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Name, age: Cornelius, 38
Annual income: $118,000
Debt: $354,845.86 mortgage
Savings: $7,234.11 in savings account, $29,030.76 in tax-free savings account (TFSA), $20,050.34 in registered retirement savings plan (RRSP)
What he does: Engineer
Where he lives: A small town in rural Southwestern Ontario
Top financial concern: “My mortgage. There’s still so much of it left to pay … If I end up in a situation where I don’t have such a comfortable income, I am really not that discouraged about the idea of having to maybe sell the place and return to being a renter.”
After returning to his hometown in rural Southwestern Ontario in 2020, buying a house and getting a good job in his field, things were pretty stable for Cornelius.
But the winds of change are blowing. After years of effort, applications, fundraising and waiting, a refugee family from Africa joined Cornelius in his home in June, five years after they first started discussing the sponsorship, while he was working on that continent.
Cornelius is one member of a group that sponsors the family and have sent over about $20,000 before they arrived and will spend another $13,000 supporting them over the next year. He is contributing financially as well as sharing his home.
He is also about to take a self-funded, six-month sabbatical from his engineering job, during which he plans to travel and start work on a master’s degree in a new field.
“I have been planning on this sabbatical for years,” he says. “I signed up for it in 2022.”
His company deducts 3 per cent from his paycheques to fund an income during his six months away, which starts in the fall. It won’t be as much as he normally gets: “I think you’d have to [deduct] 5 or 6 per cent if you want to continue to earn the same amount,” he says.
With the lower income, new costs associated with school, and his commitment to various donations, he’s preparing for big changes to his financial situation.
“I am comfortable now but that probably won’t be the case for so much longer,” he acknowledges, adding he plans to spend a big chunk of the break in Africa, where his expenses will be lower.
Cornelius, who describes himself as a socialist, worked in the non-profit sector while he was overseas, but also set up a youth soccer club in Africa that he continues to support.
He often provides emergency funds for people there as well, and used most of the money he collected from the Canada Emergency Response Benefit in 2020 to fund a food bank there for a year. Cornelius says he gets great satisfaction from helping others.
“I’m in a position now where I am earning more than I have ever had,” he says, noting his income of more than $100,000 makes it possible to pay for all his needs, with plenty left over.
“Being connected to so many people experiencing extreme poverty made me realize that whatever I could do to support people like that was something I really wanted.”
His typical monthly expenses:
Investment and savings: $1,362.49
$250 to savings account.
$850 to TFSA.
$262.49 to RRSP. “This is matched by my employer.”
Servicing debt: $1,859
$1,859 to mortgage payments. “When I get to the point that I can’t pay it any more, I will have to make some pretty big changes.”
Household and transportation: $1,465.47
$199 on property insurance.
$271 to property tax.
$367 on utilities.
$50 on renovations. “Nothing major yet.”
$35 on parking. “When visiting the city.”
$100 on gas.
$178.47 on car insurance.
$0 on car payment. “Owned same hybrid car since 2011.”
$120 on car repairs and maintenance.
$5 on transit.
$13 on taxis.
$0 on cellphone. “I’ve just been using my work phone since 2021.”
$72 on internet.
$55 on cable and streaming services. “I share these with friends and family who share other subscriptions with me.”
Food and drink: $925
$500 on groceries.
$50 at coffee shops.
$350 at restaurants.
$25 on alcohol.
Miscellaneous: $3,742.25
$2,217.25 to income tax.
$130 on going out.
$80 on cannabis.
$15 on clothing.
$45 attending sporting events. “Blue Jays games.”
$10 on fitness classes. “I will occasionally go out for yoga. I took part in this dance workout thing.”
$100 on hobbies. “Art, running, biking, hiking.”
$5 on haircuts.
$20 on cosmetics. “Locally-manufactured personal hygiene products.”
$15 on prescription.
$5 on other medical expenses. “Heat and cold pads, vitamins, bandages.”
$450 on vacations. “I travel a lot … but generally try to stay with friends.”
$650 on donations. “Youth soccer program and scholarship program in Africa, refugee sponsorship, people’s medical fees. I get asked for money for a lot of things.”
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.
