A teacher in Muskoka, ON

We are now paying $ 150 for all future published money journals! Read the details here and submit your diary here.

Today: a teacher who works in education who makes $ 71,700 a year and who spends some of her money on cryptocurrencies this week.

Occupation: Teacher
Industry: education
Age: 29
Place: Muskoka, ON
Salary: $ 71,700
Net worth: $ 27,600 (I have around $ 3,800 in various assets through Wealthsimple and I always have at least $ 2,000 in my checking account. I recently opened a high-interest savings account with $ 800 and I pay one biweekly I also have an RRSP and a TFSA through my main bank totaling $ 22,000.)
Fault: $ 5,342 (This is a line of credit I opened seven years ago to pay off my student debt. It started at $ 50,000)
Paycheck (2x / month): $ 1,795
Pronoun: You / you

Monthly expenses
Rental fee: $ 650 (I’m renting a room from a coworker / friend. I have my own bedroom and bathroom, but the rest of the house is shared with my friend and her boyfriend. This includes utilities, especially our ridiculously awful internet – hurry up, Starlink !)
Credit line: $ 350 (I also try to make flat payments every few months.)
Car insurance: $ 96
Life insurance: $ 16.50
Health and Dental Benefits: $ 0 (It’s included in my apprenticeship contract and I don’t pay for it.)
Mobile: $ 40
Car payments: $ 214
Teacher’s pension: $ 286.67
Netflix: $ 0 (still smuggling me off my parents)
Savings: $ 800 ($ 600 is automatically deposited into my TFSA and RRSP accounts, and $ 200 goes to a high-yield savings account.)

Annual expenses
TeuxTeux: $ 30 (It’s an organization app. I’m still wondering whether I really need it or not, but I’ve settled on one year.)
Headspace: $ 90 (Because COVID stressed me out!)
Amazon Prime: $ 79 $
Ontario Teaching Certification: $ 170

Was there an expectation that you would go to college? Have you attended a university education? If so, how did you pay for it?
My parents would have supported me no matter which way I chose; However, I always felt destined to be a teacher, so post-secondary education was in sight for me. I have a BA and B.Ed and recently completed my M.Ed (online, part-time). My parents only had a few thousand for school, so I paid the rest by having two jobs and taking out government loans that I almost finished paying off.

What kind of conversations did you have as a kid about money? Did your parents / guardians give you financial advice?
I don’t remember receiving any explicit lessons on finance other than “save, save, save”. Ever since I started making my own money, I’ve had to decide what to do with it. My parents advised me to save a certain portion of my paycheck, but I rarely did that when I was a teenager. However, I picked up inadvertent lessons from them because they argued in front of my sister and me about money. My mother was always upset that she was the main breadwinner in the family. From this I learned that if I ever got married, I should keep separate bank accounts and negotiate the split of the bills, although I’m still not sure that this really worked for my parents. They have been married for over 30 years and are still fighting over finances.

What was your first job and why did you get it?
My first job was as a saleswoman in the household goods department at Zellers. Do you remember Zellers (RIP)? I was 15 and it was a great first job. I was the youngest person in my department at half a century and worked with about five different women named Linda. Among the many things I learned was how to fold a towel 10 different ways. I got this job to make money traveling, which I did for myself when I was 16.

Did you worry about money growing up?
As the saying goes, my sister and I “never grew up without”. Although we did not live abundantly, we could go on excursions occasionally and the kitchen was always full of food. We bought second hand clothes a lot (which I still do) and I don’t remember my parents ever buying food when we went to the movies (a mark of the bourgeoisie in my opinion) but made for money i never worry as a kid.

Are you worried about money now?
Yes and no. I’m not worried about paying my bills or having enough to book a last minute vacation. But I often feel behind other people my age. I have no property, no large investments, and I struggle to read and understand financial literature. I worry that I will never be able to catch up with some of my friends financially unless I start a side gig soon or make big changes.

At what age are you financially responsible for yourself and do you have a financial safety net?
I’ve been financially responsible for myself since I left home for high school when I was 17. I had to borrow money from my parents every now and then when I was in need, but I always paid them back quickly.

Have you or have you already received passive or inherited income? If so, please explain.
With the death of my grandparents, I’ve made a few thousand dollars every now and then over the years.

source https://collegeeducationnewsllc.com/a-teacher-in-muskoka-on/