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Name, age: Grant, 25
Annual income: $75,000
Debt: $17,477 student loan
Savings: $5,650 in savings account, $22,000 in tax-free savings account
What he does: Government relations for a utility company
Where he lives: Ottawa
Top financial concern: “It’s hard not to say home ownership. It’s this big looming thing that makes me feel if I’m not doing the right things now, it will never happen.”
During his undergraduate degree, Grant delayed having some fun in the first few years to save money and set himself up for the future.
Even though he was keen to get out into the world, he chose to attend the University of Guelph, where his dad worked, granting him free tuition. Grant lived at home for two years before getting an apartment with friends.
“That was one of the first financial sacrifices I think I made – giving up that residence-life experience,” he said. By the time he moved to Toronto for graduate school, he felt he had a handle on his finances.
“I didn’t feel as bad spending $40,000 on a master’s degree, and paying Toronto rent and Toronto living expenses,” he said.
He got an internship in Ottawa after graduating, then landed a full-time job. He and his girlfriend live in a basement apartment downtown.
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Now in his mid-20s with a good job, Grant still wrestles with competing ideas of saving versus enjoying life while he is young.
“I am just fearful that in 10 to 15 years, I will look back on my 20s with regret that I didn’t do enough, or the opposite, where I find myself in a difficult financial position when it comes time to think about kids, homeownership and retirement planning,” he says.
Grant says that pressure comes from his peers, social media and news coverage about workers being replaced by artificial intelligence.
“Some people I admire work really hard and have this ‘grindset,’ where they do what they have to do to get ahead,” he says, adding that his generation has been fed “the idea that there are going to be no jobs.”
Grant says having his savings deducted automatically from his paycheque helps him feel better about spending money on fun stuff.
“My partner and I will spend 150 bucks on dinner, three or four nights a year,” as a treat, he says. “We’ll still go out otherwise, getting a drink or an appetizer, but not both.”
His typical monthly expenses:
Investment and savings: $1,327
$527 to work pension. “Defined benefit.”
$800 to TFSA. “I still have a lot of contribution room, which in part comes from waiting to enter the workforce and choosing to go back to school.”
Servicing debt: $170
$170 to student loan. “Interest-free federal portion. Going low and slow.”
Household and transportation: $1,585
$1,100 to rent. “We pay $2,200 monthly for a two-bed, two-bath basement apartment.”
$27 to renters insurance
$80 to electricity. “My partner pays gas. Water is covered in our lease.”
$200 to gasoline
$42 to car maintenance. “It is my partner’s car. I help her out with the cost.”
$15 to transit. “We are very central and do a lot of walking.”
$25 to Uber. “Ubers are also weirdly cheap in Ottawa.”
$0 to cellphone. “Still on the family plan. Thanks, Mom.”
$96 to internet
Food and drink: $540
$250 to groceries. “$500 for our household.”
$30 to coffee shops
$200 to restaurants
$60 to alcohol. “Beer when heading over to a friend’s place and a cheap bottle of wine with dinner every now and then.”
Miscellaneous: $2,204
$1,246 to payroll deductions
$150 to going out. “By far, the hardest part of my budget to police.”
$55 to streaming services. “Streaming bundle through Bell for TV shows, sharing a Sportsnet account with friends, my partner and I split the cost of DAZN to watch football.”
$30 to other apps. “Spotify, Globe and Mail, Apple storage.”
$25 to electronics
$50 to clothing
$50 to sports. “Summer rugby club and City of Ottawa pickup hockey in the winter.”
$60 on hobbies. “Card game once a week, backpacking gear.”
$40 on haircuts
$15 on cosmetics. “Shampoo, conditioner, face wash.”
$4 on dentist. “I have pretty great coverage through work.”
$4 to prescriptions
$333 to vacations
$13 to donations
$100 to gifts
$16 to credit card fee. “Amex Cobalt.”
$13 to sports betting. “$25 a few times per year on FanDuel and we usually have a $25 buy-in for our fantasy football leagues.”
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.