2023-08-04 04:00:00
For a few days, The newspaper will present you with portraits of young people who are about to embark on life. Inflation, housing crisis, debt: many young Quebecers are worried about their future.
While the younger generation is struggling financially with inflation, a 22-year-old woman from Pointe-aux-Trembles managed to buy a car in addition to saving for her projects.
• Read also: Her career choice will not allow her to have all the children she wants
• Read also: “Life is starting to get expensive”: this 20-year-old prefers to wait before leaving the family cocoon
“I’m lucky to have my technique in social work, so I earn $25 an hour,” explains Rachelle Massé, who is studying psychosociology at university.
“I put $200 per paycheck, so $400 per month, in a tax-free savings account (TFSA). I also have a TFSA savings,” explains the one who lives with her parents.
Between June and December, Rachelle Massé works full time, but the rest of the year, at school, she limits herself to two days a week.
New car
In recent months, his parents paid him the rental of a car. Thanks to her savings, she has just bought it by paying $7,500 out of her own pocket.
However, there is no question of making extravagant expenses all the way.
“In the short term, my financial situation does not allow me to do any activities, but at the same time, it is also what made it possible for me to buy a car,” she says.
Each month, she saves $400. She spends $300 on her expenses, including $120 for Cross-Fit, $70 for car insurance, $25 on her phone and between $50 and $100 for groceries for weekends.
Influence of his parents
Au JournalRachelle Massé says it was mostly her parents who taught her the importance of saving to avoid getting stuck in the water.
“I have an accountant mother and an entrepreneur father, so that weighs in the balance,” she explains.
When asked if she has any advice for those who don’t know where to start, she touts the merits of financial planning.
“You have to make your budget according to your savings. For example, I set aside $400 a month. I don’t calculate it as income. I never went to get the money set aside, ”she illustrates.
“Money in savings stays in savings,” she insists.
However, not everyone has the same rigor as Rachelle Massé and inflation adds a layer of stress to those who are less comfortable than it finances.
Consumed by anxiety
According to Simon Houle, financial planner and secretary-treasurer of ÉducÉpargne, the younger generation does not have it easy.
“They experience higher financial anxiety than other generations,” says the expert.
“When they entered the job market, real estate was already high. In the last year, we have seen inflation go to 8%, and real estate go up even more,” he observes.
While they are more comfortable talking openly about money than baby boomers, their pursuit of happiness, which is reflected in their finances, is quite different.
“They want to live in the moment and accumulate life experiences, which can cost more. They’re not just career-focused like baby boomers,” concludes Mr. Houle.
Do you have any information to share with us about this story?
Write to us at or call us directly at 1 800-63SCOOP.
1691136933
#wellstocked #TFSA #teachings #parents