She Strengthens

Financial Freedom at 20: My Journey to Saving Big

As I approach my 20th birthday, I’m proud to say I’ve achieved a significant milestone: I’ve saved over $7,000 for retirement and have access to $12,000 in credit, with a credit score of 744. It’s not easy, but I’ve worked hard to get here.

The Early Start

Growing up in Canada, I knew university wouldn’t be cheap, even with lower tuition fees than in the US. When I was 12, I realized my parents struggled with money management, so I decided to take matters into my own hands. I got my first job at 15, working at McDonald’s, and later upgraded to a movie theater job. Although I didn’t save much back then, it was a start.

The Gap Year

After high school, I took a gap year to focus on saving and gaining work experience. I landed a full-time job at an outsourcing company, which wasn’t ideal, but it paid the bills. During this time, I bought a car and got comfortable with a routine, but I soon realized I needed to do more.

Credit Card Wisdom

On my 18th birthday, I applied for a credit card with a $1,000 limit. I used it responsibly, making bi-weekly payments to keep my balance low and avoid interest charges. This habit helped me establish a good credit score.

University Bound

When I finally started university, I knew I needed to save more. I worked multiple jobs, including a contract at my old employer, and even got a second job. It was exhausting, but I managed to save over $8,000 in nine months.

Retirement Savings and Credit

I discovered the benefits of RRSPs (Canada’s 401K-type account) and set up two accounts, one with my employer, which offered a 2% matching contribution. I also applied for a Student Line of Credit, which I eventually secured with the help of my connections at the bank. This loan not only helped me with tuition but also improved my credit utilization ratio.

Lessons Learned

Throughout my journey, I’ve learned valuable lessons about budgeting, saving, and responsible spending. I still struggle with overspending, but I’m getting better at controlling my habits. My goal is to achieve a sizable down payment for a home after graduation.

The Future

This summer, I’m working at my university’s Research Office as a Data Entry Clerk, aiming to further my savings and prepare for another year of tuition and expenses. It’s not easy, but I’m determined to stay on track and achieve financial freedom.