Occupation: Research Coordinator
Industry: Health
Age: 25
Location: Winnipeg, MB
Salary: $48,700
Tutoring Income: $2,820 (I picked up extra tutoring shifts to bring in more money after I bought a house this past summer.)
Rental Income: $7,800 (I rent out the second bedroom in my house.)
Net Worth: $32,800 (Assets: house = $241,000, RRSP = $6,400, pension = $20,000. Liabilities: mortgage = $211,000, line of credit = $10,000, student loan = $4,700, family loan = $8,900)
Debt: $234,600 (See liabilities above.)
Paycheque Amount (2x/month): $1,216
Tutoring Paycheque Amount (1x/month): $235
Rent Cheque Amount: $650
Pronouns: She/Her
Monthly Expenses
Mortgage: $907
Property Taxes: $247
Utilities & Insurance: $293
Student Loan: $57 (It's interest-free.)
Family Loan: $1,000
Line of Credit: $205
Phone: $49
Pension: $137 (deducted from my paycheque)
Additional Vacation Time Purchase: $50 (deducted from my paycheque)
Health & Dental Insurance: $7 (deducted from my paycheque)
Disability Insurance: $26 (deducted from my paycheque)
Union Dues: $18 (deducted from my paycheque)
Charity: $30
Netflix, Spotify, Canadaland & The New York Times: $20 (I split some of these with my siblings.)
Car Insurance: $80 (I share a vehicle with my sibling, and this is for my part of the insurance.)
Christmas Savings: $50 (I try to set aside money so as to not get caught at the end of the year and overspend.)
Emergency Savings: $108
Vet Savings: $130
Gym: $36 (I'm trying to support my favourite local gym during COVID.)
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?
Both of my parents went to college and wanted their kids to have university as an option. They saw it as the pathway to a better life. I earned my bachelor of science degree, and I'm currently studying for the MCAT. My parents were able to cover one year of my education, and the remainder was covered by student loans, scholarships, a $7,500 inheritance from my grandmother, and income from working at least two jobs at any given time. I worked pretty much full time from my second to fourth years of school.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents introduced us to Rich Dad Poor Dad and the concept of savings, assets, and liabilities. They did the best with the knowledge they had available.
What was your first job and why did you get it?
My first job was at a Dairy Queen. I got it to have spending money. My parents only covered the essentials, like food and board, and I was dying for a cell phone and clothes.
Did you worry about money growing up?
It always felt like there was scarcity in my house, and my parents were constantly stressed about money, especially during the 2008 recession. I felt worried and knew things weren't good but didn't know what to do with that worry.
Do you worry about money now?
I'm in the most debt I've ever been in, and I loathe that I owe money to a relative who helped me purchase my house this past summer. I vacillate between worry and knowing, objectively, that everything is fine. I'm great at budgeting (thanks, YNAB!), and even though there's a lot of learning involved in owning a home, I know that I'm on the right track. If I can keep up my momentum, I'll have my debt paid down by the end of next year.
At what age did you become financially responsible for yourself and do you have a financial safety net?
My second year of university. If I had to, I could live with my parents, although they live in a different city, so that would require a real lifestyle change. There's no one who could step in financially for me in a major way.
Do you or have you ever received passive or inherited income? If yes, please explain.
My grandmother died when I was in university, and I received $7,500 that went toward schooling and living expenses.
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A Week In Winnipeg, MB, On A $59,320 Income - Refinery29
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