A Week In Ottawa, Ontario On A $83,801 Salary

Occupation: Advisor
Industry: Federal government
Age: 31
Location: Ottawa, Ontario
Salary: $83,801
Assets: $50,634.65 (CPP account: $45,008; checking account: $3,360.55; savings account: $2,266.10)
Debt: $14,700 (student loans)
Paycheck Amount (Every second Wednesday): It varies, but around $2,050
Pronouns: She/her

Monthly Expenses
Monthly Housing Costs: Rent: $1,710.41 (split with my partner, J.)
Hydro: ~$55
Internet: $56.50
Renter’s insurance: $27 (this is mandatory; J. pays). J. and I split household expenses but otherwise do not share finances.
Monthly Loan Payments: $700 in student loans (paid to my mom, who paid for schooling at the time).
All Other Monthly Expenses
Netflix: $27.66 (I pay for a family plan for my parents and siblings, and they in turn cover Amazon Prime, Disney+, AppleTV, and Crave)
Spotify: $12.42
Cellphone Plan: $62.15
Bank Account Fee: $10.95
Car Insurance: $138 (J. pays)

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?
Absolutely. Both my parents attended higher education so it was only natural for myself and my three siblings to do the same. My mother, who is the breadwinner of the family, wanted us to focus on our studies, so she covered all our undergraduate programs at the time, with the expectation that we’d pay it back once we had secured a full-time job. My mother graciously took off $10,000 (twice!) once I showed I was reliably and responsibly paying her back through monthly e-transfers.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Growing up in a family of four kids, my parents made it clear that we did not have a lot of disposable income, so money was spent on needs rather than wants (barring special occasions and summers at a cottage). I only became interested in learning about finances after I graduated from university but I think my parents would have answered any questions I had, had I been more eager to learn about it.

What was your first job and why did you get it?
I was a babysitter for one of our neighbour’s kids from 14 to 16 after my older sister could no longer babysit while she was at university. I took the job to help me indulge my desire to buy clothes, beauty products, and sweets.

Did you worry about money growing up?
I did, because I was under the impression that my parents did not have a lot of money. However, as I got older I realized my parents needed to put money into a savings account since my mother’s job, while high paying, did not have a pension plan. Additionally, I only understood as I got older that they were saving up to pay for all of their kids’ post-secondary schooling while we were in school, which included teachers college for two of my siblings, and up to a doctorate for my third sibling. I was a bit of brat in the sense that I did not understand how much of their money-saving efforts were for mine and my siblings’ benefit because they would not indulge my ever-changing interests and desires at the time.

Do you worry about money now?
A little. We pay very little for such a spacious apartment in downtown Ottawa. However, my partner and I dream of having a backyard and a parking space, and a place to eventually start a family, so we’re penny-pinching where we can to be able to afford to either rent a larger space or put a down payment on a house. Rent is exorbitant virtually everywhere in the National Capital Region (we both want to stay in the area) and the cost of living keeps going up, so that’s always in the back of my mind. Plus, we’re both paying off different debts so the idea of making a down payment seems like a pipe dream.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself at 22, when I moved out of my parents’ house. I know my parents would step in in a heartbeat if I needed financial support and I am extremely grateful for that.

Do you or have you ever received passive or inherited income? If yes, please explain.
My siblings and I received $1,000 each when my grandmother passed away in 2017.