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Name, Age: Anna, 30
Annual Income: $45,000
Debt: $0
Savings: $21,200 in chequing account, $40,500 in tax-free savings account (TFSA), $6,400 in registered retirement savings plan (RRSP), $30,000 in gold assets.
Occupation: Freelance Journalist
Location: Toronto
Financial Concerns of a Freelancer
Anna’s top financial concern revolves around the unpredictability of freelance work, stating, “I get really worried about irregular pay, especially during off months.” After previously working at a news outlet, she was laid off in the summer of 2024, prompting her to transition fully into freelance journalism.
Despite her extensive experience and multiple international relocations, Anna realized that traditional job hunting was proving unsatisfactory. “I heard stories of people applying for hundreds of jobs, and it made me rethink my approach,” she recalled.
A Life of Flexibility and Challenges
Embracing her new freelance lifestyle, Anna finds joy in the flexibility it affords her. “Travelling is one of my greatest pleasures,” she explains, noting that her background in South Asia and move to Toronto shaped her outlook. However, maintaining a stable income as a freelancer requires significant dedication and effort.
Balancing Work and Well-being
Anna admits that her mental health has suffered due to her demanding schedule. Working in various settings—whether on a plane or in a hotel lobby—leaves her little time for self-care. “I had to pause my gym membership because I struggled to prioritize exercise over work responsibilities,” she noted.
Financial Strategies for Stability
As a practicing Muslim, Anna avoids interest-based accounts, preferring to keep her cash in a chequing account. Her investments include a halal TFSA and physical gold, which she finds reassuring. “When I see tangible assets like gold, I feel a sense of stability amidst financial uncertainty,” she shared.
Typical Monthly Expenses
Investment and Savings: $570
– $550 to TFSA
– $20 to RRSP
Household and Transportation: $1,155
– $1,000 for rent
– $30 for transit
– $125 for Uber or taxis
Food and Drink: $240
– $30 for groceries
– $55 at coffee shops
– $150 at restaurants.
Miscellaneous Expenses: $692
– $300 on entertainment
– $67 on apps
– $30 on clothing
– $39 on gym membership (currently paused)
In sharing her financial journey, Anna exemplifies the challenges and rewards of freelancing, offering insight into the importance of financial literacy and prioritizing mental health in today’s economic climate. We thank her for sharing her story.
Participate in the Paycheque Project
Welcome to the Paycheque Project, a regular series in The Globe and Mail examining the earnings and financial habits of young Canadians. We invite participants from diverse backgrounds and income ranges. If you’re a millennial or Gen Z interested in sharing your experience, please fill out the submission form or email Roma Luciw at rluciw@globeandmail.com. The Paycheque Project is a judgment-free platform.
The Financial Journey of a Toronto Freelance Journalist
Meet Anna: A Snapshot of Her Life
At 30 years old, Anna is a freelance journalist based in Toronto with an annual income of $45,000. With no debt and an impressive savings portfolio, she maintains a total of $21,200 in her chequing account, $40,500 in a tax-free savings account (TFSA), and $6,400 in a registered retirement savings plan (RRSP). Additionally, she has about $30,000 worth of gold investments.
Career Changes and Irregular Income
After a career shift, Anna initially worked at a news outlet for two years before facing unemployment during the summer of 2024. Acknowledging the challenge of irregular income, she transitioned to freelancing, allowing her the flexibility to work from anywhere, which she cherishes.
Challenges of Freelancing
While freelancing has its perks, Anna admits it comes with challenges. She often finds herself working remotely from various locations, such as aboard planes or in hotel lobbies, causing it to blur the line between work and leisure. This constant hustle has taken a toll on her mental health, prompting her to reconsider priorities in terms of self-care and exercise.
Investment Philosophy and Financial Security
Adhering to her beliefs as a Muslim, Anna avoids interest-based banking, opting instead to keep her funds in a chequing account. Her investment strategy includes a halal TFSA and physical gold assets, which provide her with a sense of financial stability amid the uncertainties of freelance work.
Understanding Her Monthly Expenses
Anna categorizes her monthly expenditures meticulously. She invests around $570 monthly, primarily to her TFSA and a new RRSP account. Her living expenses, including rent and transportation, total approximately $1,155. Keeping a close eye on expenditures helps her maintain a balanced financial life while navigating her freelance career.
The Importance of Balancing Life and Work
The journey hasn’t been easy. Despite achieving significant career milestones, Anna noted that her health suffered during her busiest work periods. She emphasizes the necessity of dedicating time to personal well-being, realizing that financial success doesn’t equate to a healthy lifestyle.
Conclusion: The Path Forward
Anna’s story is a relatable account of many young professionals navigating a freelance lifestyle while balancing financial security and personal well-being. As she continues her journey, maintaining a stable income and fostering her investments, she hopes to find a more harmonious balance between work commitments and her health.
