Name, age: Jayaram, 32
Annual income: $140,000 plus $10,000 bonus
Debt: $0
Savings: $4,789 in savings account, $9,430 in tax-free savings account (TFSA), $19,358 in registered retirement savings plan (RRSP), $10,983 in first-home savings account (FHSA), $38,247 in non-registered investments
What he does: Financial reporting at a publicly traded company
Where he lives: Downtown Toronto
Top financial concern: His investment growth. “When the tariffs were announced and everyone’s gains were wiped out, it was not fun.”
Jayaram, 32, is new to Canada and is building a life in Toronto.
“There’s a whole sort-of reset that happens when you end up moving out of a home country,” said Jayaram, who is from India, but has also lived in Singapore and Hong Kong. He has a job in financial reporting that pays about $150,000, and has been here for about a year, but has found it hard to develop a network.
“When you come here as a student, the opportunity to build connections and develop a network is a little easier…,” he says. “Moving here for work is as good as saying a pretty permanent goodbye to what you knew and hello to what you don’t know.”
Jayaram knew a couple people living in Toronto and has a brother in Boston. His girlfriend lives on the East Coast. He lives alone in a 500-square-foot apartment in a busy area, and pays $2,400 a month in rent. His vegetarian diet and habit of cooking at home keeps his grocery costs low, at about $229 a month.
Among the routines he’s developed here is near-daily yoga classes from an instructor in India through YouTube. He pays about $5 monthly for a subscription. “It’s much more affordable compared to what you would get in yoga studios here,” he said.
Jayaram’s experience in financial tracking and reporting is evident in the detailed handle he has on his personal balance sheet. He puts about $2,000 a month into savings and investments – whatever is left after his expenses.
Despite his strong position, he says he’s always second-guessing his financial strategy.
“I have been told that the rate at which my investments are growing now is pretty good,” he says, “and I know I am pretty privileged to be able to put away most of my paycheque, or a substantial amount. But the worry that I face is, despite doing that, should I be doing something else? Should I be investing in specific stocks?”
He says the uncertainty in the markets brought on by the U.S. tariffs has triggered even more anxiety.
His typical monthly expenses:
Investment and savings: $2,101
$2,101 to various savings. “Any excess is invested into RRSP/TFSA/FHSA/non-registered investments.”
Servicing debt: $0
Household and transportation: $3,465
$2,400 to rent
$28 to renters’ insurance
$80 to utilities
$263 to home improvements. “Reed diffusers, container stool, IKEA purchases, posters/paintings.”
$104 to gasoline. “I don’t own a car, so this is entirely for rental cars.”
$276 on rental cars. “Visits to my brother in the USA, occasional road trips.”
$50 on transit. “Monthly average for Presto card recharge.”
$130 on Uber or Lyft
$22 on toiletries and cleaning products
$52 on cellphone. “From Fido, after factoring in their recent price hike.”
$60 on internet. “From Rogers, after factoring in their recent price hike.”
Food and drink: $612
$229 on groceries. “Mostly fruits, vegetables, breakfast items (cereal, bread/bagels), oat milk, chocolates, rice, and pulses/lentils.”
$11 on hot chocolates at Starbucks. “I don’t drink coffee or tea.”
$332 on restaurant food. “Meals ordered in through DoorDash or going out with friends.”
$40 on alcohol. “When I go out with friends.”
Miscellaneous: $5,489
$4,098 to paycheque deductions
$212 on entertainment. “Concerts, tourist attractions, movies.”
$11 on Amazon Prime. “I use my family’s Disney+ and Netflix accounts.”
$64 on subscriptions. “The Globe and Mail, The Economist, and PlayStation Plus.”
$74 on clothing. “I only buy new clothes if I really like what I see and if I absolutely need them.”
$5 on online yoga membership
$200 to parent care. “Monthly remittance to parents back in India.”
$31 on beard trims. “For special occasions.”
$39 on cosmetics. “Face cream and face wash from The Body Shop, and one indulgence (Chanel Eau de Toilette) from Paris airport.”
$51 on massages at airports
$533 on vacations. “A trip to India for a friend’s wedding, a week-long vacation in Vancouver and a couple of trips to Halifax to visit my girlfriend.”
$70 on gifts. “Wine bottles for friends, housewarming gifts, birthday gifts for my girlfriend, and a liquor set for a friend’s wedding.”
$5 on dry cleaning. “Just one this year.”
$45 on electronics
$21 on investment management fees
$30 on credit card fees. “BMO Mastercard.”
Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story. Are you a millennial or Gen Z who would like to participate in a Paycheque Project? Send us an e-mail.