Industry: Non-Profit
Age: 26
Location: Western Quebec
My Salary: $82,000
My Partner, T.'s, Salary: $79,000
Net Worth: $219,000 (We have $23,000 in savings for our wedding, house expenses, and emergencies, $38,000 in savings for retirement, and approximately $150,000 equity in our house, plus a car that would sell for $33,000. T. and I make similar salaries, so we split everything equally and consider our money shared.)
Debt: $225,000 ($200,000 owing on the mortgage and $25,000 on the new car)
My Paycheque Amount (2x/month): $2,140
My Partner's Paycheque: $2,104
Pronouns: She/her
Monthly Expenses
Mortgage: $1,323 (we overpay by $100)
House & Car Insurance: $212.57
Hydro: $145
Internet: $86.18
Appliances Loan: $94.66
House Cleaner: $140
Alarm System: $45.99
Car Payments: $494.80 (We split this evenly.)
Both of Our Phones: $140
Health Insurance: $0 (Our employers fully cover both of us.)
Donations: $24 (Patreon and dog rescue)
Combined Pensions: $622 (T. contributes 3% of his paycheque with a 5% match, and I contribute 6.5% and have a defined benefit so I'll get a percentage of my salary for the rest of my life when I retire based on my income and years of service.
Savings: $2,200
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?
I got good grades and liked learning, so my parents assumed that I would attend university and likely grad school. They never pressured me, but they discussed university as the main option.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
When I was four years old, my parents set me up with a bank account, and I received money for chores that I would use for fun things, like candy. My parents would also get my brother and me bonds occasionally, so we could see how interest worked.
What was your first job and why did you get it?
My first official job was at Tim Hortons when I was 16. Before that, I was the neighbourhood babysitter. I got the job because it seemed like the thing to do, and I wanted more money to do things with my friends and pay for a new phone.
Did you worry about money growing up?
No, I was pretty unaware of money. I always had everything I needed, got a lot of my wants, and we were able to take vacations, play sports, and buy new clothes for school. I really didn't know how much things cost. When I got older, I realized how privileged I was.
Do you worry about money now?
Money isn't a big stressor currently, but it's on my mind frequently. I know that I have enough to cover my bills and extra expenses, but I worry that I'm not managing my money properly to meet long-term savings goals. I also worry about how our finances will change when we have kids.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became mostly financially responsible for myself when I started grad school at age 21. My parents still paid the interest on my student line of credit and helped me out occasionally with plane tickets home. I technically became fully financially responsible for myself when I paid off my loans at 24. I do have a financial safety net in my family, and I know my partner could support me if necessary — and vice versa.
Do you or have you ever received passive or inherited income? If yes, please explain.
My parents paid for my rent in undergrad, paid for part of my tuition, and covered the interest on my student loans until I paid them off.
How did you buy your home?
My partner and I bought a three-bedroom semi-detached house in 2019 for $215,900, which we're so grateful for now because we got in on the market before it exploded. Previously, we lived together in a tiny apartment where we each paid $450 a month. The low rent allowed me to pay my student loan while still saving for a downpayment. At first, I put aside $500 a month, and then, once my student loan was paid off, $1,000 a month. My partner also saved $1,000 each month. When we bought, we only put down 5%, so just under $11,000, and then also had to pay around $2,000 in closing fees and welcome taxes. We considered putting down 10%, but we had also just gotten engaged and needed to ensure we could pay for a wedding. In hindsight, we should've put 10% down because COVID postponed the wedding, but c'est la vie. We didn't get help from family with the downpayment, but we did get a generous gift of $4,000 from my partner's father to help with wedding and house costs, and we did ask my parents if they could help us out with a loan should we face unexpected expenses, which we luckily didn't.
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October 26, 2021 at 07:00PM
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A Week In Western Quebec On A $161,000 Joint Income - Refinery29
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