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Name, age: Grace, 24
Annual income: $48,000, $560 from Canada Carbon Rebate
Debt: $0
Savings: $25,000 in savings account, $500 in tax-free savings account, $100 in registered retirement savings plan
What she does: assistant in children’s healthcare
Where she lives: Waterloo, Ont.
Top financial concern: “I do want to have a baby within the next five years – at least one. That’s going to be a big expensive thing, especially if [my partner] is working on his Phd.”
Grace, 24, was in her first year of university when the pandemic struck. Her parents paid for that year, including the cost of residence, but she was sent home in March, 2020, as her courses shifted to online.
She lived with her parents until the fall of 2022, completing much of her undergraduate degree without having to cover living expenses. In addition to her course load, Grace also worked full-time as a receptionist, and would often work on school assignments while at her job.
“I don’t know if they knew I was doing my schoolwork,” says Grace. “My thought was, as long as I am doing my work, it should be fine.”
She finished school debt-free, and got engaged to the boyfriend she met there two years later. The couple is getting married this summer, and Grace has already moved into the apartment they plan to share after the wedding. Right now she’s carrying it on her own, and at $1,850, it’s not cheap.
“It’s very fancy, very new, and very expensive,” she says, noting her fiancé was keen on living there. He has decent savings, but is in graduate school and only brings in about $1,000 a month in income.
Grace has applied to a housing co-operative where their rent would drop to $1,433 a month, but she has yet to convince her fiancé they should move.
Their expenses are higher this year because of the upcoming wedding. Grace’s mom is paying for the venue and food, but the couple bought their own outfits and will pay for things such as the flowers and the photographer. They expect their part to cost about $10,000, which will come out of their savings accounts.
Grace puts her extra money into her savings account every month, and has amassed $25,000. She also has $500 in a TFSA, but hasn’t invested it because she doesn’t understand investments. She has seen people lose money investing, which has left her wary.
She’s planning to meet with a financial planner she knows through a colleague to get some advice on where to start. “It’s kind of scary,” she says. “I don’t want to choose bad investments and then they fail.”
Her typical monthly expenses:
Investment and savings: $1,050
$1,000 to savings account.
$50 to TFSA. “It’s not invested. I don’t know how investments work.”
Servicing debt: $0
Household and transportation: $2,382
$1,850 to rent. “I am paying the full rent now but after he moves in, we will share it.”
$16 to renter’s insurance
$75 on utilities
$200 to gasoline
$151 to car maintenance. “I bought my car outright when I was 18. It was used.”
$90 to cellphone
Food and drink: $350
$275 on groceries
$25 at coffee shops
$50 at restaurants
Miscellaneous: $892
$325 to income tax
$30 on streaming services
$25 on clothing. “I am a lot better now, but I used to do too much online shopping.”
$45 on recreational sport
$50 on rock climbing. “Membership and climbing shoes.”
$42 at esthetician. “Nails and eyelash extensions.”
$83 on dentist
$292 on vacations. “A friend is having a destination wedding and I have my honeymoon.”
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 or Gen Z who would like to participate in a Paycheque Project? Send us an e-mail.
