A Week In Montreal On A $95,000 Salary

Occupation: Consultant
Industry: Marketing
Age: 37
Location: Montreal
Salary: $95,000
Assets: $27,127 invested; $89,370 in TFSA; $67,848 in RRSP; $5,000 in savings accounts.
Debt: $0
Paycheck amount (2x/month): $2,595
Pronouns: She/her

Monthly Expenses

Housing costs: $615 (my landlord is a family member, which affords me stability and affordable rent).
Loan payments: $0
Streaming services: $69 (Crave, Prime, Disney+, Spotify, Paramount Plus).
Investment: $800 for RRSP, the equivalent of a 401(k).
Metro card: $69 (subsidized by work).
Phone: $0 (paid by work).
Internet: $57
Patreon: $24 (two podcasts).

Shared bike: $86 (subsidized by work).
Tire change & storage: $532 (mandatory in Quebec).
Insurance: $890 (car and tenant).
Gym: $160

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?
Definitely. There was never any question that I would go to university, although it was entirely up to me for what. My parents paid for my undergrad, which I did locally, allowing me to live at home during that time. Thankfully education is fairly affordable in Quebec (I think my whole bachelor degree came up to $8,000). I completed my PhD in the US in a fully funded program, which included a fee waiver (so no tuition) and a small stipend ($14,000), just enough to get by.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My relationship to money was greatly influenced by the disparity between my parents’ backgrounds growing up. My father comes from a bougie family, which gave me a window into a high-class life, while my mother comes from a modest background and always kept me mindful of my privilege. My mother always made sure we lived under our means and it’s something I’ve kept with me.

What was your first job and why did you get it?
I got my first job because my mother told me to! I was very happy hanging out at home for the summer but she thought it was time I got a student job to learn about responsibility and start paying for my outings. With plans to become a doctor (lol) I found a job as a receptionist in a walk-in clinic, which was a very formative experience (dealing with sick people who are NOT happy to be there).

Did you worry about money growing up?
No, we were well-off and I was aware of it. I’m aware that’s a great privilege but it seemed very normal at the time. I went to private school and a lot of the families seemed to be doing better than we were (bigger houses, trips to Europe every year) but it didn’t bother me because my mother really taught me that we were lucky and that we should be content with what we had.

Do you worry about money now?
Not really. I have a stable job and quite a bit of money in savings; moreover, I don’t have any financial burdens. I do worry about retirement. I don’t know what that’s gonna look like for millennials and sometimes it feels like we’re gonna be stuck working forever, even though I know I’m in a good financial position right now, at least compared to most of my friends.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I became mostly responsible for myself when I moved away for grad school. I was in charge of everything but my parents did contribute financially to help me make ends meet once in a while. When I graduated, at 27, that’s when I was completely financially responsible for myself (when I had a full-time job). However, I know my parents, and even my sisters, would be there for me if I fell on hard times. I’m lucky to have a strong support system.

Do you or have you ever received passive or inherited income? If yes, please explain.
What really made a difference for me financially is an inheritance I got from my godmother who passed away when I was a baby. No one knew she had savings and surprisingly she left me $20,000. This was hidden from me until my grandmother slipped up when I was 16 (even then, they wouldn’t tell me the amount). My mother didn’t want me to know about the inheritance because she didn’t want it to affect my perception of money and work. By 18, the money had grown to $60,000 and I kept it invested as is. It did help me orchestrate my move to the US for graduate school and buy a car at 21. I haven’t touched it since, and have been contributing to it monthly. I’m now considering buying a condo and the down payment would mostly be financed by that inheritance.

8:30 a.m. — I’m meeting clients later today and since they’re coming in from out of town, I decide to treat them to nice pastries. This delicious bakery opened basically in my backyard and it has become a problem (croissants in the morning are too easy). I make a fun selection of dessert pastries and head to work by metro. $26.56 (expensed).

12 p.m. — I meet my clients for work and while I expected to pay, they end up treating me to lunch. We spend a nice time chatting and enjoying a long Friday break before they head out and I start working again. I steal a can of soda from the office fridge to get some energy to finish the week.

6 p.m. — Back at home, I have nothing to eat for dinner. I’m going to see a movie with my sister and my niece so I try to invite myself over. Turns out, they have barely enough for two — my attempt at munching is unsuccessful. In a moment of despair, I look at restaurants around my place and see the little bakery. I head over there and they have quiche and feuilletés! Perfect quick dinner on their small terrasse before heading out for the night. $11.64

7:30 p.m. — We take the metro to the movies and when we get there, my sister buys my ticket before I can say anything. I try to transfer her the money (the 3D ticket is so expensive!) but she insists it’s fine. In exchange, I buy popcorn for everyone. $12.94

9:30 p.m. — On the metro home, I suggest we stop and get some ice cream (soft serve in Montreal is the best). My sister is tired and heads home but my niece comes with me and we both get cones that we enjoy on the terrasse there. $11.80

8 a.m. — Today is payday so I start the day by paying off my credit card. This way I know it’s paid off and how much money I have for the next two weeks.

10 a.m. — I’m going to my friend G.’s for brunch so of course I stop by the bakery for pastries. I drive as she lives a bit further from me on a commercial street (by now I know all the free parking spots so I avoid the meters). We eat on her patio and hang out for a few hours. $11.87

3 p.m. — G. and I head out for mani/pedis, a rare treat for me. I want to splurge for a cute design but turns out they only do designs with gel polish (which I don’t do because I feel like it just damages your nails) so I just go for a normal colour. G. has (as usual) forgotten her wallet so I pay for her and she transfers me her portion right away. $70

3:30 p.m. — Walking back to G.’s place, we stop for tea and coffee at a cute Turkish spot. I get a mint tea and pay for G.’s tea since she fed me lunch. $17.51

4 p.m. — G. lives by the best farmers’ market. We head over there so that I can buy some groceries for the week. Our friend R. meets us and we grocery shop together. I’m going to my mom’s for dinner and I decide to treat her to something nice. I buy two lobsters (it’s only lobster season once a year, can’t miss it!) and vegetables. $87.16

5:30 p.m. — I leave the market and pay for the $5 parking. $5

8 p.m. — After dinner, my mom asks me to take care of a toll bridge fee we incurred while going up north the previous weekend (paying bills online is not her forte). She wants to use her card but I use mine since it’s already saved in my phone. $10.52

9 p.m. — Later, while watching TV, I go online and get pre-approved for a mortgage. I’m considering buying a condo but I can’t make up my mind. I first try with TD, which gives me a $375,000 budget. I was looking at budgets up to $399,000 so this makes me rethink what I can afford. I try with BMO and they pre-approve me for $452,000. The discrepancy worries me. I need to make a real budget, something I’ve never really done. How much money do I need to still enjoy my life? I don’t know!

10 a.m. — I’m out of some essentials so I go to the zero waste store to grab what I need. I refill my shampoo, laundry detergent and dish soap and while the price tags seem a bit salty, I remind myself that I have enough for basically a year so I rationalize it away. $60.27

10:15 a.m. — I stop by Tim Hortons next since I didn’t have breakfast. I get a couple of toasts with cheddar cheese. They accidentally charge me extra but catch the mistake on their own and reimburse me. $3.09

11 a.m. — I meet up with my friend R. at a coffee shop to get some work done. I was sick this week and my boss was off — being a team of two is great most of the time but it does have some downsides! I have a deliverable due tomorrow so I need to get this done today. Thankfully, R. is back in school so I have company. I get a chai latte while I work. $7.20

2 p.m. — I spot an open house close to the coffee shop. I abandon all my stuff with R. and head over to the visit. It’s actually really nice and in a cool neighborhood and I spend quite a bit of time in the afternoon wondering what I should do. I make a budget and again wonder what money I need to still live comfortably. I decide not to make a rash decision. First, I need a financial advisor and a real estate agent because I feel quite helpless right now.

4 p.m. — I end up eating dinner at the coffee shop (grilled cheese, lemonade, tortilla chips and salsa) while I keep working. R. and I end the day planning a trip to Europe. My priorities are all over the place! $34.96

8 p.m. — It’s been a while since I’ve done a proper grocery run. I stop by and get some much-needed essentials. $84.52

9 p.m. — At home, I eat an artichoke and some corn on the cob and watch Evil. While watching some TikToks about crossword puzzles (I have an eclectic fyp) I decide to subscribe to NYT Games. There’s a special going on and I get a whole year for only $15 (plus tax). I rationalize that I could be influenced to buy far worse things. I unsubscribe immediately to make sure it doesn’t automatically renew unbeknown to me in a year. $17.24

11 a.m. — When I wake up this morning, it’s the day of the month when my bangs are too long and I have to get them cut immediately. I’m able to get an appointment close to home (I’m working from home today). I grab a city bike and get my bangs trimmed just enough to last me another month. $11.50

12 p.m. — I bought some ricotta and tomatoes yesterday and I’m just missing some bread to make the best toast for lunch. I head over to the cute bakery to get some bread. $6.50

7 p.m. — Monday night is quiz night! I head over there and pay the meter. $4.42

8 p.m. — During the quiz (and after winning the first round!) I grab dinner at the bar. Pogos and chips — not my best meal. $21

8:30 a.m. — Wake up a bit late but I am still able to grab toast at home. At work, I grab a croissant at my client meeting, which fills me up until lunch.

12 p.m. — I brought lunch for work today and I head up to the terrasse with my colleagues. I chat with D. about whether or not I should buy a condo. Should I get a financial advisor? Am I better off renting? S.’s boyfriend, who is 25 years old, has a budget of $600,000 for his condo. How?

6 p.m. — I head home and stop by an estate sale I spotted in the neighborhood (I love estate sales). The people are in a “let’s get rid of everything” mood so they give me everything I grab for free! I get a couple of trinkets, it’s pretty nice.

6:30 p.m. — As I’m about to head home, I text a friend who just moved and that I haven’t seen in a while. She’s free but I have to leave promptly at 7:30 p.m. (she has a baby). I get to see her new place and play with her kid.

7:30 p.m. — I head out and call R. in the car. We chat for an hour, until I’m too hungry. I make dinner (ricotta toast and avocado toast). I bought some cucumbers and don’t know what to do with them so I make overnight spicy Asian cucumber salad for lunch over the next few days (I’m working on reducing my food waste).

8 a.m. — I grab a quick breakfast at home before heading to work by metro. I don’t have meetings this morning so I get to concentrate on getting things done.

12 p.m. — I brought lunch from home (including that cucumber salad). Today we eat inside because there’s a ridiculous heat wave in Montreal.

5 p.m. — We have a client event at work so I spend all afternoon in really interesting conferences, followed by a catered happy hour. The liver pâté is ridiculously good and I eat way too much.

8 p.m. — One of my clients is actually G.! We go out for drinks and bites after the event with some other friends/colleagues to hang out for a while. Our office is close to Chinatown, which we try to explore more. We go to a cool place with a rooftop terrasse but it’s so hot we decide to eat inside. $40.37

8 a.m. — I grab a quick toast at home before heading to work.

10 a.m. — It’s a chaotic day today: There’s a big client event and we have the summer party tonight so chairs, desks and sofas are being moved left and right. I find a corner to hide and get work done.

12 p.m. — I’m having lunch with my father today. He also works downtown so we try to meet up about once a month. We always go to the same Irish pub and he always insists on paying. The owner recognizes him (he’s been going there for years) and gives him a cap for being a loyal customer. It’s a nice moment and he puts it on the moment we head outside.

1 a.m. — I work all afternoon, until the party. It’s a lot of fun! We eat, we dance, we chat, we sing (very loudly), we drink. Once we’re tired, three of us who live in the same neighbourhood grab a taxi together. E. is the last on the route. She’ll pay and expense it for all of us.