A Week In Ontario On A $160,000 Joint Income

Today: a nurse working in healthcare who has a $160,000 joint income and spends some of her money this week on underwear for her son.

Occupation: Nurse
Industry: Healthcare
Age: 31
Location: Ontario
My Salary: $60,000
My Husband's Salary: $100,000
Our Net Worth: $225,000 (The value of our townhouse is $420,000 and we have $200,00 owing on the mortgage. My car is only worth about $2,000, but my husband's SUV is worth $26,000. Our RRSPs and savings come to about $21,000.)
Debt: $44,000 (We built up debt during my two maternity leaves, which were close together, and we put bathroom renovations and new floors on a line of credit. Around $11,000 of this total is credit card debt, which we should be able to pay off by December, because I'll get $3,000 extra in pandemic pay that can go towards it.)
My Paycheque Amount (2x/month): $1,550
My Husband's Paycheque Amount (2x/month): $2,500
Pronouns: She/Her

Monthly Expenses
Mortgage: $1,500
Utilities: $250
Car & Home Insurance: $280
Lines of Credit & Credit Card Debt: $440
Car Loan: $500
Childcare: $1,800
Phone: $79.10
Internet: $80
Long-Term Disability Insurance: $66.33
Family Health & Dental Benefits: $146 (automatically deducted from my husband's paycheque)
Netflix: $16.99
Spotify: $10
Both Our RRSPs: $200
RESPs For Two Kids: $50 (When our debt is gone, we want to increase this amount significantly.)

Note: My husband and I share a joint account for all our expenses, which I love. There's no worrying about who pays for what; we just have one pot of money. This works for us because we share two main goals: 1) get out of debt 2) buy a bigger home.

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?
My parents encouraged me to go to school with the goal of learning a skill that would provide a reasonable living.

Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents had a lot of debt, and they openly discussed their financial problems, but they didn't teach me about money. My oldest sister taught me about how to build and maintain a good credit rating.

What was your first job and why did you get it?
I got my first real job, serving at a restaurant, during nursing school.

Did you worry about money growing up?
No. We always had what we needed, even though my parents seemed stressed about money.

Do you worry about money now?
I sometimes feel overwhelmed by our debt. Our kids are only two years apart and, unfortunately, we incurred a lot of debt during my maternity leaves. We're just beginning to dig ourselves out of the hole.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I was 18 when I moved out and went to nursing school. I lived with my sister and her husband who charged me very cheap rent. I had student loans and also had a part-time job. I'm afraid I have no safety net!

You work in healthcare. How has COVID-19 affected your job?
I'm an operating room nurse, and at the beginning of the pandemic, a lot of surgeries were cancelled, so I was redeployed to a COVID assessment centre. I was nervous about working there at first, but I actually enjoyed it. Everyone I helped assess for the virus expressed their appreciation. Since then, COVID-19 hasn't dramatically changed work for me in a day-to-day sense. OR nurses always wear PPE in the operating room anyway, and it's our job to keep the instruments sterile and prepare the equipment for surgery. (Many hands are needed for people to have a successful surgery.) We only wear N95 masks if a patient has a contagious respiratory condition, like influenza, tuberculosis, or COVID-19, and so far, there's been plenty of PPE. Healthcare workers in general are used to dealing with change and coping in emergency situations, and COVID-19 hasn't changed that. It's like a quiet storm raging behind us as we carry on. I'm sure people who work more directly with COVID-positive patients feel differently about the storm being quiet! 

5:30 a.m. — I get up, make drip coffee, and pack a lunch for myself and one for my five-year-old daughter. She's attending a home daycare in lieu of summer camp this year, because the pandemic messed everything up. My three-year-old son attends a daycare with quite a gourmet menu, and I'm thankful for one less lunch I have to make.

6:30 a.m. — I stop for gas on the way to pick up my carpool buddy who pays me in ice cream, an arrangement that suits me well. My husband will drop off the kids at their daycares around 8 a.m. $33

7 a.m. — We arrive at the hospital, and I break my own rule about not buying food at work: I get a bagel with cream cheese from Tim Hortons. I inhale it, plus a hard-boiled egg and string cheese. I'm all about protein because you need a strong stomach to work in the operating room. And you have to eat before you scrub, otherwise you'll feel faint from low blood sugar. $3

10 a.m. — Yay for a break! It's a cardinal rule of nursing that we have to take whatever breaks we can, because we don't always know when the next one is coming. I eat yogurt and finish my coffee. I pay one of my coworkers $15 for lunch later this week. She organizes Thai food delivery every now and then, and it's absolutely delicious. $15

11:30 a.m. — It's lunch time. I'm eating leftover fried rice today. I pay $5 to one of my coworkers for eggs she brought me last week from her parents' farm. They are far superior to grocery store eggs. $5

3:30 p.m. — My carpool buddy and I escape the hospital. On the way home, she treats me to Dairy Queen. Remember what I said about being paid in ice cream? I get a sundae with pineapple sauce, and it's the perfect treat. I pick up my kids from their respective daycares and make a pit stop to grab green onions and oranges that I forgot to get on the weekend. $4

5:20 p.m. — I make orange chicken stir fry with white rice for dinner. My husband and I love this meal, and my kids tolerate it. That's how meals go at our house!

8 p.m. — After the kids go to bed, my husband immerses himself in researching real estate in our area. We're trying to buy a home with my parents, who live in another province. The idea is that we could find a home with an in-law suite, and they could live mortgage-free. We would ask for their help with childcare and get them to retrieve the kids off the school bus. That way, we could redirect the money we'd save on childcare into a mortgage on a home that would work for everyone. It's not going to be an easy search, though, because my parents are beginning to have mobility issues and need a walk-out basement for this plan to work. While he's researching, I place an Old Navy order for my son's underwear and a T-shirt for my daughter. I love shopping for kids' clothes! I'm one of those parents who likes to shop ahead of time. Otherwise you try to dress your child one day and nothing fits them anymore. We head to bed around 10 p.m. $58

Daily Total: $118

12:30 a.m. — My insomnia kicks in. I continue my husband's search for a new house.

5:30 a.m. — I'm up with the birds again. I should really make lunches the night before, but I usually collapse on the couch instead. After I get our lunches ready, I see that the $1,080 daycare payment for my son has been withdrawn. We love his daycare, but wow, we can't wait to put this money into something else.

11 a.m. — I pick up my prescription from the hospital pharmacy. Apparently, the pharmacy forgot to charge me the annual copay from our health insurance the last time. Goodbye $20. $20

4 p.m. — I'm done work and make a pit stop at Winners for my flavoured coffee. I get two bags and do a quick lap of the store. I missed shopping here when it was shut down during the pandemic. $12.80

5 p.m. — I'm a slacker and order pizza tonight. I also get chicken wings for my husband. Everyone's happy! I make my kids strawberry-banana smoothies for dessert. $56

11 p.m. — We stay up much too late watching The Last Kingdom on Netflix, our guilty pleasure.

Daily Total: $88.80

7 a.m. — It's my day off, and I sleep in until 7 a.m. today! I can hear the kids getting up, so I quickly get dressed and pop frozen waffles in the toaster for them. I have grand plans for my day. After I drop the kids off at daycare, I drive about 15 minutes outside the city for four dozen farm-fresh eggs. They cost $20 and are worth every penny. It's true that I got eggs the other day from my coworker, but one dozen won't last my husband, my son, and myself for very long. My daughter won't touch eggs! I'm not sure that I can justify the expense of fancy eggs given our debt, but I'm doing it anyway. $20

9:30 a.m. — When I arrive home, I head to my garden. I planted tomatoes, eggplants, carrots, and beets. The tomatoes are doing well and are so delicious. My husband hassles me about the increased water bill every summer, but come on, these are the best tomatoes in the world!

12 p.m. — I go to Costco because our fridge is empty. I buy milk, yogurt, bread, cereal, tonnes of fruit and vegetables, laundry soap, cheese, Cheerios and Pull-Ups for my son. He's semi-potty-trained but needs Pull-Ups for sleeping. When he quits Pull-Ups, we'll redirect that money. I feel guilty that we only contribute $50 a month to the kids' RESPs and $200 to our RRSPs. Once we get rid of the debt monster, we're going to improve our savings. $186

2 p.m. — While I was out at Costco, my husband took his large SUV to the dealership to have its very bald tires replaced. I hope there are diamonds in these tires for what he paid ($1,000!). This car is a bit much for our budget, but it makes my husband very happy. Last year, my car needed significant repairs, and we spent a lot of money on that. This is another way we added to our debt. Thank goodness we don't have payments on my car anymore. $1,000

4 p.m. — Since it's my day off (treat yourself), I get a latte from Starbucks before I pick up my kids. I should add that my husband and I allow ourselves $100 each every month to spend on what we please. This was a tip I learned from the money guru Gail Vaz-Oxlade. I'm loosely quoting her, but she said it's important for people to have a bit of money that they can spend the way they please without consulting their partner, so nobody feels deprived or upset if the other buys something frivolous. Wise woman. $4.69

8 p.m. — We tuck the kids into bed and sip wine and eat popcorn. As per normal, we chat about real estate. We're not sure if we can pull off this plan with my parents. It would require that we both sell our houses around the time. There are lots of moving pieces, but I'm hopeful we can get things organized in about two years. Hopefully, by then we'll have paid off our debt. My husband recently got a raise, so that's helping immensely.

Daily Total: $1,210.69

5:30 a.m. — It's a work day again. Of course, I didn't manage to pack lunches ahead of time, so that's what I'm doing now: leftover chicken and paneer curry for my daughter and I. We love Indian food in our house.

9 a.m. — My husband and I switched vehicles today because he's taking my car for an oil change. The mechanic recommends replacing the brakes on my car, but our bank account needs a rest. My husband books a brake replacement for next month and pays $85 for the oil change. What an expensive week. $85

4:30 p.m. — I should've left work a long time ago, but my supervisor asked me to do a double shift, so I'll be here for 16 hours, which is looong, but the overtime is hard to resist. A double shift amounts to about $350 after taxes, so I try to take them when they're offered. I order a boring grilled cheese sandwich, a muffin, and chocolate milk from the hospital Tim Hortons for dinner. I have fun with some of the nurses I don't normally get to work with, and I'm happy I said yes to the extra work, even though I'll feel dead in the morning. $10

12 a.m. — Finally home, I eat yogurt and go to bed.

5:30 a.m. — I'm bone tired from my double shift, but off I go. I only pack my daughter's lunch today, because it's Thai food day at work!

10 a.m. — I call my husband on my break. He's off because a real estate agent came to appraise our house. The agent says if we do some landscaping and renovate the kitchen we could likely sell it for $420,000. We bought our house in 2015 for $267,000. It's wild how high housing prices are getting in our neighbourhood! My husband and I burn through my 15-minute break chatting about all things real estate and realize we need more time to pay our debt and do renovations and repairs before selling.

11 a.m. — My green curry lunch is truly the bright spot of my day. While eating, one of my colleagues asks me if I can pick up her on-call shifts this weekend. I say yes, even though it's a hassle to be on call. It means we can leave after our shift if it's not busy, but we can be called back at any time if there's an emergency surgery. We get paid about $25 a day for being on call if they don't actually call us back. I look at it as free money.

3:45 p.m. — I stop by a grocery store for milk, then pick up the kids from daycare. $5

5 p.m. — When I get home, my husband shows me a bunch of storage options for our closet at the front entrance. He's begun (ambitiously) painting the main level of our house grey. It's looking gorgeous, and I can't take the credit. My friend, who has amazing home decor skills, painted her house this shade, and I copied her with her permission. We decide to order a storage bench with hooks from Wayfair for $459, which is pricey, but our house is small and has only a few closets, so we're hoping this will be a good solution for everyone's coats and shoes. $459

5:30 p.m. — My husband has prepared a dish from his country, Ghana: peanut soup with beef and rice fufu (sticky rice balls). Our kids love it, but I would never attempt to make it because it's labour-intensive.

7:30 p.m. — I play Play-Doh with my kids. We're working on getting our five-year-old daughter to do chores around the house, so I insist she help me clean up the Play-Doh-crusted floor (surely, Play-Doh in the cracks of flooring is not good for resale value). I tuck my kids in bed around 8 p.m. and myself around 9 p.m.

6 a.m. — It's Saturday, and I'm due at work at 7:30 a.m. On my way, I spot cheap gas: 93 cents per litre. My tank is only partially empty, but I can't resist the deal. $14

8:30 a.m.— I forgot coffee, and I go downstairs on an early break to get some. It's a weird day and the coffee is needed. A few nurses called in sick, so we're working hard to catch up. $2

3:30 p.m.— It's time to go home! We're going to my brother's house for dinner tonight. He's part of the social bubble we're allowed to have during these strange times. I ask my husband to pick up wine to contribute to the meal. $13

5:30 p.m. — While the adults sip wine, our kids run around in the backyard, having a blast. During the COVID lockdown, my brother built a cool treehouse with a slide and a couple of climbing walls out of scrap materials. He's so handy and creative! Over dinner, we discuss a potential new gig for my brother. He would be cleaning and restocking ambulances. Whomever thought of this job is so smart! It makes so much sense to have someone help get the ambulance ready for the paramedics because they're so overstretched. Interesting fact my brother learned during his interview: If you have a lot of facial hair, you can't wear an N95 mask. 

9:30 p.m. — Back at home, my husband sends his brother and sister-in-law, who are expecting their first child, $150 as a new-baby gift. He consults me whenever he gifts money to his family in Ghana. He helped his brother pay for university and has pitched in for his parents' and grandmother's household expenses. He's committed to helping them, which is very much a part of his culture. Good thing Canadian dollars go much further in Ghana! $150

9:30 p.m. — Online, I order four masks (one for each of my kids and a matching set for my husband and me) from one of my coworkers who has a sewing business on the side. They cost about $60 total. Never in a million years did I think we'd all be wearing homemade masks everywhere we go. My husband and I chat about his family's health. Apparently, his parents and two brothers all had COVID symptoms for the past two weeks, but it's challenging to get tested where they live, so they're assuming they have it. I don't know if there's a country that hasn't been affected by the pandemic. The positive news? They're all improving, and his brother's very pregnant wife is the only one who doesn't have symptoms. We head to bed because I'm due at work tomorrow morning. $60

6:20 a.m.— Oops, I slept in! I can still make it on time, but there's no time for elaborate lunch packing. I throw a frozen meal in my bag and go.

10 a.m. — I make a snap decision on my break to order four new shirts from Ricki's online. I'm pleased with my choices! $86

1:30 p.m. — We're super-busy, and I'm eating lunch late. Sometimes weekends get wild like this. I eat my defrosted pasta in the break room alone. Honestly, I don't mind the peace and quiet. The OR can be a loud place. There are always people talking and machines and alarms and doctors' pagers going off. I can't wait to get home and relax. I miss my husband and kids when I work weekends. Here's hoping I can escape despite being on call after my shift.

7 p.m. — I make it home! I had to do an hour of overtime. We make hamburgers and frozen fries for dinner. All the overtime has made this week feel long. After dinner, we squeeze in a family walk because it's so nice out, and my five-year-old recently learned how to ride a bike. We all go to bed around 8:30 p.m. tonight. Working full time is tiring, especially when you also have young kids, but we make it work. One life lesson my husband and I learned the hard way is acquiring debt. But we're making progress and tackling it together!