This millennial tech worker is meticulous about saving, but his investment gameplan needs work

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He knows that, despite his budgeting, he could benefit from cutting down his food bill, which totalled $742 in the month Spent looked at his expenses. The bulk of that budget goes to groceries. Duke spent $286.66 over three trips to No Frills, $95.92 at Costco, $25.35 in two trips to Loblaw’s, $8.77 at Fortinos and an additional $100 at a local Chinese grocery store.

As far as the rest of his spending, he said he can’t make any other concessions. He only uses his car for transport — no ride sharing or public transit expenses appear in his monthly spending — and he spends just above $400 on insurance, gas and parking. His entertainment budget is light and so are his bills — $1,000 for rent, $42 for his cellphone and $15 for a gym membership.

Where he could stand to benefit from professional advice is not in regards with how to manage his funds, but how to invest them.

Duke does not have any money in a tax-free savings account and the only space being taken in his RRSP is from a work pension plan. When he first started investing in 2017, he placed $10,000 into a non-registered account and invested in a suite of mutual funds.

Over a year, he quickly grew frustrated with the high management fees he was paying and the heavy losses he was taking.

“I had no faith this person behind the counter could do a better job than me if I just got a little bit more of a background on what to invest in,” he said.

So he waited a few months before breaking even again and pulled his money from mutual funds, redirecting $3,000 into four index funds where he gave Canadian equities, U.S. equities, international equities and Canadian bonds an equal weighting of 25 per cent each.

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