Industry: Entertainment
Age: 26
Location: Vancouver, BC
Salary: $65,000 (This total includes about $15,000 from side hustles. I do admin work for an arts organization and make a small amount from tarot readings.)
Net Worth: $12,250 ($7,000 in a TFSA, $3,000 in savings, and $2,250 saved for travelling in a post-COVID world)
Debt: $0
Paycheque Amount (2x/month): $1,642 (plus periodic cheques from my side hustles)
Pronouns: She/Her
Monthly Expenses
Rent: $1,400 (I live in a one-bedroom apartment with my two cat babies and my plant babies.)
Hydro: $22
Internet: $90
Health & Dental Benefits: $0 (covered by work)
Phone: $0 (covered by work)
Online Gym: $15
Charitable Donation: $100 (The charity varies monthly.)
Netflix & Disney+: $0 (I mooch off of friends and fam.)
Amazon Prime & Crave: $31
Apple Music: $11
Savings: $1,000 (On top of this, I also contribute whatever is left at the end of the month.)
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?
My mom didn't go to post-secondary school, so there wasn't a sense of expectation. However, I was always an A+ student, very ambitious, and even received a scholarship to a prestigious private secondary school, so the general consensus was that I would go to university. Everyone was very surprised (and my mom was even a little upset) when I opted out. One of the reasons I chose not to go to university was definitely the debt I would've incurred.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
We grew up poor, so we had a very unhealthy relationship to money — something I'm still trying to change now. My mom had important things to say about saving and being savvy, and the best thing she taught me was to donate to charity. Giving away a percentage of my allowance was always a requirement. But her actions were different from her advice. She had a paycheque-to-paycheque mentality and, even when you don't have to, it's all too easy to become a quick and unwise spender when you grow up with that thinking.
What was your first job and why did you get it?
I worked at a movie theatre when I was 16. I got the job to have spending money and occasionally help my mom out when she needed it.
Did you worry about money growing up?
I was aware that we were poor, and I was stressed about being evicted or not eating. My mom made it work, but there was always fear associated with money, and it became more noticeable when I went to a private high school, where I was surrounded by extreme wealth. During that time, my mom also lost her job, so it was hard to see how much my peers had and how little they stressed about money.
Do you worry about money now?
All the time. Working in the event industry during the pandemic has made me reconsider my spending and saving. I worry about how to make more money in this industry without a post-secondary education — and in this very expensive city. I also worry about having to support my family at times. When I was 20, I got into a lot of credit card debt and only paid it off (and started to actually save money) last year, so that's a scary shadow that hangs over me. I hope I've learned from my mistake and won't repeat it.
At what age did you become financially responsible for yourself and do you have a financial safety net?
At 17, I still lived at home, so I didn't pay rent, but I paid for everything else myself. At 19, I moved out and became fully responsible for all of my bills. My financial safety net is the ability to move home. It's not an option I like, but I would 100% use it if I had to. I also have uncles with wealth who would help me if I was desperate, but my pride has kept me from asking.
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A Week In Vancouver, BC, On A $65,000 Salary - Refinery29
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