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Name, age: Jake, 36
Annual income: $120,000 from job, $15,000 in employment insurance during layoff periods
Debt: $125,000 on mortgage
Savings: $10,000 in savings account, $90,000 in tax-free savings account (TFSA), $40,000 in registered retirement savings plan (RRSP), $80,000 in defined-contribution pension plan
What he does: Transportation industry officer
Where he lives: A city in western Canada
Top financial concern: “My girlfriend’s finances. She works three times as hard as me and makes three times less.”
In Jake’s job working as a transportation industry officer, he’s off for six weeks, then away working for six weeks. It’s hard to schedule recurring commitments, but means he’s only home eating his own food and spending money for half of the year.
“I have a love-hate [relationship] with it,” says Jake, 36, who often vacations during his lengthy periods off work. “It’s good for traveling around. It’s bad for normal-life things.”
He lives alone in a city in Western Canada in a two-bedroom townhouse he owns. He’s thought about renting out his place for extra money when he goes away to work, but hasn’t done it yet.
He’d love to move to a bigger house with more space and a garage to hold a recreational vehicle, but that seems out of reach financially at the moment.
“A high-end townhouse would be nice, double the size, but to get that would probably set me back $1.5-million,” says Jake, who manages to save about $2,000 a month after his expenses and mortgage are paid.
“Part of me wonders if I moved deeper into the mountains, where I could get a cheaper place, but then the transportation is worse and more expensive.”
He says that while he doesn’t struggle to afford things, he’s also surprised that he makes well over $100,000 and doesn’t feel wealthy.
“I am aware I make a lot of money and it doesn’t feel like I make a lot of money,” Jake says.
Jake’s girlfriend is in a less fortunate position, something that worries him when he envisions their future together. He says the two don’t talk a lot about money, and that he’d like to help pay off her credit-card debt, but she isn’t comfortable with that.
“I could make it go away in a flash,” he says, adding, “She doesn’t want to take money from me.”
He wonders what will happen as they get older. “I don’t know if she’ll ever be able to retire,” he says.
Their typical monthly expenses:
Investment and savings: $2,132
$2,132 to savings account. “I withdraw money from my savings account and put it into my TFSA when my savings gets over $20,000.”
Servicing debt: $2,500
$1,500 to mortgage. “I really wish I did a fixed mortgage instead of a variable. It would be like $1,000 instead.”
Household and transportation: $1,645
$360 to condo fees
$65 to property insurance
$210 to property tax
$270 to utilities. “All I ever hear is people complaining about gas and electricity, but for me, water is like twice as much, and I don’t use much water.”
$167 to new appliances. “I bought kitchen appliances this year.”
$146 on gasoline. “Driving to visit the mountains and road trips.”
$117 on car insurance. “I take the liability insurance off when I go away for work.”
$125 on car maintenance. “Tire changes, oil changes and usually one other repair a year.”
$10 on transit. “The odd bus ride when I’m going out for a few drinks.”
$15 on Uber or taxis
$90 on cellphone
$70 on internet
Food and drink: $345
$225 on groceries. “I am only home half of the time.”
$5 at coffee shops. “The odd time I’m going with someone else.”
$90 at restaurants. “Once every week or two. More often in summer or if I find a good deal.”
$25 on alcohol. “When I’m home, I usually go to the bar for a few drinks with people once a week.”
Miscellaneous: $4,628
$42 on entertainment. “The odd sports game a few times a year.”
$15 on streaming services
$25 on video game subscriptions
$58 on clothing
$17 on sports equipment
$13 on haircuts. “I don’t get it cut that much.”
$16 at the dentist. “The bulk of the cost is covered by insurance.”
$5 on prescription
$20 on other medical expenses
$1,000 on vacations. “Small trips and big ones.”
$42 on gifts. “ Christmas and birthday gifts for people I’m close to.”
$42 on electronics. “TV, computer, computer parts, cell phone.”
$3,333 on income tax
Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story. Are you a millennial who would like to participate in a paycheque profile? Send us an e-mail.
