Today: a journalist working in media who makes $50,000 per year and spends some of her money this week on lavender sours.
Occupation: Journalist
Industry: Media
Age: 23
Location: Vancouver, BC
Salary: $50,000
Assets: $16,500 ($12,000 in my emergency fund, $1,000 in a slush fund for pricey months, $1,500 for travel, whenever that's a thing again, and $2,000 invested in a TFSA. I don't own property or a car.)
Debt: $8,400 (in federal and provincial loans I took to cover the last year of my degree)
Paycheque Amount (2x/month): $1,658
Pronouns: She/Her
Monthly Expenses
Rent: $975 (This is for my half of a one-bedroom apartment I share with my partner, M. We have separate finances and use Splitwise to divide utilities, internet, rent, and car expenses.)
Internet, Hydro & Rental Insurance: $80 (for my share)
Parking: $62.50 (for my share of our parking spot)
Student Loans: $0 (My payments are on pause until next month due to the pandemic. I normally pay the monthly minimum of $146.)
Phone: $0 (covered by work)
Health & Dental Benefits: $0 (covered by work)
Spotify: $10
Netflix, Amazon Prime & Crave: $0 (Thanks, friends and family!)
The New York Times, NYT Cooking app, The 19th News & Patreon Subscriptions: $36.40
Black Lives Matter Donation: $100 (When I graduated from high school, I won a $1,000 award from a non-profit organization that has since taken a harmful and ignorant stance on Black Lives Matter, police in schools, and anti-Black racism in general. The organization clearly doesn't reflect basic decency or my values, so I've decided to pay the money forward to BLM in monthly instalments.)
Bank Fee: $16 (I miss being one of Leo's Young Savers. LOL)
Savings: $500 (to my travel and grad school fund)
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?
Going to university was never a question for me; it was where my interests lied. Both sets of my grandparents saved for my education since I was born, so I used that money to cover tuition and some rent until my last year, when I took out loans. I lived at home each summer and worked internships and part-time jobs. My parents helped me with living expenses, flights home to visit, and extended health benefits under their plans. My grandparents helped me with extras for my education twice: They covered my rent for three months while I was doing an unpaid internship and paid for a flight to China for an otherwise fully funded research program. They've also offered to pay my tuition if I pursue graduate studies as I plan to do before I'm 30. It's an extremely generous offer I never expected from them.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents gave my sister and I debit cards and small monthly allowances around age 10. The goal was to teach us how to spend, save, and donate. It was only later, in university, that they started talking with me about how to budget, build credit, and take out loans. When I was about 20, my discretionary spending got out of hand, and they stepped in to help me stick to a budget. I only just started learning the extent of the poverty my dad grew up in and how his experience contributes to the advice he gives me about being financially independent and investing in your future.
What was your first job and why did you get it?
My first real job was at age 15, working at the bakery in a local grocery store two days a week to save money for a six-week summer French program in Paris. I covered the trip completely on my own.
Did you worry about money growing up?
My parents made middle-class incomes when I was young, and we always had what we needed and more: taking short trips and doing soccer, dance, and art classes. My dad was promoted in my preteens, and suddenly we were travelling more and able to move into a nicer house. Certain things were still off limits, though, like expensive sleep-away camps in the summers when I could be working, and international travel as a family.
Do you worry about money now?
I moved home after graduation, which allowed me to save up, so I don't worry about money in the short-term. I also track and itemize my spending on Mint, so I feel in control, and I'm now starting to look at my strategy for paying back my debt and investing. I do worry about money in the long-run, though, because journalism is a low-paying, precarious industry, especially since it's been hit by the pandemic. I got an internship after graduating that set me on the journalism path, and it's the most rewarding work I've ever done, but I worry it won't pay enough for me to justify getting a master's degree — or allow me to support a family later on. Without a pension in my current role, I don't even know where to begin saving for retirement, or if that will even be possible for me. It breaks my heart to imagine leaving journalism for something less fulfilling that pays better, but I'm lucky that I have no major family responsibilities, so I can continue in the career I love for as long as the industry will have me.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I've been completely independent since moving in with M. six months ago. I have a safety net in that my parents have said I can always move back in with them for free. I wouldn't go to M. if I had a financial emergency, because he makes less than I do right now, but that will likely change when he finishes his PhD.
Do you or have you ever received passive or inherited income? If yes, please explain.
At age 13, I inherited $300 from my dad's aunt, which I put toward my first laptop. My four grandparents together saved about $45,000 for my university education, and I will inherit a bit of money from them and my parents, but I don't know how much. I don't have a trust fund.
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October 20, 2020 at 07:00PM
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A Week In Vancouver, BC, On A $50,000 Salary - Refinery29
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