Industry: Social Services
Age: 26
Location: Montreal, QC
Salary: $40,000
Net Worth: $110,000 ($30,000 in personal savings and $80,000 in a TFSA set up by my parents when I was a child)
Debt: $0
Paycheque Amount (2x/month): $1,244.34
Pronouns: She/Her
Monthly Expenses
Rent: $900 (for a one-bedroom apartment in a walk-up)
Heat/Hydro: $52.97
Renter's Insurance: $27.69
Health Insurance: $30 (deducted from my paycheque)
Phone: $50 (my contribution to my phone on our family plan)
Internet: $48.29
Spotify: $2.65 (Yay for sharing a family plan with a group of friends!)
Amazon Prime: $1 (I split a student account with my sister and mom.)
Netflix, Crave & Disney+: $0 (Thank you, Mom!)
Gym: $14.95 (It was cheaper to pay out my membership than to cancel during the pandemic.)
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?
Absolutely. My family has always placed a focus on education, and most members of my extended family have a graduate degree, myself included. I have a bachelor's in psychology, a master's in counselling psychology, and I'm currently saving up to pursue a graduate degree in social work. My grandparents in particular always expected me to go to McGill University, where I did my undergrad. There's even a baby photo of me wearing a McGill Class of 20?? T-shirt. My grandpa set up an RESP for me and made annual contributions along with my parents. This money covered my education costs entirely, because I stayed in the province for one of my degrees and lived at home.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
I honestly grew up thinking we had way less money than we did because of our lifestyle. I was raised having my needs met way above and beyond, but the value of a dollar was enmeshed in my upbringing. My parents chose to spend money on education and travel and less on frivolous things, which is how I try to live as an adult now.
What was your first job and why did you get it?
I got my first job as a lifeguard when I was 17, because it was the thing to do. After that, I always worked part-time to have my own spending money, which I used to go out with friends and buy my own clothes.
Did you worry about money growing up?
Fortunately, never.
Do you worry about money now?
I don't worry about money, but I'm conscious of it. I'm a healthy mix between a spender and a saver. I don't deny myself things and have a cushion to do so. I've also spent a lot on travel in my life. Given my low-end salary, I make sure to live within my means — a paycheque-to-paycheque lifestyle is scary to me.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I lived with my parents after graduating, while I started working, and became fully financially independent at 26. Living with them helped me build a financial safety net so that I could live comfortably on my own. I know that they're in a position to help me financially if I ever needed assistance.
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November 24, 2020 at 08:00PM
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A Week In Montreal, QC, On A $40,000 Salary - Refinery29
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