheck to paycheck and earned more than my age in my mid-50s. (My first job out of graduate school paid $13,000 a year.) After landing my first job that paid more than my age (and more than my current salary), it was such a relief walking into the grocery store and realizing I could buy anything I wanted. Up until then I was always budgeting in my head: “If I buy cheese, I can’t buy meat. If I buy olive oil, I can’t buy strawberries.” It is such a relief and something I wish for everyone who reads these columns.

Sunday

I wasn’t sure which week to pick for this column, so of course, fate chose it for me. After my shower, the bathtub faucet won’t turn off. The leak foretells a large plumbing expense and makes this week a bit unique. (Although when you own a house, there is always something.) I spent $1,100 on an arborist this past winter cutting back branches over my roof. I’m lucky I have a savings account so I’m more stressed about finding a plumber than the bill. I put a watering can under the leak and use it to water the garden.

I like to make a special breakfast on the weekends, but I’m feeling lazy so I just melt cheese on a bagel. (I keep them frozen from a local bakery.) I spend the day doing yard work and then go to a local bar for a burger before attending a game (for which I have a partial season package). My bill came to $30, which then became $40 with tip. A friend told me the extra dollar or two in a tip won’t hurt you but it means a lot to the waitstaff. I buy a $9 White Claw at the game and tip $2. Parking cost $5 and I stopped at the grocery store on the way home and spent $55.

Total: $106

Monday

I spend part of the morning calling plumbers and texting friends to see if they know a plumber. I moved here for this job so I don’t have a big network. No one is available, including the theatre’s plumber. The leak is filling three water cans a day, so at least I’m not too worried about my water bill. I usually use that much to water the garden. Finally in the afternoon, a neighbor texts with a lead on a plumber. He can come Wednesday!

I worked later than usual because of all the time spent calling plumbers. I brought both lunch and dinner to work, because old cost-savings habits die hard, plus there aren’t a lot of options to purchase takeout near me. I raced to Lowe’s to purchase plumbing supplies before it closes at 10pm ($110).

At 10:30pm, I finally get in a walk (I walk three miles or more every day). The advantage of living in a smaller-size city, I am very lucky I can walk outside at night and that my neighborhood has sidewalks. The best part about walking at this hour is I get to say hello to all the dogs out for the pre-bedtime walk.

Total: $110

Tuesday

I’m working from home today so it should have been a no-spend day. But then I notice I’m low on cat food ($26 for a case and $11.99 for the bag of dry food). I end up buying some extra things for myself: an avocado, grated cheese, fish sauce, milk so I don’t run out. The total bill is $47.

Tuesdays are always busy because I have Rotary. Luckily, parking is free and lunch is prepaid with our membership dues. I then race back to an afternoon of meetings. I make an Egyptian Spinach stew (with chickpeas and cilantro) for dinner. I’m not a vegetarian but old habits of not being able to afford meat still focus my cooking and spending. Being the GM at my theatre, I’m more aware than most how precarious the financial situation is. Even before the pandemic, I’ve always worried about layoffs and being the child of parents raised during the Depression, I’m a prodigious saver.

Total: $47

Wednesday

My plumbing bill came to $550. Ouch! But, he purchased one of the same parts I did so I get to return the new faucet handle for $65 back to me!

Luckily Zoom meetings suppress the plumber’s noise as I work from home. As long as the work gets done, it really doesn’t matter when or where I do it.

Total: $485 (factoring in the returned handle)

Thursday

I wake up early to take advantage of cooler temperatures and mow my lawn before the onslaught of paperwork and Zoom meetings. Using my own non-powered mower (purchased a year ago for $80) and a battery-operated trimmer (also purchased a year ago, $125), it takes a little under an hour. It would cost $100 a week to pay someone to do it. I like saving the money and getting the exercise. It’s also a good way to let off work stress! With the state of the post-pandemic performing arts, I need stress outlets.

My favorite shoe brand is having a sale. I usually let myself buy one pair a year. But even on sale they still cost $299 and up. While I haven’t bought a pair in 2023, I decide to not be wasteful. When I was a managing director or development staff, shoes were how I started conversations with women at fundraisers. The pandemic made huge changes to my spending. I stopped dyeing my hair and spending money on makeup. Most days, I don’t have to put on a suit. Prior to being a GM, I went to dozens of parties and galas. I used to run into Marshalls anytime I saw one, just to see what was available for the fundraising circuit.

Total: $0

Friday

A friend who is in between TV gigs has started a Kickstarter for a film. I donate $50. There’s hardly a week without an online request. Given the donation, I should make dinner but I drive to pick up a pizza ($22 including tip) to eat while I watch The Bear. I freeze half of the pizza for another time and finish off a bottle of wine I opened on Tuesday (those pumps that push out the air are awesome!). The Bear is hard to watch given the restaurant’s financial situation. It seems eerily like life in the theatre.

Total: $72

Saturday

I go for a hike before the heat sets in. Some Saturdays, there’s a wine tasting at my local store. It’s so hard to not buy something, especially because the featured bottles are $5 to $6 off! I can’t resist this week and buy one for $20. I drop it off at home so it won’t spoil in the heat and drive to another city two hours away to see a friend’s performance. I spend $49 for the ticket and $47 for gas. I put all my spending (groceries, gas, etc.) on one credit card that gains hotel points and tonight I am using those points to stay overnight. I spend $70 for dinner and $12 for parking, and then $30 (only tipped $6 this time) treating my friend to a cocktail after the show.

Total: $228

Total Weekly Spending: $1,048. This week will put me over my $4,000 monthly budget, but that’s why I have savings.