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Name, age: Benjamin, 28
Annual income: $80,000
Debt: $19,000 line of credit
Savings: $2,450 in savings account, $19,000 in registered retirement savings plan (RRSP), $18,000 in first home savings account (FHSA)
What he does: Communication advisor for a construction company
Where he lives: Quebec City
Top financial concern: Whether to buy a house now or save more money. “The housing market is less and less accessible even though we make good salaries. Should I do it now or just wait?”
Benjamin came to Canada from France as a child and his family settled near Montreal. He moved to Ottawa for his undergraduate degree and the government job that followed, before having a “breakdown” during pandemic lockdowns and moving to Quebec City to do a master’s degree.
“It was about the meaning of my job and the lack of social contact with close ones,” he said, noting he’s pretty sure most people can relate to facing challenges during that time. “I missed the Québec culture and wanted a change of environment after two years of study and work from home.”
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It proved to be a good move. He loves the historic neighbourhoods of Quebec City, has found success in his work life and met Claire, the partner with whom he plans to have a family.
They each owed about $15,000 in student loans and were able to pay them off within six months of graduating, thanks to support from the Quebec government and the fact that they both got good jobs.
In their current positions, Benjamin makes $80,000 and Claire earns $65,000. Their only debt is a $19,000 line of credit they used to buy a car. Each partner pays $1,000 toward this monthly. They live a frugal lifestyle in a two-bedroom apartment that costs $1,300 per month, and the couple are gearing up for the next phase of their life together.
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They’d like to start having children soon, but aren’t sure whether it makes more sense to stay in their cheap apartment as long as they can or buy a home that can accommodate more people now. A two-bedroom home in one of the areas they like would cost about $600,000 now, but rapid population growth in Quebec City is driving prices up.
Benjamin says they want to have children while they’re young, and their parents (future grandparents) can help out.
“People have this conception they need to have the big house and perfect, stable job before planning for a child,” he says. “My parents were in the restaurant business, with no job security, and I had a really good childhood.”
His typical monthly expenses:
Investment and savings: $1,022
$306 to work RRSP. “8,000 a year invested with employer match.”
$50 to savings account. “I get 2 per cent cash back on my credit card and put it into my savings account.”
$666 to FHSA. “In order to reach the $8,000 yearly maximum.”
Servicing debt: $1,000
$1,000 to line of credit. “We used this to buy our car, given the good interest rate – 4.35 per cent.”
Household and transportation: $1,984
$1,300 to rent. “Two bedrooms in turn-of-the-century historic district.”
$27 to renter’s insurance
$80 to utilities. “Heat and electricity.”
$10 to parking. “Parking fee for city residents.”
$200 to gasoline
$127 to car insurance
$100 to car maintenance. “A 2022 Kia Rio with 50,000 kilometres.”
$40 to city electric bike share. “For both of us.”
$100 on two cellphones
Food and drink: $1,270
$550 to groceries
$100 at coffee shops
$500 at restaurants. “Two nice restaurants a month.”
$120 on alcohol. “At home and bar/pub.”
Miscellaneous: $3,073
$1,606 to payroll deductions
$33 on going out. “For both of us.”
$100 on streaming services
$10 on electronics. “A $120 Google streamer for our dying 2019 Samsung TV.”
$200 on clothing
$50 on gym membership
$140 on pet. “One cat who was a bit sick earlier in the year.”
$20 on cosmetics
$20 on personal services
$8 on dentist. “Covered by insurance.”
$8 on glasses
$583 on travel. “One big trip a year.”
$42 on donations
$83 on gifts. “Christmas and birthdays.”
$50 on wealth manager fees
$120 on health insurance. “For both of us, taken off my pay.”
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.