Understanding the Financial Struggles of Law Students: Where Does the Money Go?

As a third-year law student, I’ve found myself pondering a question that seems to perplex many in my position: What are people doing with all the money they earn?

To give you some context, my monthly rent is $1,500, and my annual living expenses hover around the $50,000 to $60,000 mark. Despite the financial leap that big law offers, my lifestyle has remained largely unchanged since my pre-law school days. If anything, my indulgence in luxuries like smoked salmon and fresh berries has increased—by about 1000%, to be exact! Beyond that, I struggle to identify any significant purchases or expenses that come with this newfound income.

Sure, if I had more time, I’d love to allocate my finances towards traveling and exploring the world. However, my current workload doesn’t leave much room for such activities. I also don’t have children yet, which typically adds substantial expenses to one’s budget. Thus, I find myself at a loss, unable to comprehend how others are utilizing their financial resources.

I’d be genuinely interested in hearing from those in similar situations, especially those who also don’t have kids.

A quick edit to address the topic of daycare: It’s shocking to learn about the high costs associated with childcare today. My own parents navigated that world while I was growing up with the help of student loans, Medicaid, and food stamps. Back then, the thought of paying what some parents today are citing for daycare would have been unimaginable.

So, what are your thoughts? If you’re in a comparable situation, how do you manage your expenses? Let’s open the floor to a discussion on the financial landscape for students and young professionals.