Occupation: Cashier & Support Worker
Industries: Retail & Social Services
Age: 22
Location: Waterloo, ON
Cashier Wage: $14/hour (10–30 hours a week)
Support Worker Wage: $21/hour (16 hours a week)
Net Worth: $27,201 (I have $10,314 in savings and $16,887 in a TFSA.)
Debt: $0
Pronouns: She/Her
Monthly Expenses
Rent: $625 (I share a house with three other people.)
Hydro: $25–$70 (depending on the time of year)
Phone: $45.20
Netflix: $13.99
Laptop Protection: $28.40
Therapy: $340 (I do four sessions per month and pay $85 per session out of pocket. Insurance covers the rest.)
Health & Dental Insurance: $86.05
Transit Pass: $40
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?
Since I was six, my grandfather put aside money for me to attend university, though I didn't know that until I was older. From him, there was an expectation that I would do some sort of higher education. My parents didn't push me to attend university, but it was something I wanted, so I put more pressure on myself than they did.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents talked about their choices and encouraged me to make enough so that I wouldn't have to worry about money as they did at times. But I educated myself to a basic level: I track what I spend, keep funds in a high-interest savings account, and keep a reasonable amount in my savings.
What was your first job and why did you get it?
I got my first job when I was 18, so I could have spending money. I worked long hours in the cold basement of a meat processing and packaging factory. The experience pushed me to do well in school and get a job that makes me happy, unlike that one.
Do you worry about money now?
I do worry about money a lot now. I just finished my degree, so I understand that I probably won't make an average salary for a while. Because of this, I try to limit unnecessary purchases and put as much as I can into savings to prepare for anything that might happen. But I've been trying to find a healthy balance between saving for the future and treating myself.
'At what age did you become financially responsible for yourself and do you have a financial safety net?
I became completely financially independent this year after I graduated. Until then, the money my grandfather put away — around $85,000 — paid for tuition, housing, and daily expenses. I'm so grateful that he had the means to support me, and I hope he would be proud of my accomplishments if he was still alive (he passed away in my third year of university). I wouldn't want to rely on anyone else if I ran into money issues, which is why I'm adamant about putting money away.
Do you or have you ever received passive or inherited income? If yes, please explain.
I received the money from my grandfather. I have almost $17,000 of it left, and I put it in a TFSA. If I decide to do a masters degree, then I will use the rest of that money to cover those costs. If I don't do more schooling, then I'll split this money between my two younger siblings, and they can use it for higher education when they're older.
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November 10, 2020 at 08:00PM
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A Week In Waterloo, ON, On A $32,000 Salary - Refinery29
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