“I’d rather rent than buy. Owning is too limiting”: How a 27-year-old operations coordinator spends his money
Who: Alvin Montano, 27
What he does: Operations coordinator at a private equity firm
What he makes: $70,000 a year
Where he lives: A one-bedroom condo at Yonge and Wellesley
Regular expenses: Rent: $2,100 a month. “I’d rather rent than buy. Owning is too limiting, and I have no desire to stay in one city forever.” Utilities: $45 a month. Cellphone and Internet: $113 a month. Renter’s insurance: $19 a month. Groceries: $170 a month. “I’m a flexitarian. I eat meat, but I never cook it at home. It keeps grocery costs down.” Debt payments: $2,000 a month. “I went on a big backpacking trip in 2017, and when I came home, I didn’t have a full-time job. I ended up taking out a line of credit and submitted my last payment this month.” Invisalign braces: $370 a month. “I’ve wanted braces for years and can finally afford them.” Singing lessons: $200 a month. Eating out and Uber Eats: $250 a month. “My girlfriend and I order a lot of sushi.” Amazon Prime: $114 a year. “I buy everything on Amazon: clothes, kitchen supplies, books—you name it.”
Recent splurges: Law school applications: $600. “I’m planning to start full-time classes in the fall.” Trip to Mexico: $2,000, for a friend’s wedding in August. Breedlove acoustic guitar: $2,000, from Remenyi House of Music on Bloor. “I went $500 over budget on this one, but I love the way it sounds.” LifeProof phone case: $100. “I drop my phone a lot.” Birthday dinner for two: $140, at Blu Ristorante in Yorkville.
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