I'm the first generation in my family to graduate from college. I completed my undergraduate degree in India, where my parents and scholarships covered the cost of it. In Canada, where I did graduate schooling, I took a government student loan and paid it off completely using savings from my part-time job and a small amount of grant money.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents never sat me down to teach me about money, but I did accompany them to banks and learned terms like "interest rates" and "fixed deposits" from my mother. I remember how she would withdraw only the money gained from interest and lock in the principal amount for another year. When I left for boarding school, my parents gave me pocket money, and that's when I learned to manage my finances. During Grade 6, I tracked all my expenses in a notepad and budgeted for the purchases I could and couldn't afford.
What was your first job and why did you get it?
I didn't earn an income until I arrived in Canada at the age of 23. That's when I got my first job, at a fast food chain. I did it to become financially independent and support my education. The experience helped me recognize the freedom and confidence you can feel when you earn your own money.
Did you worry about money growing up?
We didn't have a lot of money, but my mom would stretch every rupee, and I never felt deprived of basic needs. I had some idea about my family's financial situation, so I never chose things that were beyond our means. For example, I picked an affordable university and program over my dream education. Sometimes I regret not fighting harder for my goals. Maybe if I had talked to my parents about the expenses, we could've sorted out a plan, but I was uncomfortable with the idea of my parents reaching out to relatives or banks for financial help.
Do you worry about money now?
I only worry about money when I compare my income and savings to other people's finances. I know that the only solution to fix that anxiety is to change my mindset. I try to be grateful for the things I have rather than wasting my time worrying about things I don't have. I do challenge myself to save more, set goals, and make better decisions.
At what age did you become financially responsible for yourself and do you have a financial safety net?
My father supported me with living expenses when I first moved to Canada, but that ended when I got my first job out of school. At 25, I became fully self-reliant, and I don't have any expectations that others will support me. My emergency fund is my financial safety net.
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