Podcast Episode Summary: Fashion People – "Introducing: What We Spend"
Episode Information
- Title: Introducing: What We Spend
- Podcast: Fashion People
- Host: Lauren Sherman (Puck Correspondent)
- Release Date: April 19, 2025
- Publisher: Audacy | Puck
Introduction to "What We Spend"
In the premiere episode of “Fashion People” titled “Introducing: What We Spend,” Lauren Sherman unveils an exciting new segment that delves deep into the financial lives of individuals from diverse backgrounds. This segment aims to peel back the layers of personal finance, exploring how spending habits intersect with personality, aspirations, and the broader fashion industry.
Courtney Harreld, the host, kicks off the episode by emphasizing the connection between fashion choices and financial behaviors:
“[...] a person's fashion choices reflect their personality, beliefs, and also their spending habits. And let's admit it, sometimes we find ourselves wondering, how do they afford that wardrobe?” (00:00)
Concept of "What We Spend"
“What We Spend” is introduced as an extension of Lauren Sherman’s “Line Sheet,” a private email newsletter for Puck readers that tracks the under-the-radar happenings in fashion, beauty, and media. The new podcast segment aims to go beyond press releases, presenting candid conversations about money and its impact on everyday lives.
Lauren describes the structure of the show:
“Each episode, host Courtney Harreld talks with one person as they document a full week of their lives and all the ways money has factored into it.” (00:00)
The approach is intimate and multifaceted, capturing not just the financial transactions but also the emotions and thoughts that accompany them.
Introduction to Kelly’s Story
The episode spotlights Kelly, a 32-year-old resident of Salt Lake City, showcasing a real-life example of financial juggling. Kelly’s narrative provides listeners with a relatable and comprehensive look into managing finances amidst life’s ambitions and challenges.
Background:
- Location: Salt Lake City, Utah
- Occupation: Director of Client Experience at a medical spa and online mental wellness coach
- Marital Status: Married for a year
- Education: Master's in Mental Health Counseling from Belmont University
- Debt: $150,000 in student loans, originally $300,000 before repayment from family
Kelly opens up about her financial burden:
“I have 150,000. I had more. I had 300,000 after my master's. I had a great uncle pass away who was an artist. And my parents chose with their share of that that they would help pay off all my private loans.” (02:55)
She reflects on the emotional weight of debt:
“I remember pressing submit on $150,000 payment and just being like, holy shit. And they were like, yay. Doesn't that feel so much better? And I was kind of like, it feels like 50% better. And it still feels like I have still $150,000 of debt.” (02:55)
Financial Overview
Kelly provides a detailed breakdown of her and her husband Ben’s finances, highlighting the challenges faced by many middle-income households.
Income:
- Kelly: $50,000 per year (paid hourly)
- Ben: $78,000 per year (engineer at a software company)
Combined, their pre-tax income is just below the average for married couples in Salt Lake City.
Monthly Expenses:
- Rent and Utilities: $2,800
- Gym Memberships: $108
- Car Insurance: $254
- Phone Payment: $75
- Pet Insurance: $76
- Physical Therapy: $250 (for Kelly’s chronic back pain and osteoarthritis)
- Groceries: $600
- Medications and Supplements: $650
- Streaming Platforms: $28
- Hair Care: $40
Total regular expenses amount to approximately $4,800 per month, excluding debt repayments.
Kelly candidly discusses the strain of budgeting:
“I used to be a therapist, and for lots of reasons, I'm not right now, but I will always have therapy or coaching in my life, and I will probably go back to that full time at some point.” (04:13)
Emotional Relationship with Money
Kelly describes her relationship with money as “all-consuming,” likening it to a persistent struggle:
“The thing that keeps, like, coming to mind is, you know when someone has, like, an addiction or a struggle and they call it like, the monkey on their back.” (04:51)
She elaborates on the constant tug-of-war she experiences in managing her finances:
“I try really hard to, like, be in control, like, maintain my control. But it's kind of this tug of war.” (05:14)
Budget Management Strategies
To cope with her financial obligations, Kelly employs meticulous budgeting. She outlines her weekly financial management routine:
“On a Sunday, I will sit down and look at the budget, and I made a spreadsheet.” (05:23)
Her spreadsheet categories include:
- Rent and Utilities
- Gym Memberships
- Car Insurance
- Phone Payments
- Pet Insurance
- Physical Therapy
- Groceries
- Medications and Supplements
- Streaming Services
- Hair Care
Kelly notes the high cost of living in Salt Lake City, particularly her rent:
“That's pretty expensive for rent. Anytime I tell someone that, they're like, that's more than my mortgage. I'm like, yeah, I. I know. Please don't tell me what your mortgage is. I don't Want to know.” (05:56)
Debt and Education
A significant portion of Kelly’s financial stress stems from her student loans. She shares her journey through higher education and the subsequent debt accumulation:
“I went to Belmont University in Nashville, Tennessee. I thought I was supposed to because I was told, you know, this is the next step.” (08:14)
Kelly critically reflects on the education system and its financial implications:
“The dream or the lie that was sold to my generation was like, if you don't go to college, you're gonna end up working at McDonald's [...] if you don't go to college.” (08:20)
She candidly admits to a lack of financial planning during her education:
“I did not think about it. I had no clue what I was doing. It wasn't like, I wonder how I'm going to pay this off when the, you know, average annual salary for a therapist is 40 to 60 thousand dollars a year. I was not thinking about that.” (09:19)
Despite her financial struggles, Kelly remains optimistic about her personal and professional fulfillment:
“Ultimately, I don't regret anything because I am who I am and I'm happy, but I'm financially trapped.” (10:02)
Tracking Finances: A Week in Kelly’s Life
As part of the “What We Spend” initiative, Kelly takes on the challenge of tracking her finances meticulously for a week. She expresses a mix of anxiety and curiosity about this process:
“I'm feeling nervous because maybe I will just realize through tracking every expense that I'm actually just a dum dum and I'm very irresponsible and this is all my fault. But I'm feeling curious. I'm just curious to see what comes of it.” (10:28)
This initiative aims to provide listeners with an unfiltered look into the daily financial decisions and emotional responses that shape Kelly’s life.
Conclusion and Reflections
The episode wraps up with an encouraging note, emphasizing the importance of open conversations about money. Courtney Harreld reassures listeners to follow “What We Spend” for more in-depth financial stories.
“For full episodes, follow What We Spend An Odyssey Original Podcast. Wherever you get your podcasts.” (10:56)
Key Takeaways
- Financial Transparency: "What We Spend" encourages open discussions about personal finances, breaking down societal taboos surrounding money.
- Relatable Struggles: Kelly’s story highlights common financial challenges faced by many, including student debt, budgeting, and balancing personal aspirations.
- Emotional Impact: The podcast underscores the emotional toll that financial pressures can exert, influencing mental health and personal well-being.
- Practical Insights: By dissecting Kelly’s budgeting strategies and financial management, listeners gain actionable insights into handling their own finances.
Notable Quotes
- Courtney Harreld: “A person's fashion choices reflect their personality, beliefs, and also their spending habits.” (00:00)
- Kelly: “It feels like 50% better. And it still feels like I have still $150,000 of debt.” (02:55)
- Kelly: “The monkey on their back. Because you just can't get away from it.” (05:02)
- Kelly: “I'm feeling nervous because maybe I will just realize through tracking every expense that I'm actually just a dum dum and I'm very irresponsible and this is all my fault.” (10:28)
Final Thoughts “Introducing: What We Spend” sets a compelling stage for “Fashion People” to explore the intricate dance between fashion, personal identity, and financial realities. Through authentic storytelling and detailed financial breakdowns, the podcast promises to offer valuable perspectives for listeners navigating their own financial landscapes.