In our new Smart Money series, #MilliennialMoney, we ask people living in the Greater Toronto Area to record every penny they spend in a typical week. Then, using tips from a financial adviser, we challenge them to cut their spending the following week so they can save more money. Will they fail or succeed?

Dee doesn’t pay rent. But he’s constantly shuttling between living at home with his mom and staying at his girlfriend’s downtown condo, so he ends up spending a lot on transportation — including Lyft, the TTC and his car. His main source of income? A stipend for his tuition that clocks in at $20,000 a year, as well as occasional jobs as a teaching assistant and a part-time merchandiser at convenience stores. Right now, he says he’s sitting on a year’s savings.

Also, he owes $20,000 in student debt. It’s a lot, but since his parents sold the family home, they’ve shared the proceeds among their children, which means Dee has $40,000 in his Tax-Free Savings Account. Even with the house sale, he says his “parents were still in the red for years for doing that.” It also trickles down to his future: “If my parents didn’t sell the house and give me a cut, I’d be $20K in debt.”

Day to day he enjoys hanging out with his friends, whether it’s going out to eat or grabbing drinks, but knows that comes with spending. “I can save more if I shut out my friends and don’t hang with them. But I’m 28. I would’ve missed my 20s if I lived with that attitude,” he says. He adds that he’s “lucky” to have savings and safety net for additional support. “I’d rather dip into it and live a reasonable life. That’s kind of how I justify spending.”

In terms of long-term savings, Dee has no plans. “A house costs a lot of money, so no.” Instead, he says he’ll worry about those goals after grad school. Dee wants to travel more but with his lifestyle and current income, it isn’t realistic. Currently he’s “happy” with his situation but in the future would like to consider a mortgage or vacation.

We asked Dee to put down everything he bought in a week so a money coach could analyze his spending. Here’s what happened:

The expert: Janet Gray, Janet Gray, Certified Financial Planner with Money Coaches Canada, advises that Dee make the following changes if he wants to save more:

> Set aside a fixed amount each month for a savings goal

> Try using a go cup and make coffee at home, and buy every other day or just on Mondays and Fridays

> Be firm on only going out for dinner once a month so his savings can increase

Results: Success!

Week 1 $437.34 vs. Week 2 $193.56

What he thought: Dee spent $243.78 less in Week 2 than he did the previous week. He says he did try to follow Gray’s advice but, if he’s honest, his savings were largely due to a series of lucky breaks. One, his professor bought him lunch one day, and two, he didn’t have housewarming gifts to buy in the second week. Also an improvement was that he didn’t buy chicken nuggets on his way home from the gym one night because he forgot his wallet.

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Take-aways: “I guess it’s to just keep grinding,” Dee says. What he learned most about his spending habits was how much he was spending on food. “I don’t buy groceries because I spend every other day at home, and days in between downtown. So food will go bad.” He says the only option is to prepare a big freezable meal plan, especially because he doesn’t have regular work hours.

In terms of the advice to make his own coffee, he says it’s probably not doable. “I don’t have a coffee maker or grounds. I drink it based on if I need it that day at that time. Not that I need it every day.”

Since doing the #MilliennialMoney challenge, Dee says it’s made him more organized, and he’s looked into how much he’s able to save. “I’ve done the math, if I’m reasonably good and cook at home, I can save about $2,000 maybe $3,000 a year.” Dee also hopes that after graduation next year is to get a job, and have a more stable schedule so he can plan to go on vacation.

Are you a millennial living in Toronto or the GTA and need help with saving your money? Be a part of #MillennialMoney and email ekwong@thestar.ca

Digital design by Cameron Tulk.