Refinery29
Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.
Today: a finance and fundraising coordinator who makes $38,300 per year and spends some of her money this week on an Akari Light Sculpture.
Editor’s Note: All currency has been converted from CAD to USD.
Occupation: Finance and Fundraising Coordinator
Industry: Healthcare
Age: 25
Location: Toronto, Canada
Salary: $38,300
Net Worth: $31,316 (I have $3,916 in an emergency fund and a $27,400 TFSA that I add to each month.)
Debt: $0 (My grandparents generously paid for my education. I don’t have a car loan, credit card balance, or mortgage.)
Paycheck Amount (2x/month): $1,253
Pronouns: She/her
Monthly Expenses
Rent: $704 (This is for my share of the studio I live in with my boyfriend, T. (He pays a bit more in rent and covers our utilities.)
Phone: $43
Internet: T. pays
Health & Vision Insurance: My employer covers this.
Spotify & Netflix: $0 (I’m still on my family’s plans. I pay for our news subscriptions in exchange.)
New York Times, Toronto Star, Patreon & Jacobin: $35.25
TFSA: $297.65
Pension: $203.66 (My employer matches $1.26 for every $1 I put in.)
Travel Savings: $313
Annual Expenses
You Need A Budget Software: $94 (It may seem expensive, but I would be hemorrhaging a lot more money if I didn’t use this.)
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?
Yes, it was expected that I go to undergraduate and graduate school. Both of my parents have master’s degrees and they believe that degrees are necessary to differentiate yourself in today’s world. By the time graduate school rolled around, I was probably independent enough to push back if I really wanted to, but I loved university and was excited to have the chance to study more. It helped that I knew school was already paid for by scholarships and money my grandparents put away for me when I was born.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents never talked about money when I was growing up. They both grew up pretty poor. Now that they’ve struck it big, they have very new money attitudes. They live within their means, but they buy all the toys they couldn’t when they were kids. (If you looked at my dad’s credit card statement, you could be forgiven for thinking that a 13-year-old had stolen it.) For them, part of the luxury of having money is that they don’t have to worry about their financial situation. While I completely understand this, it means that I developed some bad habits that I had to break when I became financially independent.
What was your first job and why did you get it?
My first official job was at The Gap when I was 15. I got it so that I could have pocket money. I probably spent it on pizza and anti-acne products.
Did you worry about money growing up?
Rarely. My parents never let on if there was something to worry about.
Do you worry about money now?
Yes! I make okay money for non-profit work but the city is so expensive. I feel grateful that I can pay all my bills and have a little extra to put aside for the future, but as I get older, I feel like I’m falling behind my peers who have enough money for things like condos and weddings!
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially independent at 22. If I was ever in a pinch, I could still go to my parents for support. I’m trying to set up a world where I’ll never have to ask, but it’s nice to know I could always borrow money or move home if I needed to.
Do you or have you ever received passive or inherited income? If yes, please explain.
My grandparents generously put money away for my education before they died. This covered my undergraduate and the part of my graduate degree that wasn’t covered by scholarships. This is the only passive money I have received to date. However, if nothing drastic changes, I can expect to inherit a third of my parent’s wealth. I would share this with my two brothers. I feel very privileged to be in this situation and I believe it gives me the ability to worry less about money than many of my peers.
TO READ HER WEEKLY DIARY CLICK HERE
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