A Week In Toronto, ON, On A $120,000 CAD Salary

A Week In Toronto, ON, On A $120,000 CAD Salary

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Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last penny.

Today: a marketing and communications manager who makes $120,000 per year and spends some of her money this week on pancakes.

Editor’s Note: This is a follow-up to a September 2019 Money Diary entitled “A Week In Toronto, ON, On A $90,000 Salary.” You’ll want to read that first, here .

Currency is written in CAD

Occupation: Marketing & Communications Manager
Age: 33
Location: Toronto, ON
Salary: $120,000 (plus a bonus of up to 15%)
Net Worth: $135,015 ($22,910 in emergency savings, $2,000 in a YOLO account, $27,865 in a TFSA, $47,090 in an RRSP, and $35,150 in LIRA)
Debt: $0
Paycheque Amount (2x/month): $3,325
Pronouns: She/her

Monthly Expenses
Rent: $1,417 a month (This includes rental insurance. I live in downtown Toronto with my sister in a two-bedroom, two-bathroom condo. I love it!)
Internet: $55 (my half)
Phone: $90
Bank Fees: $15
Spotify: $3
Life Insurance: $17.09
Donation Account: $200 (This is a fairly new expense that I actually learned from another Money Diary! I used to donate sporadically here or there, but I realized that if I organized this as its own fund, I could better structure my donations to different organizations.)
Savings & Investments: $1,230 (I just calculated that I saved an average of 37% of my income per month in 2021.)
Family Support: $275 (I contribute this amount, as do my siblings, toward my mom’s monthly expenses, ranging from self-care activities, unexpected home expenses, dining out with friends, etc. My mom decides what she does with it.)

How has your life and financial situation changed since your last Money Diary?
Firstly, I jumped $30,000 in salary at a new job, so we love that for me. I’m so proud of my negotiation skills. I cannot stress enough how important it is to negotiate during the interview process – future you will love you for it! I also put a hold on purchasing a property. I realised I shouldn’t buy unless I’m prepared to stay in a property for at least five years. It’s not a no; it’s a not right now. In my previous diary, I also mentioned matching with M. on Tinder. We got pretty serious over these past two years, but unfortunately, we just broke up. Sighhhh, millennial dating.

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?
Not really. My mom was fairly hands-off when it came to our education, but she was always supportive of my and my siblings’ dreams. We all pursued post-secondary education of our own volitions. I did a bachelor’s degree, and I’m the least educated person in my family! I funded it through student loans and working each year. It was tough. I worked two jobs while attending school full-time (10/10 do not recommend).

Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances? We didn’t discuss money aside from the basic notion of frugality. I understood money was tight and not to ask for much. When I got my first credit card, my mom found one of my maxed-out statements, and I got it together after that lovely conversation. What was your first job and why did you get it? My first job was at a movie theatre. It was a blast, although I was making $6 an hour. I used my income for pocket money, to purchase phone cards (#TBT), and monthly bus passes. I have six siblings, and we had a sweet tradition in my household: Once you got your first paycheque from your first job, you threw a pizza party for the family. It was bittersweet when the youngest family member had her pizza party. Did you worry about money growing up? Yes, I did. I understood money was extremely tight and tried not to ask for things. However, my mother and older siblings did an excellent job of sheltering the younger kids. It was a protective environment. We were BROKE broke, but I have memories of picnics in parks and movie nights at home. I also quickly learned about the various social safety nets available to people […]

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