Like so many other young people, you were probably excited to celebrate officially becoming an adult and finally being free to go where you want, when you want.
As a young adult, you may dream of becoming independent enough to leave the family nest. But do you have all the tools to fly on your own? As you study in order to join a competitive work environment, you must also earn money to pay for your studies and achieve your goals. How much does all this cost?
Living in an apartment
Many young people will have to leave home to study in another city. If this applies to you, here’s what to expect. In Canada, in 2016, tenants paid on average $1,002 per month for an apartment, including rent, electricity, heat, water and other services. In Montréal, these costs were $842 per month on average.Footnote 1 Add to this Internet access and telephone charges—musts for students—and costs for insurance, transportation, tuition and school materials, not to mention food. In this last category, if you’re like most Canadian households whose main earner is under 30 years of age, expect to pay an average of $7,484 a year.Footnote 2 When you add all that up, there really isn’t much money left for leisure.
Living with others
If you’re lucky enough to get money from registered education savings plans or from loans and bursaries, you already have a head start. Otherwise, you probably have a part-time job or a summer job to support yourself. Still, if you have to—or want to—leave home, the logical choice is often to live with roommates to lower costs. In addition to saving money, you’ll reduce your ecological footprint and do your part to save the planet!
Living with your parents or going back to live with them
Did you have to borrow money for your studies? You may have accumulated an average debt of $14,900 at the end of college, $26,300 at the end of a bachelor’s degree or $41,100 at the end of a doctorate.Footnote 3
Since tuition and shelter costs rise faster than the inflation rate, living with your parents longer or returning to live with them for a while are becoming great options for reducing your expenses and saving money. This is what 63% of young adults 20 to 24 years of age did in 2016, up from 58% in 2001.Footnote 4
Knowing how to adapt
Whatever your situation, moving toward greater autonomy involves knowing how to adapt to events and the unexpected, being flexible, inventive and, above all, resourceful. Combining all these strengths will put you on the road to success!