June 28, 2022

Supply: iStock/The Globe and Mail

Paycheque venture is a non-judgmental take a look at how younger adults in Canada are spending their cash. If you want to take part, ship us an e-mail.

Identify, age: Ishaan, 21

Annual revenue: $30,000 from belief fund, part-time work

Debt: $0

Financial savings: $29,000 in financial savings account; $1,500 in TFSA

What he does: Graduate scholar

The place he lives: London, Ont.

High monetary concern: “South Asians are very danger averse; I haven’t had the psychological capability to make an funding. Being wealthy shouldn’t be a objective in my life in any way. My objective is to work, work, work and earn and save.”


Ishaan doesn’t need the life-style of his twentysomethings classmates who reside paycheque to paycheque. The Indian-born enterprise scholar, who moved to Canada from Dubai in highschool, is concentrated on saving as a lot as doable.

Now in his ultimate yr of graduate faculty in London, Ont., he’s lucky to have his worldwide scholar charges and residing bills largely coated by a belief fund arrange by his late father. He additionally works part-time, and says his monetary objectives embrace paying for journey, presents for his household and the peace of thoughts that comes with seeing a wholesome steadiness in his checking account.

“South Asians are very danger averse,” he says. “Even the typical, low-income household in India – let’s say it’s a cleansing woman making $700 a month – she may have $6,000 in private financial savings,” he says. “Canadians reside with far more uncertainty.”

Ishaan has dabbled in investing, however chooses to place his cash – when he can – in a daily financial savings account.

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“I’ve been working so much – I haven’t had the psychological capability to make an funding,” he says. Plus, his one funding foray – shopping for $2,000 of Shopify inventory initially of the pandemic – didn’t go too effectively. “I’m down $1,700,” he says. “I vow to by no means try this once more.”

Ishaan at the moment works roughly 20 hours every week in a number of banking jobs and has obtained honorariums. He’ll begin a full-time advertising and marketing position with a giant financial institution this summer time postgraduation, with an revenue of $70,000.

He says he plans to work in a monetary advertising and marketing position, with a objective of incomes $250,000 a yr by age 35. “I’ll chase the profession after which the cash will come,” he says. “My objective is to work, work, work and earn and save.”

Ishaan additionally likes to journey, spending on experiences fairly than materials items. Previously six months he’s been to Ottawa, Vancouver, Whistler, B.C., India and Dubai. “Once I go to Dubai, I convey $1,500,” he says. “I don’t need my mom spending her cash.”

He plans to maneuver to Toronto this summer time for his new job, which he is aware of will elevate his value of residing. He at the moment pays $700 for a one-bedroom condominium, and drives a 2008 Nissan Versa, that he purchased used. He splurges on takeout, the odd bubble tea and clothes.

Ishaan is glad along with his life in Canada, which he says has modified him: “I worth egalitarian societies, which is why I like Canada.” However his drive to save lots of, coupled with an absence of materialism, is what units him aside. “I’m very targeted on saving,” he says.

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“Being wealthy shouldn’t be a objective in my life in any way.”


His typical month-to-month bills:

Investments/financial savings = $0

$0 to tuition. “I misplaced my father once I was 9. He saved cash for me – my tuition for college is paid for by his financial savings.”

$0 on investments. “I don’t need really feel like transferring cash from my financial savings account to an funding account after this episode with Shopify.”

Family & transportation = $1,180

$700 on hire. “I reside in residence in a one-bedroom.”

$100 on gasoline. “I prefer to discover small cities in Southern Ontario.”

$215 on automobile insurance coverage. “I bought my automobile sooner or later after getting my G2 licence – I’m a brand new driver. It’s a 2008 Nissan Versa hatchback. I like my automobile very a lot.”

$30 on automobile repairs.

$90 on cellphone. “It’s 4G limitless calling pay as you go with Chatr Cell.”

$45 on Web.

Meals & drink = $460

$250 on groceries. “I used to prepare dinner once I lived off residence. Presently, my groceries are snacks or extra fruit. Or frozen meals I can prepare dinner on the spot.”

$150 on consuming out. “I normally go to a low- to medium-priced restaurant. I’m going to an Indian restaurant if I’m in search of consolation meals, or for Greek or Thai. Or a fast-food place that provides falafels.”

$10 on alcohol.

$50 on espresso/tea. “I principally go to Tim Hortons however I like bubble tea too. I’d by no means go to Starbucks – they’re charging unimaginable margins.”

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Miscellaneous = $557

$7 on Netflix. I like British and American dramas, like The Crown. Or any content material coming in from the Indian market.”

$85 on clothes. “I don’t purchase garments in Canada – once I go to Dubai, I convey $1,500 and that covers some clothes and different bills.”

$40 on programs.

$90 on presents. “When my mother comes to go to, I pay for her ticket. Just a few weeks in the past, I purchased her a microwave.”

$335 on holidays. “In January I went to Ottawa and Montreal. In February I went to Vancouver and Whistler. In November I went to India. In December I went to Dubai. I want spending on experiences fairly than objects.”

Complete month-to-month: $2,197

Annual bills:

Well being & health = $800

$250 on sports activities and hobbies. “Throughout the summer time I prefer to go to metropolis swimming pools, play minigolf or watch theatre. I additionally play tennis.”

$350 on haircuts. “I used to spend $20 on a haircut. Now I’m going to a barely higher place – it’s $50 per haircut, seven or eight instances a yr.”

$150 on dentist visits

$50 on prescriptions


Some particulars could also be modified to guard the privateness of the particular person profiled. We wish to thank him for sharing his story. Are you a millennial who want to take part in a Paycheque Undertaking? Ship us an e-mail.