{"id":290225,"date":"2025-10-09T21:22:16","date_gmt":"2025-10-09T21:22:16","guid":{"rendered":"https:\/\/www.europesays.com\/us\/290225\/"},"modified":"2025-10-09T21:22:16","modified_gmt":"2025-10-09T21:22:16","slug":"cutting-these-two-expenses-in-her-20s-saved-this-vancouverite-more-than-30000","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/290225\/","title":{"rendered":"Cutting these two expenses in her 20s saved this Vancouverite more than $30,000"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Alexandra Wei calculated that owning a car would cost about $500 a month, on average, in insurance, maintenance and fuel \u2013 and that\u2019s not including the cost of a car itself.Supplied<\/p>\n

Was there something you bought in your 20s that you still regret \u2013 something bigger than a Nintendo Wii or crimping iron?<\/p>\n

I recently spoke with 24-year-old Alexandra Wei who said watching her friends, family and co-workers struggle with pet-care and vehicle costs in their so-called \u201cself-discovery\u201d years led her to fervently avoid these two expenses. <\/p>\n

To date, she estimates having saved more than $30,000 by saying no to both car and pet ownership. <\/b>(The data suggest she might\u2019ve saved even more.)<\/p>\n

With $2,700 in monthly mortgage payments and $1,800 in other household expenses, Ms. Wei calculated that owning a car would add about $500 a month, on average, in insurance, maintenance and fuel. That\u2019s not including the cost of a car itself, which this year hovers at $37,664<\/a> for a used vehicle and $64,400 for a new one. <\/p>\n

Instead, by using public transit, as well as new car-sharing platforms such as Evo and Modo, she\u2019s kept her monthly transportation costs between $100 and $250 a month. <\/p>\n

When it came to pets, it wasn\u2019t just the food and grooming bills, or even the soaring price of veterinary care that had Ms. Wei, who works in business and finance and shares personal finance tips on social media, swearing off pets in her 20s. It was also the lost opportunity costs. <\/p>\n

\u201cHaving to go home early from let\u2019s say a client dinner, or a work function to go look after their pet,\u201d she said, was a big consideration.<\/p>\n

A survey published last week by Ipsos<\/a> on behalf of HomeEquity Bank showed that pet ownership in Canada is almost 70 per cent among Gen Z and Millennials, well above the 44 per cent of those aged 55 and above.<\/p>\n

Meanwhile, a report published by Rover<\/a> found the costs of owning a dog in 2025 ranged from $1,418 to $4,480 a year, depending on the size and breed of the dog, <\/b>adding up to as much as $17,343 to $53,935 over the course of a pet\u2019s lifetime. (With a rising number of clinics being snagged by private equity<\/a>, those costs could rise further.)<\/p>\n

During a cat\u2019s lifetime<\/a> the range is slightly lower but still high: between $13,095 and $73,585.<\/p>\n

Given that income and savings levels are typically lower in your 20s, focusing on paying off debt and accumulating savings can be crucial for those looking to secure their finances early. <\/p>\n

Of course, some things aren\u2019t as easy to quantify. Pets \u2013 and, yes, dogs especially \u2013 have been found to decrease stress<\/a>, improve heart health and ease burnout<\/a> from that same job earning you money. And who doesn\u2019t love a puppy snuggle? <\/p>\n

Is there an expense in your 20s that you found especially draining? Did you save big by opting out of a pet \u2013 or the opposite? Drop me a line at mpostelnyak@globeandmail.com<\/a>.<\/p>\n

Subscribe to the On Money newsletter<\/p>\n

Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for On Money here<\/a>.<\/p>\n

Callout<\/p>\n

What do you want to know about mortgages? Is a fixed or variable rate the best option? Does it make financial sense for you to refinance? Is it better to go to your bank or consult a mortgage broker? E-mail editor Roma Luciw<\/a> your question, and our mortgage expert could answer it in an upcoming column. <\/p>\n

Mariya\u2019s consumer reading list<\/p>\n

Berries are top-selling fruit \u2013 and every parent\u2019s grocery bill nightmare<\/a><\/p>\n

It started with Grady asking her three-year-old daughter what fruit she wanted and quickly escalated to screaming: \u201cShe wanted the raspberries now!\u201d This must-read from The Hustle builds on a survey of 237 parents about their fruit-buying budgets (spoiler alert: berries represent a huge and horrifying expense).<\/p>\n

Are incentivized reviews getting out of hand? <\/a><\/p>\n

If you\u2019re like me, you\u2019ve caught yourself making a regrettable purchase after reading what turned out to be an incentivized review one too many times lately. Here\u2019s what makes this marketing tactic so sneaky and why putting a stop to it is so tough.<\/p>\n

Chart of the day<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Alexandra Wei calculated that owning a car would cost about $500 a month,…\n","protected":false},"author":3,"featured_media":290226,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[8837,64,148897,2295,148894,255,148900,148895,148898,148899,148896,67,132,68],"class_list":{"0":"post-290225","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-appwebview","9":"tag-business","10":"tag-high-interest-saving","11":"tag-newsletter","12":"tag-onmoneynewsletter","13":"tag-personal-finance","14":"tag-personal-finance-advice-canada","15":"tag-personal-finance-canada","16":"tag-personal-finance-newsletter","17":"tag-personal-finance-planning","18":"tag-saving-strategy","19":"tag-united-states","20":"tag-unitedstates","21":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115346313116676463","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/290225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=290225"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/290225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/290226"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=290225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=290225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=290225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}