This millennial finance worker should spend more on herself, even though she just bought her first home
“I’m not going to lie, it scared me a little bit,” said Elizabeth, whose monthly income was temporarily boosted because she received her last paycheque and CERB in the same month. “I sat there when it was at its worst in April thinking about how I had plenty of money to see me through and I thought to myself: ‘Don’t waste that.'”
“If she doesn’t feel like it’s particularly draconian, this should be a doable budget for her,” said O’Leary, who is currently doing pro-bono planning for similar people in need. When she returns to work, she’ll be earning about $5,200 after tax, he estimates. About $1,470 of that will go to repaying her government student loans and a near $50,000 line of credit. If she never misses a payment, she’ll be debt-free in five years. Next, O’Leary wants $500 directed to a TFSA which can then be invested with a robo-advisor, he said. In five years, she’ll have more than $20,000 accumulated here, he calculates.
$100,000 isn't even a good salary.
180% debt to disposable income in a nut shell.
me too
Women aren't that great at saving money