Introducing: What We Spend

Summary

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

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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)

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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.

Transcript

[Courtney Harreld]

Hey, everyone. One of the things that makes fashion so fun to talk about is it gives us a lens into who someone is. 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? That's why we'd like to present a new podcast we think you'll enjoy. It's called what We Spend. In 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. People from all over the country and all walks of life share the ways they make money, the ways they spend money, and all the thoughts and emotion they have along the way. The conversations are intimate, thoughtful, sometimes fun, sometimes emotional, but always real. As you enjoy this preview, be sure to search for the full episode of what We Spend on your favorite podcast platform.

[Kelly]

You know how you always want to know about everyone else's money? You do, right? Like, you'll see someone buying something you want or taking some amazing vacation, and you think, how can they afford that? Or you meet your friend's new girlfriend and she has some very impressive job, and you think, how much money does she make? I think when it comes to money, even if you don't want to admit it, we're all a little nosy. But I don't know, I actually think that's good. I think we should be talking about money more and all the ways, big and small, that it impacts our lives. On this show, we are actually going to do that. We are going to go somewhere that we almost never get to go deep into the heart of someone else's finances. Here's how this is going to work. Each week, I'm going to introduce you to a new person from somewhere across the country, and they are going to tell us everything about their finances. How much they make, how much they want to make, what they worry about, or if they don't worry at all. And then for one week, we'll follow them through their daily routine. Every day, they'll record an audio diary with all the nitty gritty details of how they're spending their money. I mean, the coffees, the groceries, the rent that's due, the car accident that suddenly upends everything. And after that, we'll talk about what the week brought up for them, what it's made them feel. Because whatever you're buying or not buying or saving or spending, at the end of the day, money is always about more than your balance. I'm Courtney Herrell. And this is what we spe. How much school debt do you have?

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. And so that was a crazy night. We, like, 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.

This is Kelly.

I turn 32 in one week, and I live in Salt Lake City.

Kelly is One of the 42.8 million Americans who has student loan debt. And also, like a lot of her generation, she wants to buy a home and have a baby, and she's trying to figure out if it's possible to make all that work. Kelly married her husband about a year ago, and eight months ago, the two of them moved from Tennessee to Salt Lake City, Utah. Ben is an engineer for a software company. Callie's a director of client experience at a medical spa, and she's also an online mental wellness coach.

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.

Kelly is paid hourly, but she makes about 50k a year, and Ben makes about 78k. That's before taxes and health insurance together. That puts them just under the average income for married couple families in Salt Lake City. How would you describe your relationship with money consuming?

Oh, I would describe it as all consuming. Yeah. 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.

Yeah.

Because you just can't get away from it. It's just clinging, and it's present with you all the time. It feels like that. And I try really hard to, like, be in control, like, maintain my control.

Yeah.

But it's kind of this tug of war.

What do you do on a weekly basis to manage your expenses?

On a Sunday, I will sit down and look at the budget, and I made a spreadsheet.

Okay. Yeah. So walk me through your spreadsheet. So I would love to hear what all of your regular expenses are and, like, what you kind of typically pay in each category.

So rent and utilities. 2,800. 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.

Two gym memberships. 108. Car insurance. 254G.

125.

Do you have a car payment?

No, we just buy used cars.

Nice.

Ben's car. Basically, the roof flies off, but, you know, just don't take it on the highway, you know, we don't have a car payment.

Who needs a roof?

Yeah, who needs that? It's a convertible.

Phone payment. 75. Pet insurance, 76. And physical therapy for 250. It helps with Kelly's chronic back pain and osteoarthritis.

And then groceries. This one sucks the most right now, and I really feel like everyone will understand. I put 600amonth for our groceries. And I mean, that includes, like, toiletries and stuff, too.

They have a Costco membership, but they pay that yearly fee with the cash back they get from their credit card.

Medications and supplements. Like, Ben works out, so he has, like, this huge bag of protein powder that he gets from Costco. So Ben's is mostly workout supplements and just one medication. And mine is, I think, like, four medications and like a probiotic and some multivitamins. Total for that is 650 streaming platforms. No, we mooch off of our families.

Some of the subscriptions are on them, though. Dropbox for 12, SoundCloud for 6, Spotify for 10. Hair.

My hair. I put $40 next to my hair, and that's so I can spend that $40 and get my hair washed by somebody else one time every month. And it is like the gift to me to have somebody else wash my hair every once in a while. And isn't that shitty that, like, even now, just reading my own budget, that it really is just my business? I still feel the need to justify, like, I just need to treat myself sometimes and have my hair washed.

What does that make your expenses altogether, your regular expenses?

Around $4,800 a month. But then you get to debt.

How much debt do you have?

A lot. If you are including my student loans, we have $202,728 in debt.

Where did you go to school?

I went to Belmont University in Nashville, Tennessee.

Why did you go to school?

I thought I was supposed to because I was told that, you know, this is the next step. And I think this is part of, like, 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, you.

Know, and, like, you're gonna be a.

Deadbeat, and you're gonna have to live with your parents, and you're probably gonna use marijuana even. And, like, you're gonna be a bad person, essentially, if you don't go to college.

Kelly's degree cost about 40 grand a year. And after undergrad, Kelly went on to grad school at the same university. She has a master's in mental health counseling. But as Kelly sees it now, the math doesn't make much sense. I want to ask you something about that, and I mean, no judgment with this. How did you think you were going to pay off that amount of tuition? Or were you at the time, like, I know I can't pay this off. Like, how did you think about it then?

Oh, no, it's a good question. I didn't. 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. I had no idea what I was doing, and I didn't really have anyone around me who was explaining what I was doing. Like, your prefrontal cortex is not developed when you are making those decisions.

Ultimately, I don't regret anything because I am who I am and I'm happy, but I'm financially trapped.

So that's Kelly. And this week, instead of just tracking it in her spreadsheet, she's going to tell us about every dollar she spends and every feeling that comes with it. How are you feeling about tracking your finances for a week?

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.

Yeah, me too. I will check in with you on the other side of your week. Okay.

[Courtney Harreld]

For full episodes, follow what We Spend An Odyssey Original Podcast. Wherever you get your podcasts.