This Liberty Village couple makes $279,000 a year. How do they spend it?
“We’re on a variable mortgage, but so far we’re not worried”
Who: Ginette Nguyen, 29, and Michael Nguyen, 33 What they do: She’s a senior analyst at a consulting firm; he’s a manager at a hospital as well as a nursing instructor What they make: $278,934 combined Where they live: A one-bedroom condo in Liberty Village with their golden retriever, Harlo
Regular Expenses
Mortgage: $2,500 a month. “It’s a variable mortgage,” Michael says, “but we’re not worried. We have an emergency fund in case we need to increase our monthly payments.”
Condo fees: $450 a month.
Cell: $145 a month. “Work subsidizes half of my phone bill,” says Ginette. “I’m with Telus, and Michael is on a friend’s business plan with Rogers.”
More Toronto Budgets
Internet: $55 a month for Beanfield. “It’s pretty fast,” Ginette says. “Michael uses it a lot for virtual nursing. He does about five remote shifts a week, while I work from home once a week.” Hydro: $60 a month. “Our building runs on a heat pump, so we’re not relying on natural gas,” says Ginette. Groceries: $500 a month. “Usually I cook and Ginette does the dishes,” says Michael. Dining out: $400 a month. “We have a date night every Tuesday or Thursday. We like Lee Restaurant a lot—the cheeseburger spring roll is my favourite,” Ginette says.
Bike Share Toronto: $80 a year. “I bike to work every day, which takes about 12 minutes,” says Michael. “It’s faster and more convenient than the TTC.”
Car: $3,110 a month. “This includes payments, parking, gas and insurance,” Ginette says. “I drive to Ancaster for work. We also use the car to visit my parents in Vaughan once a week and to see Michael’s sister, who lives near the Distillery District.”
Pet care: $954 a month. “Harlo has a serious heart murmur,” says Michael. “It was a pre-existing condition, so our pet insurance doesn’t cover it.”
Subscriptions: $94 a month. “This is all for streaming—we love horror, crime and exposés,” Ginette says.
OSAP: $400 a month. “Currently, my student loans are interest free,” says Ginette. “We’ll pay the balance off after our wedding.”
Savings
Wedding fund: $2,900 a month. “We got married at city hall in 2023, but we’re hosting our Catholic ceremony in Rome,” Michael says. “Half of the guests will stay at a spa in the Dolomites with us post-wedding. The whole trip will cost us about $70,000.”
RRSP: $1,200 a month.
Emergency fund: $1,000 a month. “This could be for Harlo, a future recession—whatever might come our way,” says Michael. “We like to be prepared.”
Recent Splurges
Bathroom renovation: $1,750. “We got a new vanity, mirror, towel rack and door knobs,” Ginette says.
Andrea Yu is a freelance journalist based in Toronto. She reports on a wide variety of topics including business, real estate, culture, design, health, food, drink and travel. Aside from Toronto Life, her writing has appeared in the Globe and Mail, Chatelaine and Cottage Life.
