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Today: a senior advisor who makes $94,600 per year and who spends some of her money this week on Krispy Kreme doughnuts.
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Occupation: Senior advisor
Industry: Government
Age: 29
Location: Toronto
Salary: $94,600
Assets: Savings: $110,000; first house savings account: $17,000; GIC: $105,000; registered retirement plan: $28,000; tax-free savings account: $56,000; jewelry: ~$10,000.
Debt: $0
Paycheck amount (biweekly): $2,412
Pronouns: She/her
Monthly Expenses
Housing costs: Rent: $1,800.
Loan payments: $0
Cell phone: $38.42
Internet: $39.55
Hydro: $50-$60
Netflix: $7.99
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?
There was not an expectation that I would go to university, although I was encouraged by my mom while growing up to work hard so I could get a good job. But I genuinely wanted to pursue higher education because I knew it would help me pursue my goal of a life of independence. I ended up getting a bachelor’s degree and a master’s degree in public policy. I lost my mom a year before I left for university and learned that she left me with a substantial amount of money. So I saved it and used it to pay my entire student debt of $37,000. My mom takes full credit for paying for my education.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My mom raised me with my grandmother and did not talk about money often. She was single and gave me everything I wanted. But although she did not say it, I knew that she did not have it easy as a single mom of three. She also did not tell me about the life insurance that she had. I did not have a savings account, checking account or credit card until I was 18. It was while in university that I became interested in money management. Everything I know about personal finance is self-taught.
What was your first job and why did you get it?
The first job I got was at Starbucks. I am a coffee-lover and thought it would be the perfect place to work. I ended up getting a summer job at one and it was great! I met other students and was able to make some spending money for university.
Did you worry about money growing up?
No. My mom always got me what I asked for. It may not have been right away every time, but she would always keep it in the back of her mind and get it for me for a birthday, Christmas or surprise me with things like an iPod or UGGs. She would always have ample food in the house and took us on weekend excursions. So although I knew my mom did not have it super easy as an immigrant and single mother, I never felt there was a scarcity or that we were short.
Do you worry about money now?
A little bit. I have enough savings and no debt, so I feel comfortable from a day-to-day perspective. I can buy things I want like clothes and electronics. I pay all my own bills and can cover my own vacations. But my long-term goal is to own a home and I don’t want to take money out of my investments to pay for it, so not being able to afford one worries me sometimes.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself at 18, when I left for university. I was able to save up money from not having student debt, and worked during summers. This has allowed me to save a substantial amount. I also have money that my grandmother left me. I consider all these savings my safety net.
Do you or have you ever received passive or inherited income? If yes, please explain.
Yes, my mom left me $40,000 and my grandmother left me $150,000.
Day One: Friday
8:06 a.m. — I walk to Tim Hortons near me in downtown Toronto and get a large coffee. $2.17
10:11 a.m. — I confirm with a friend that I can catch a ride with her on the way to our friend’s cottage for the annual weekend getaway this year. She offers to drive me, I can’t wait!
5:06 p.m. — It is Friday so I treat myself to some of my favorites in Toronto. I go to Golden Patty in Kensington Market and get two chicken patties ($7.80), then follow it up with a doughnut from Krispy Kreme ($1.80). $9.60
9:15 p.m. — I finally hunker down and make a vision board, which I’ve wanted to do for a while. Included is financial growth, improving my fitness, travel, trying new recipes and showing more leadership at work.
10:20 p.m. — A couple of friends and I want to make the most of the warm summer days that we have left. We decide to head to La Carnita where we can sit on the patio. I order a cocktail, shrimp tacos and learn something new about myself: I do not like gin. We also order vegetarian nachos for the table and split the cost. $44.60
Daily Total: $56.37
Day Two: Saturday
7:35 a.m. — I get my usual coffee from the same spot. $2.17
1:45 p.m. — I decide to take the train to Markham to visit my relatives. $8.04
2:30 p.m. — It is a nice day out so I take my nephews to the local community park and treat them to a pony ride, merry-go-round ride, and petting zoo, the latter of which I enjoy a lot. I end the day by buying us some fries and slushies for a snack ($11.85). $35.18
11:04 p.m. — I scan my credit card to take the train home to Toronto. I love my relatives but I always have a huge sigh of relief when I head back to Toronto. I grew up in Markham and although the city has its merits, it has become a place where I do not belong anymore. $8.04
12:05 a.m. — Suddenly I am craving a hot dog from a stand close to my apartment. They only take cash so I go to the ATM to withdraw some and indeed get my hot dog. $6
Daily Total: $59.43
Day Three: Sunday
9:04 a.m. — Coffee time! I get one from the same Tim Hortons and go for a little walk after getting it since it’s Sunday and I have time. I am meeting up with some friends later on to shop at the vintage market. $2.17
11:30 a.m. — I meet up with some friends and we grab breakfast from Au Pain Doré before heading to the vintage market. I get a coffee, croissant and coconut macaroon. $14.73
12:15 p.m. — I need to stock up on edibles so I grab some at one of my favorite spots: Civilian House of Cannabis. $19.76
1 p.m. — We stop at a thrift store before going to the vintage market. I find a pink cashmere sweater that fits really well. $10.17
3:05 p.m. — We finally arrive at the vintage market. I find a denim jacket with Mickey Mouse embroidery on the back! I cannot resist so I snatch it up. $65
3:35 p.m. — The last thing I need is another crossbody bag but I find a gorgeous chocolate brown leather one with a unique buckle so I grab it. $22.60
Daily Total: $134.43
Day Four: Monday
8:30 a.m. — Coffee to start my day because I cannot function without it. I come here so much that the staff get straight to making my coffee as soon as I walk in. $2.17
12:30 p.m. — I meet up with a friend from my previous team and head downstairs to the café to get some food. I get an egg salad sandwich. My card will only cover $4.41 of the cost, which is weird. When I use it to pay the rest it gets declined, which is very odd. I find out later in the day when I call the bank that I accidentally used the almost $200 I had in my account at the vintage market. $5.20
6:17 p.m. — I need some cilantro for dinner so I ask a friend who lives next to me if I can have some. She drops it off on her way out for a walk. The joys of living next to friends!
8:40 p.m — Those evening cravings are hard to tame. I am really wanting some soft serve so I go to Sweet Jesus down the street and get a twist in a cone. I swear they give me a bigger size than I ask for and accordingly charge me more. I complain to my best friend, who I call on the way home. $5.91
Daily Total: $13.28
Day Five: Tuesday
7:30 a.m. — Same cafe, same spot, different size. $1.92
12:15 p.m. — I am working from the office and decide to grab some lunch so I head over to Chipotle for a chicken bowl. I sit by the benches next to the Rogers Centre and people-watch while eating. $14.86
3 p.m. — One more hour of work, I think to myself. I can’t wait to log off. I am having a hard time with someone at work and it’s been affecting me a lot.
4:50 p.m. — I go to Canada Post to mail my modem back to Rogers. The company screwed me over with a contract which cost me over $300, so as retribution, I canceled my services with them.
6:30 p.m. — A really good friend of mine is getting married. Her sister reached out to me to ask if I would contribute a message and picture to a collage that she is putting together as a wedding gift. She asked me a few days ago and I don’t want to delay this for her so I send her my message and picture to add to the collage.
Daily Total: $16.78
Day Six: Wednesday
8:50 a.m. — I grab my coffee to get the day going. Large with two cream. $2.17
12 p.m. — It is lunchtime and I am working from home. I make some chicken wraps really quick, drenched in barbecue sauce.
4:40 p.m. — I take ginger shots each morning and buy them in bulk, so I walk over to Union Station and grab a new box from Greenhouse. Some can’t stand them but I personally swear by them and find them so delicious! The shots include ginger, turmeric, lemon and apple. $29.95
9:50 p.m. — I like to occasionally take a box of Krispy Kreme doughnuts to the office so I walk over to get some. I pay for one dozen and the staff ask if they can give me an extra dozen for free since they are about to close. An extra dozen for free? Don’t need to ask me twice! $15.50
10:10 p.m. — Although I know I shouldn’t, I get a coffee to have with a doughnut tonight before bed. I just have to balance the sweetness with bitterness. $2.17
Daily Total: $49.79
Day Seven: Thursday
8:15 a.m. — I stop by Tim Hortons for my morning coffee. $1.92
12:45 p.m. — I need an afternoon pick-me-up so I get a small iced coffee from Starbucks during my lunchtime walk before heading back into the office. $3.89
5:30 p.m. — I need to rent a dress for an upcoming wedding, so I head to The Fitzroy to look for one. I am finding it a lot harder to find one than I thought. After trying on many, I finally land on one that gives Little House on the Prairie vibes. It is not what I wanted but that is okay. I am disappointed by how rude the staff are, however, and decide that this will be my last visit. $120.60
6:45 p.m. — I need orange juice to take my iron supplements with, so I go to Shoppers Drug Mart to get a bottle. $5.63
7:30 p.m. — I go to my friend’s house and we make chocolate chip cookies. It is like a childhood dream where you live next to your friend in the neighborhood. We watch Inventing Anna while eating the cookies with cold milk. I am super content and think about how much my heart will break when one of us has to leave Toronto.
Daily Total: $132.04
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