Occupation: Scientist
Industry: Healthcare
Age: 30
Location: Quebec City, QC
Salary: $67,000
Net Worth: Negative
Student Debt: $34,000 (down from $43,000)
Paycheque Amount (2x/month): $1,640
Pronouns: She/Her
Monthly Expenses
Rent: $500 (I live with my boyfriend of four years, K., in a two-bedroom condo he bought before we started dating. I pay him $500 a month in rent, and we split most of our living costs equally. We haven't completely combined our finances, but we have a joint chequing account we use for groceries, gas, and eating out. K. makes significantly more money than I do, so he pays for things like condo fees, home insurance, property tax, and car maintenance.)
Student Loan: $750 (The minimum monthly payment amount is $450, but I'm trying to get rid of this debt quickly!)
Internet: $40 (for my half)
Phone: $55
Electricity & Heating: $50 (for my half)
Extended Health Benefits: $130 (deducted from my paycheque)
Pension: $420 (deducted from my paycheque)
Parking: $85 (I usually buy a $90 transit pass, but I'm avoiding the bus during the pandemic.)
Car Insurance: $15 (This is what it cost to add me to K.'s plan. Our car is 12 years old, so we chose one-way coverage, which means only the damage caused to others is covered.)
Charitable Donations: $20 (deducted from my paycheque)
Netflix: $7 (for my half)
Spotify: $8 (for my half)
Adobe Lightroom & Photoshop: $16
Travel Fund: $300
Savings: $300 to $600 (Whatever I have left at the end of the month goes into savings. I have about $12,000 in this account.)
Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
I was a nerdy kid who loved school, and nobody had to pressure me to attend higher education. I moved from New Brunswick to Quebec when I was 18 to attend university, and I graduated with a PhD 10 years later. My parents covered my living expenses and my books during my undergraduate studies and occasionally helped out during my first two years of grad school. I paid my tuition with a mix of part-time work, student loans, and scholarships. I ended up taking out more student loans than I expected, because tuition in Quebec is very expensive for students who come from a different province (about $10,000 a year compared to the $4,000 Quebec residents pay).
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents gave us a weekly allowance from a young age and encouraged us to save it. They're extremely responsible and debt-adverse, and most of our money talks were about the bad things that happen when you max out a credit card or don't pay your bills on time. Because they had two kids and a mortgage by the time they were 25, my parents' finances revolved around their family, their house, and their retirement. I don't recall them treating themselves very often. I always hesitate before telling them about a trip I'm taking or a big purchase I made, because I feel like they're still getting used to the way I spend my money, which is very different from the way they spent theirs at my age.
What was your first job and why did you get it?
I was 14 when I started working part-time at an arts and crafts store. A family friend offered me the job, and I took it because it made me feel grown-up. I always had a part-time job as a teenager, but I was mainly doing it to pay for clothes, makeup, and outings with friends. I only saved about $1,500 over the years and spent it on a laptop for college when I was 18.
Did you worry about money growing up?
I grew up in a middle-class household. My dad had a stable job, but my mom was working in healthcare and struggling with inconsistent hours. We were occasionally aware of money being tight when I was young, but at no point did my parents let my brother and I worry that we wouldn't have enough. The situation improved as we grew up, and by the time I was a teenager, both my parents were making a good living and had saved up for my education.
Do you worry about money now?
After 10 years as a student, I can finally say I don't worry about money, and it feels great! I do wish I was further along in terms of my income and savings. That's one of the many downsides of being in school for so long.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I've been responsible for my own living expenses since I was 22, but money was extremely tight because of the astronomical tuition bills. I had to borrow money from my parents on occasion until I was 25. That's when I started getting doctoral scholarships that covered 100% of my tuition and living expenses. I never want to go back to being financially dependent. I have plenty of people around me who could provide for me (boyfriend, family), but I refuse to rely on anyone. I always make sure I have enough savings to last me a few months, should anything happen.
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A Week In Quebec City, QC, On A $67,000 Salary - Refinery29
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