average income for canadians?

[nubbie]

where can I get stats for average incomes for canadians. IE: single, married, etc.

[CSR]

stats can

[nubbie]

I think I found it, but I'm very shocked to see the results.
Non-elderly male
Earner 28,700 29,700 30,500 31,300 31,400
http://www40.statcan.ca/l01/cst01/famil21a.htm

If I read it right, this is my category (single male, 28).

Totally shocked.

[drucillica]

google
http://www.google.com/search?hl=en&lr=&rls=GGLD%2CGGLD%3A2004-07%2CGGLD%3Aen&q=average+income+for+canadians+2005

first link is exactly what you need

[Shaner]

Generally speaking, Canadians have very little money.

Most of our income is tied up in things like living expenses, transportation, taxes, etc. After the necessities are taken care of, we have very little money for things we want.

[Audiogenic]

Generally speaking, Canadians have very little money. Most of our income is tied up in things like living expenses, transportation, taxes, etc. After the necessities are taken care of, we have very little money for things we want.

Very true. I think it's mainly because very few of us are actually taught about "Money" growing up from families, schools and freinds. You are left up to your own devices to get educated. If you fail to plan, you are planning to fail.

[Shaner]

Very true. I think it's mainly because very few of us are actually taught about "Money" growing up from families, schools and freinds. You are left up to your own devices to get educated. If you fail to plan, you are planning to fail.

I disagree. No matter how much you plan, if you don't make enough money at your job, you can't have much in terms of disposable income.

I work for the federal government and still live paycheque to paycheque. I know teachers and cops who struggle to make ends meet and they don't exactly live in a mansion.

If there was ever a reason to move to the US it's because you can easily save more money down there than up here.

[rc51]

I disagree. No matter how much you plan, if you don't make enough money at your job, you can't have much in terms of disposable income.

I work for the federal government and still live paycheque to paycheque. I know teachers and cops who struggle to make ends meet and they don't exactly live in a mansion.

If there was ever a reason to move to the US it's because you can easily save more money down there than up here.


True that US residents have more buying power and possibly more disposable income..but they do pay for those luxuries with other sacrifices.

Case in point...I'm down in the US now, Washington DC and Boston for a new position I just took. Not working here but visiting some of the staff I'll be working with. The commutes are crazy down here...most people have at least a 30 min - 40 min commute IF there is no traffic, tolls on top of that, some are commuting up to 90 min. Parking downtown in Boston is $30/day!!!

Housing in the bigger markets in the US is even more pricier than Canadian cities... I'm looking out my hotel window and have been told all the apartments/brownstones around in this area, downtown, are all $1 million plus..for what, about 1000 sq ft of space..no garage, no parking, no yard???? No thanks!!

Also questions are raised on the medical front..I guess if you have a professional position, you may luck out and get a company sponsored plan, but if you don't be prepared to pay for decent coverage. Lots of people I've spoken to down here, don't have any coverage, they simply can't afford it, and aren't in the position to have company sponsored plans.

I like it in Canada, I live in a 3000sq ft house, yes, it's almost $450,000 for it, but we manage, I have a 3 car garage, and a driveway that can hold another 4 cars, I have a huge backyard and a nice deck. I commute maybe 20 min to work, max 30. There is something to be said about having space.

[goob3r]

Case in point...I'm down in the US now, Washington DC and Boston for a new position I just took. Not working here but visiting some of the staff I'll be working with. The commutes are crazy down here...most people have at least a 30 min - 40 min commute IF there is no traffic, tolls on top of that, some are commuting up to 90 min. Parking downtown in Boston is $30/day!!!

You're from Calgary... but the above that you stated isn't unheard of in Toronto. Subway from uptown to downtown is easily 30 minutes. Driving can be way worse.

[babyboy06]

I like it in Canada, I live in a 3000sq ft house, yes, it's almost $450,000 for it, but we manage, I have a 3 car garage, and a driveway that can hold another 4 cars, I have a huge backyard and a nice deck. I commute maybe 20 min to work, max 30. There is something to be said about having space.
Dang man, and your on RFD's!?
haha j/k

[Daemar]

I think I found it, but I'm very shocked to see the results.

http://www40.statcan.ca/l01/cst01/famil21a.htm

If I read it right, this is my category (single male, 28).

Totally shocked.

Remember, that's income AFTER taxes. When the gov't takes 40% of what you earn, the number isn't very encouraging.

[Steeve Urkel]

Ok,
this doesn't make much sense..but I'll ask anyways.

A "non-earner" makes $9,700???

they would have to make that money somehow....

[ZenOps]

Non-earner probably means unemployed (a bum)

Assisted living, living on welfare, or "being on the roll". AISH for disabled people, etc..

[TrevorK]

I disagree. No matter how much you plan, if you don't make enough money at your job, you can't have much in terms of disposable income.

I work for the federal government and still live paycheque to paycheque. I know teachers and cops who struggle to make ends meet and they don't exactly live in a mansion.

If there was ever a reason to move to the US it's because you can easily save more money down there than up here.

Perhaps things are completely different out west - here it's very easy for someone to have extra money at the end of the month.

Myself, I found that even when I was only working one job I still ended up with thousands a year extra that I didn't spend. Now that I do two jobs, I end up with tens of thousands of dollars left over after my bills are paid and my lifestyle needs are met.

Possibly the cost of living here is that much less, but I've yet to see any professional (Teacher, police officer, etc... as you named) struggle to make ends meet, while having a proper budget. I've seen many struggle who did NOT have a proper budget, but anyone, regardless of country/wealth would struggle without a proper budget.

[newatthis]

i am making about 50k/year in edmonton, single, and i'm strugling to make ends meet :twisted: after taxes and other deductions, there is not much left >:(

[newatthis]

True that US residents have more buying power and possibly more disposable income..but they do pay for those luxuries with other sacrifices.

Case in point...I'm down in the US now, Washington DC and Boston for a new position I just took. Not working here but visiting some of the staff I'll be working with. The commutes are crazy down here...most people have at least a 30 min - 40 min commute IF there is no traffic, tolls on top of that, some are commuting up to 90 min. Parking downtown in Boston is $30/day!!!

Housing in the bigger markets in the US is even more pricier than Canadian cities... I'm looking out my hotel window and have been told all the apartments/brownstones around in this area, downtown, are all $1 million plus..for what, about 1000 sq ft of space..no garage, no parking, no yard???? No thanks!!

Also questions are raised on the medical front..I guess if you have a professional position, you may luck out and get a company sponsored plan, but if you don't be prepared to pay for decent coverage. Lots of people I've spoken to down here, don't have any coverage, they simply can't afford it, and aren't in the position to have company sponsored plans.

I like it in Canada, I live in a 3000sq ft house, yes, it's almost $450,000 for it, but we manage, I have a 3 car garage, and a driveway that can hold another 4 cars, I have a huge backyard and a nice deck. I commute maybe 20 min to work, max 30. There is something to be said about having space.
ain't it nice to have a wife that brings home the big bucks ;)

[FastFokker]

It's definitely extremely difficult making ends meet being single, it helps a lot to be able to split costs with a spouse (or I suppose roommate?).

But all that said, you can only accept the average income of Canadians if you also accept the average living costs of Canadians.

The cost of living are extremely variable throughout Canada.. you'd be better off looking at average earnings within your city or at least just your immediate area of the province.

$25k in Toronto would be a hard life I imagine, but $25k in most of NS would be a comfortable salary. A job that pays $25k in Halifax might pay $50k in the far North. I could go on, but you know what I mean?

You can't really take the average income of Canadians and then relate it exactly to your specific cost of living to see whether it's "high" or "low".

[sg1138]

i am making about 50k/year in edmonton, single, and i'm strugling to make ends meet :twisted: after taxes and other deductions, there is not much left >:(

50K after tax and you're struggling? Oookkay so you're making like what 70K and you still can't pay the bills?

I would look to start cutting some of your unnecessary expenses. I helped my friend do that last week.

1. stop leasing that bmw of yours
2. do you really need to eat out for dinner 4 times a week??
3. cut back on coffee at starbucks
4. take the ttc to work not your car (ya it's cheaper!)

hope this hleps.

[FastFokker]

50K after tax and you're struggling? Oookkay so you're making like what 70K and you still can't pay the bills?I think he just said he's making $50k, but after taxes and deductions there's not a lot of cash left.

[Princess Buttercup]

Its all well and good talking about disposable income, but if someone in your family falls ill and has no LTD it takes a very long time to get back what you lost. Especially if they are ever able to return to work and they earn 40% less than they did before there illness. The household expenses have not changed, they have in fact gone up considerably, but the income most defiantly has not.
To those who say sell your house and get a smaller one, that is one option but our family has lived in the same house for 17 years and it seems unfair that we have to give it up just because of a life threatening illness of one of our main sources of income.

[boonjaca]

There's always that addage of the more you make, the more you spend. I know this is true for me and my friends, that's probably the reason why we're still in debt even though we make more.

[fireguy9]

Its called living within your means. Learn how to budget. When I was single and divorced with 2 kids, I had a mortgage, etc and with proper budgeting I had cash left over and was comfortable.

Now remarried and back to double income and larger mortgage and 2 cars again etc. We are very comfortable with a large amount of leftover $ after monthly costs are paid.

[mbg]

Dang man, and your on RFD's!?
haha j/k

He's on RFD *because* of that :)

[TrevorK]

i am making about 50k/year in edmonton, single, and i'm strugling to make ends meet :twisted: after taxes and other deductions, there is not much left >:(

Then you're wasting your money somewhere.

50K/year is probably 33-35K/year after tax.

More than enough to own your home while living a comfortable lifestyle. When I first got my mortgage (150K) I was only making 47K/year, and still had money left over at the end of the month, in the same city you live in.

Perhaps you should sit down with a planner, and review your budget.

[bionicbadger]

i am making about 50k/year in edmonton, single, and i'm strugling to make ends meet :twisted: after taxes and other deductions, there is not much left >:(

You have problems. That should be around $2700/month after tax?
Edmonton is cheap, you can rent a nice place for $1000/month or even use that as a mortgage payment on condo. That leaves $1700 for other expenses, be generous and say $300 for food, so you are down to $1400, maybe utilities, phone, insurance, etc, another $400, so you still have $1000/month left. What the hell are you spending that money on?

[frugalman]

I disagree. No matter how much you plan, if you don't make enough money at your job, you can't have much in terms of disposable income.

I work for the federal government and still live paycheque to paycheque. I know teachers and cops who struggle to make ends meet and they don't exactly live in a mansion.

If there was ever a reason to move to the US it's because you can easily save more money down there than up here.

o'rly? i thought u.s. would be harder to save money than us. i think folks in britain or france have a hard time saving money too. am i right?

[dealguy2]

i am making about 50k/year in edmonton, single, and i'm strugling to make ends meet :twisted: after taxes and other deductions, there is not much left >:(

Start keeping track of where your money is going. I did and I now own a 300,000 house (mortgaged of course) and I make the same salary as you. I live in BC so I pay even more tax than you do as well. I save $300 a month for RRSPs and $400 a month for vacations and toys.

[Princess Buttercup]

You have problems. That should be around $2700/month after tax?
Edmonton is cheap, you can rent a nice place for $1000/month or even use that as a mortgage payment on condo. That leaves $1700 for other expenses, be generous and say $300 for food, so you are down to $1400, maybe utilities, phone, insurance, etc, another $400, so you still have $1000/month left. What the hell are you spending that money on?


are you nuts $400 on utilities phone and insurance, our house and car insurance is over $400 a month for just that utilities are over $400 a month the phone is $60 that includes both house and cell, TV is $40, Mort is over $1000, house tax is $400 and who the hell can feed a family of 5 on $300 a month do you live in the 70's it cost us a good $300 a week on food, that includes washing powder and we only buy what is on sale and use coupons all the time. we also do a lot of cooking from scratch, we do not eat out unless it is a special occasion. our life insurance is over $200 a month, we have no car payments as we own our car, we do not smoke our one luxury is a bottle of cheap red wine. gas to get to work is $50 a week, our family income is more than the example but still not enough to pay for all this.

tell me how to live on my money what more can we do we never leave lights on we have our heating turned down to 69, we keep our hot water so you can hold your hand under it. we don't go out, or smoke or drink to excess. what is a person to do in this country to make some money?

[Princess Buttercup]

o'rly? i thought u.s. would be harder to save money than us. i think folks in Britain or France have a hard time saving money too. am i right?


as for folks in Britain, not many Brits do not take at least one holiday abroad a year, they can afford to go to the pub and have money put aside for a rainy day, the one good thing about the UK is the money you bring home is the money you keep, your taxes are done at source and you never owe a penny, also the price you see in the stores is the price you pay, the tax is already included.

I was a lot better off in the UK than I am now. disposable income is far greater.

[galanz]

If there was ever a reason to move to the US it's because you can easily save more money down there than up here.

Their buying power is better than ours, but their rate of savings is lower than ours.

[frugalman]

as for folks in Britain, not many Brits do not take at least one holiday abroad a year, they can afford to go to the pub and have money put aside for a rainy day, the one good thing about the UK is the money you bring home is the money you keep, your taxes are done at source and you never owe a penny, also the price you see in the stores is the price you pay, the tax is already included.

I was a lot better off in the UK than I am now. disposable income is far greater.

hmm, about the pub thing, i thought people were just sad and miserable about not being able to save much so they just go and blow what they got at the pub.. so i was wrong

[Princess Buttercup]

the pub is the best thing since sliced bread,

[frugalman]

as for folks in Britain, not many Brits do not take at least one holiday abroad a year, they can afford to go to the pub and have money put aside for a rainy day, the one good thing about the UK is the money you bring home is the money you keep, your taxes are done at source and you never owe a penny, also the price you see in the stores is the price you pay, the tax is already included.

I was a lot better off in the UK than I am now. disposable income is far greater.

yea our prices should include the tax, i agree. it's like a scam everytime i go buy something

[frugalman]

the pub is the best thing since sliced bread,

yea they're great. mushy peas!

[Princess Buttercup]

chips with curry gravy

[fireguy9]

are you nuts $400 on utilities phone and insurance, our house and car insurance is over $400 a month for just that utilities are over $400 a month the phone is $60 that includes both house and cell, TV is $40, Mort is over $1000, house tax is $400 and who the hell can feed a family of 5 on $300 a month do you live in the 70's it cost us a good $300 a week on food, that includes washing powder and we only buy what is on sale and use coupons all the time. we also do a lot of cooking from scratch, we do not eat out unless it is a special occasion. our life insurance is over $200 a month, we have no car payments as we own our car, we do not smoke our one luxury is a bottle of cheap red wine. gas to get to work is $50 a week, our family income is more than the example but still not enough to pay for all this.


Your home and car insurances sounds a little steep!!!! unless you are driving something on the high end??? We have a 2000sq ft home, a 04 Freestar and 05 Saturn vehicle and our monthly insurance cost including home insur is $175 monthly with full coverage.

Your prop tax is high as well,,,, we pay about $220 monthly

Your life insur premiums sound plain stupid.

I pay $16 month for $250,000 life policy

[MrWizard]

chips with curry gravy

Yum.

Im 18, so I don't own a house, but I can give you my families current situation.

We live in a 2500sq ft house (6 of us) that is probably worth close to $600 000 now (much more than we paid). Im pretty sure my dad pulls in over $100k per year and my mom around $40k. Given that, we are by no means well off, there are still some weeks where we live paycheque to paycheque. We went through a rough time and Im pretty sure we had to take a second mortgage out. We have 6 people to feed, two leased cars (not expensive by any stretch, a Mazda 3 and a Chevy Venture), the 2 mortgages, and enough bills to pay (6 people use up a lot of energy and eat a lot of food, groceries alone are more than $800/month.)

That being said, we do live pretty comfortably. We are finishing the basement (although my grandfather is doing it, so we are saving on labour), we have a nice big screen tv, and we will be upgrading to an lcd or plasma once the basement is done.

[FastFokker]

Wow $140,000 income and still living paycheque to paycheque.

That's a comfy life!

[thelefteyeguy]

Yum.

Im 18, so I don't own a house, but I can give you my families current situation.

We live in a 2500sq ft house (6 of us) that is probably worth close to $600 000 now (much more than we paid). Im pretty sure my dad pulls in over $100k per year and my mom around $40k. Given that, we are by no means well off, there are still some weeks where we live paycheque to paycheque. We went through a rough time and Im pretty sure we had to take a second mortgage out. We have 6 people to feed, two leased cars (not expensive by any stretch, a Mazda 3 and a Chevy Venture), the 2 mortgages, and enough bills to pay (6 people use up a lot of energy and eat a lot of food, groceries alone are more than $800/month.)

That being said, we do live pretty comfortably. We are finishing the basement (although my grandfather is doing it, so we are saving on labour), we have a nice big screen tv, and we will be upgrading to an lcd or plasma once the basement is done.


well after income for someone making $100K a year is about 5K per month?...40K is about ~2K a month

so each month it's about 7K after tax for your parents...

mortgage? no idea? 1.5K? 2K? 2 mortgages.
food 500/mth
utilities 700/mth (including property taxes, home insurance, cable, cellphone, internet, etc)
car leases: 800month?
gas 400mth?
car insurance: 300/mth?
all together Total: 4,7K
buffer 10%
to 5.5K in fixed expenses

which leaves: 1.5K x 12month = 18K....yup, your family is prob living on paycheck to paycheck. (assuming rrsp is about 10-12K a year).

Not much savings left

[Princess Buttercup]

Your home and car insurances sounds a little steep!!!! unless you are driving something on the high end??? We have a 2000sq ft home, a 04 Freestar and 05 Saturn vehicle and our monthly insurance cost including home insur is $175 monthly with full coverage.

Your prop tax is high as well,,,, we pay about $220 monthly

Your life insur premiums sound plain stupid.

I pay $16 month for $250,000 life policy


life insurance is to do with insurablility, and age. also because of health issues it is very important to keep the insurance. as we live not knowing what the next day will bring.
property tax is what it is and its going up to pay for a new library too.
we own a 99 Mazda prot. and a 2003 mazda trib. the price of the insurance is high because due to the wage earners lack of earning ability for over a year due to the big C the insurance was canceled, so to get coverage the family has to pay a premium.
our home is bigger than yours though not by much, but we live out in the burbs.

[Princess Buttercup]

Yum.

Im 18, so I don't own a house, but I can give you my families current situation.

We live in a 2500sq ft house (6 of us) that is probably worth close to $600 000 now (much more than we paid). Im pretty sure my dad pulls in over $100k per year and my mom around $40k. Given that, we are by no means well off, there are still some weeks where we live paycheque to paycheque. We went through a rough time and Im pretty sure we had to take a second mortgage out. We have 6 people to feed, two leased cars (not expensive by any stretch, a Mazda 3 and a Chevy Venture), the 2 mortgages, and enough bills to pay (6 people use up a lot of energy and eat a lot of food, groceries alone are more than $800/month.)

That being said, we do live pretty comfortably. We are finishing the basement (although my grandfather is doing it, so we are saving on labour), we have a nice big screen tv, and we will be upgrading to an lcd or plasma once the basement is done.

what I would not give to be back on that sort of income,

[sleepyguy]

All about living within your means... some idiot friends of mine always say they are broke... but they still live at home and pay no rent or morgage... how? Stoopid expenses like a new ipod video... $100/mth cell bill... new duomac pro... new jordans... etc etc.

We (gf and I) are doing pretty well for ourselves... we gonna be moving into our second home... another year and our mazda3 is paid off... we're both 27 btw... how? my parents ask me the same thing... we budget extremely well. We don't eat out everynight... we may have our $100 dinner once in awhile but not too often. We put into rrsp every year as well... and we travel within our means. We'll probably be looking into some rental income soon with either house/condo. We're pretty well covered... plan for the future people.

[Sylvestre]

another major issue is people's expectations. some people really expect to own a house outright by the time they are 30 (not very likely). they expect 15% salary increases per year. heck, most expect to drive bmws.

where do these expectations come from?

[thelefteyeguy]

All about living within your means... some idiot friends of mine always say they are broke... but they still live at home and pay no rent or morgage... how? Stoopid expenses like a new ipod video... $100/mth cell bill... new duomac pro... new jordans... etc etc.

We (gf and I) are doing pretty well for ourselves... we gonna be moving into our second home... another year and our mazda3 is paid off... we're both 27 btw... how? my parents ask me the same thing... we budget extremely well. We don't eat out everynight... we may have our $100 dinner once in awhile but not too often. We put into rrsp every year as well... and we travel within our means. We'll probably be looking into some rental income soon with either house/condo. We're pretty well covered... plan for the future people.


some ppl just dont manage money well.

of example...being on this site can be very danagerous to someone that has a spending problem. But someone that is budget conscience, this site is another tool to allow them to save even more on their monthly budget

[bionicbadger]

are you nuts $400 on utilities phone and insurance, our house and car insurance is over $400 a month for just that utilities are over $400 a month the phone is $60 that includes both house and cell, TV is $40, Mort is over $1000, house tax is $400 and who the hell can feed a family of 5 on $300 a month do you live in the 70's it cost us a good $300 a week on food, that includes washing powder and we only buy what is on sale and use coupons all the time. we also do a lot of cooking from scratch, we do not eat out unless it is a special occasion. our life insurance is over $200 a month, we have no car payments as we own our car, we do not smoke our one luxury is a bottle of cheap red wine. gas to get to work is $50 a week, our family income is more than the example but still not enough to pay for all this.

tell me how to live on my money what more can we do we never leave lights on we have our heating turned down to 69, we keep our hot water so you can hold your hand under it. we don't go out, or smoke or drink to excess. what is a person to do in this country to make some money?

Did you read? Its a single guy. No family of 5 to feed, no kids. I assume he doesn't have a big house or more than 1 car. A single guy probably doesn't even need life insurance aside from basic stuff you get at most jobs, who is going to collect it? If you pay $4800/year in house insurance you must live in a big expensive house that a single guy sure isn't going to. I'm saying if you are single and have problems making ends meet on a $50K/year job, you have some problems.

[Princess Buttercup]

Did you read? Its a single guy. No family of 5 to feed, no kids. I assume he doesn't have a big house or more than 1 car. A single guy probably doesn't even need life insurance aside from basic stuff you get at most jobs, who is going to collect it? If you pay $4800/year in house insurance you must live in a big expensive house that a single guy sure isn't going to. I'm saying if you are single and have problems making ends meet on a $50K/year job, you have some problems.


the $4800 is for both house and cars not just the house, our home is just a normal 4 bed home you see all over.

[Princess Buttercup]

also folks it is very important to get life insurance, because you may not qualify when your older, you never know what is around the corner. and once you have an illness you become uninsurable. think ahead.

[thelefteyeguy]

also folks it is very important to get life insurance, because you may not qualify when your older, you never know what is around the corner. and once you have an illness you become uninsurable. think ahead.


i would only recommend life insurance if you are in a long-term relationship.

[Princess Buttercup]

yes but what if you are in a long time relationship when your 35 and because you have type 2 diabetes you are no longer insurable.
but if you had got insurance when you were 20 before the onset you would be laughing now .

[fireguy9]

I hear ya on the C word,,,, my wife had it almost 3yrs ago,,,, 2 operations, and about 6 months off work,,, but employer had coverage for her so she received 60-75% wages during the time. Another 2yrs of clean health will give her good insur rates.

That alone stresses the importance of some sort of insur or plan for people if something happens. If you live pay to pay and something happens you can be screwed. Don't strectch self thin.

Getting car insur cancelled due to C ,, never heard of that,,,,


Ya prop tax is going up everywhere,, we live in the burbs too. $400 would get us in a very large home though

Key thing is not to strectch yourself too thin. Need that rainy day fund or some cash left over each month. We live very comfortable and enjoy the extras and prob pull a combined wage of about 130k and we prob have $2k left over each month after bills

[thelefteyeguy]

yes but what if you are in a long time relationship when your 35 and because you have type 2 diabetes you are no longer insurable.
but if you had got insurance when you were 20 before the onset you would be laughing now .

we are going off topic...check the finance forums.

if you had 20 years for investing...your portfolio will be much higher than what your insurance policy is worth in 20 yrs time.

[UrbanPoet]

you could live a comfortable moddest life on 35k a yr.

No fancy cars and big house.. just average. :D

[Princess Buttercup]

you could live a comfortable modest life on 35k a yr.

No fancy cars and big house.. just average. :D


we don't have a fancy car nor a very big house, the insurance was canceled because we ran out of money to pay it

we had a nice little nest egg but no LTD and no EI either, one of the disadvantages of having your own business, that also due to the big C went under. due to the fact you cant work if your having chemo and radiation treatment.

[fireguy9]

probably all the more reason if a business owner to have proper insur from the start.

If things get that tight,,,, house goes forsale and get into something more affordable. Last thing i want is not being able to pay for stuff.

[Princess Buttercup]

well that is all in the past now and we are 2.5 years cancer free, and counting,

We were lucky we did not lose our home, and now our income is much smaller but we manage JUST

[MrWizard]

Princess Buttercup, you don't seem to be understanding the difference between you and him. You are a family of 5, he is single. If he can't live comfortably off of $50k a year, he needs to budget himself a bit better.

[Princess Buttercup]

Princess Buttercup, you don't seem to be understanding the difference between you and him. You are a family of 5, he is single. If he can't live comfortably off of $50k a year, he needs to budget himself a bit better.


Oh I should have said long ago I got that, I just got off tangent sorry for hijacking the thread

[rc51]

ain't it nice to have a wife that brings home the big bucks ;)


Damn straight...it is, that's why I'm sending her back to get her MBA now...after Architecture, Engineering, MBA, then possibly LAW.

:D

[rc51]

where do these expectations come from?

Society in general....

We've moved to Calgary recently..and I've actually seen advertising in Calgary with "Keep up to the Jones" signs and sales!!!

Very strange...especially coming from Winnipeg, which was very conservative..not that people didn't have money there...they just chose not to flaunt it.

[nubbie]

Wow, the thread as sparked some good topic. Here's mine:

Until recently, I had to make due with ~40k in Ottawa. Some of my friends told me I was getting screwed with my pay at my previous employeer (and I know I was) but experience was more important to me. I was able to stay a float in Ottawa with that pay. Don't get me wrong some months were harder than others, but I was able to pay my bills, pay rent ($500), student loans (3 of them), bus tickets, etc and still have cash left over each week to go out to the bars with friends.

Now, things are falling into place! I have a new job, paying quite well. I have paid off 2 of my 3 student loans; a $3000 visa bill. Plus able to by some DJ'n equipment, new snowboarding gear (board, boots, and bindings), and now looking at getting a VW Golf.

So what I'm trying to say is, if you manage your money anything is possible,

This is one trick I used, any time I wanted to buy something I asked myself 1 question:

Is this something I want or something I need?

[rc51]

You're from Calgary... but the above that you stated isn't unheard of in Toronto. Subway from uptown to downtown is easily 30 minutes. Driving can be way worse.

Toronto is just one city in Canada...yes, in Vancouver you might have to commute a bit. But you're paying the equivalent of $30 USD a day on parking.

Check out real estate and commutes in ANY major US city, (where the jobs are), Washington DC, Boston, Baltimore, LA, San Diego, Pheonix, Houston, Dallas.

[rc51]

Dang man, and your on RFD's!?
haha j/k

Why not?? You don't need to come here just for the 'deals'..discussion threads are always interesting. But yes, I am looking for a deal on a decent dSLR... :)

[mbg]

another major issue is people's expectations. some people really expect to own a house outright by the time they are 30 (not very likely). they expect 15% salary increases per year. heck, most expect to drive bmws.

where do these expectations come from?

http://seattletimes.nwsource.com/html/living/2002479345_goldcollar08.html

[Sylvestre]

Wow, the thread as sparked some good topic. Here's mine:

Until recently, I had to make due with ~40k in Ottawa. [/b]


Do you realize how weird this sounds. That's more than what most people make. If you are struggling on 40k/yr, there's major issues with your expenses.

[TrevorK]

what is a person to do in this country to make some money?

I work - and I work a lot. My 150K mortgage will be paid off in 2 more years (3 years total). There's no reason anyone can't achieve what I have, with putting in the hard work.

[fireguy9]

I work - and I work a lot. My 150K mortgage will be paid off in 2 more years (3 years total). There's no reason anyone can't achieve what I have, with putting in the hard work.


got to be pulling in large coin to pay off a 150k in 3yrs total and still be paying regular day to day stuff!!!!! :| Probably not your average income earner

[nubbie]

Do you realize how weird this sounds. That's more than what most people make. If you are struggling on 40k/yr, there's major issues with your expenses.
If you read my post you will see I didn't struggle, I was able to manage.

[Wiseman]

Is this something I want or something I need?

If everybody bought only things they need instead of want, the economy would collapse..

For me, if I only paid for things I need, I'd

-sell house, move into cheap apartment (don't NEED a house, it's a luxury)
-sell cars, use public transit (don't NEED cars. Save quite a bit on insurance and maintenance)
-cut internet (don't NEED internet at home, just use it when I'm at work)
-cut cable tv (don't NEED it to live, can entertain in other ways)
-cut dining out (don't NEED to eat out)
-grocery shopping (buy less expensive food)
-cut buying electronics (don't need all these toys)

If I did all these things I would probably be able to save 85% of my pay.

But it's not realistic.

[nubbie]

-sell house, move into cheap apartment (don't NEED a house, it's a luxury)
I don't have a house, I rent an appartment. I don't NEED a house, but it is better to own a house then rent. At least your money is working for you.
-sell cars, use public transit (don't NEED cars. Save quite a bit on insurance and maintenance)
That is what I did, I work downtown Ottawa. And everything I need access to is around my place. Been with out a car for almost 3 years. If you can get around without a car, there is a big savings there.
-cut internet (don't NEED internet at home, just use it when I'm at work)
Did that too, no Internet or computer at home. Forces me to get outside and beactive at night.
-cut cable tv (don't NEED it to live, can entertain in other ways)
See reason for Internet.
-cut dining out (don't NEED to eat out)
This one was easy, BBQ!
-grocery shopping (buy less expensive food)
If anything I spent the most money shopping for food. Healthy food makes you a happier person.
-cut buying electronics (don't need all these toys)
A tough one, but I still have trouble sticking to it.
If I did all these things I would probably be able to save 85% of my pay.
But just imagine what you could do with that extra pay.

[Wiseman]

But just imagine what you could do with that extra pay.

Ya I can imagine what I would do with that extra money..

I would:

-buy a house
-buy 2 cars
-get internet access at home
-get cable tv
-dine out more often
-buy quality food at grocery stores
-buy electronic toys that I want


Oh wait.. that's what I'm doing already..! I'm back at square one..

[shoprider]

What the hell??? Why is everyone making more money than me?
:mad:

[sg1138]

What the hell??? Why is everyone making more money than me?
:mad:

cuz you ask too many questions like that.

[plucky duck]

I messed myself up when I was younger with visas and credit lines and massive toys, living WAY beyond my means. It's the mounting of the monthly fixed expenses and the relative same income level, and the lack of budgeting and will power that really screwed me over. Imagine if you will 10 of your 12 months in a year you have negative cash flow. That can go on forever or you'll end up bankrupt.

I'm not as crazy as I used to be. Now I don't even have time to sleep with two full time jobs, so that doesn't give me a chance to think about even spending on useless stuff. The most I ever splurge on is dining out and the occasional clothing. My line of thinking is if you're not spending time making money, your spending time spending money.

I'm single and have no need for life insurance. Maybe later, but not at this point.

I live in an apt and split everything 3 ways so that saves me a good chunk. Having two jobs, a vehicle to me is a necessity. Plus, I'm lazy :razz:

On my income I would say living in Calgary renting (assuming no roommates and I pay everything) is tight, and owning a home definitely requires longer term preparation and budgeting. But even if I can afford a mortgage, no way in hell I would consider owning a home during this period of craziness. I don't like to be tied down, so taking on such a huge obligation is really not my thing.

[gordholio]

Generally speaking, Canadians have very little money.

Most of our income is tied up in things like living expenses, transportation, taxes, etc. After the necessities are taken care of, we have very little money for things we want.
Most people have credit card debt as well. They get what they want, but they are always "behind the eight ball".

[nubbie]

Most people have credit card debt as well. They get what they want, but they are always "behind the eight ball".
Not anymore, and proud of it! Only have 1 more student loan ~$4000. A few more months and I will be debut free.

[Venusia]

Out of curiosity, I checked my Quicken. In 2003, and 2004, we spent almost exactly 43k, and that was living rather frugally. Last year, we bought a second car (4k payments a year), and started living a little larger (dining, entertainment, recreation and clothing total increased by 4k), to bring our yearly spending to 51k.

We are a family of 4, including 2 kids under 5.

[FastFokker]

Not anymore, and proud of it! Only have 1 more student loan ~$4000. A few more months and I will be debut free.Maybe not you, but gordholio is correct, consumer debt is higher than ever, and bankruptcies are on the rise.

Scary!