Despite six-figure salaries, young tech professionals face living beyond means

In a surprising revelation, a Seattle-based couple in their twenties, each earning a six-figure salary in the tech industry, claims they are grappling with financial strain amidst the rising cost of living. Natalie Fischer, 25, and her husband Keldon, 30, have a combined annual income of $200,000, yet find themselves reevaluating their lifestyle to navigate the challenges of escalating expenses.

Formerly residing in a modest two-bedroom apartment in Seattle with monthly outgoings of $4,000, including bills, groceries, and dining out, the couple faced the financial implications of their $20,000 wedding last year. In an attempt to curb their spending, they have canceled gym memberships, halted regular beauty treatments, and limited dining out to once a week.

Natalie, a content creator, expressed, “We’re both earning over $100k, and as we started to earn more money, we treated ourselves a lot more.” She identified the phenomenon of ‘lifestyle creep,’ where increased earnings lead to higher spending without much consideration, ultimately hindering their savings.

Acknowledging the need to regain control over their finances, Natalie explained, “I was living beyond my needs. I want to greatly increase the savings we have, and I feel like we spend way too much, so I am trying to balance it this year.” The couple aims to tighten their budget in 2024 by drastically reducing spending on clothing, eliminating gym memberships and socializing expenses, and cutting their food bills in half.

The Fischer couple’s story highlights the financial challenges faced by many despite seemingly lucrative incomes, underscoring the impact of the cost of living crisis on young professionals in high-cost cities like Seattle.