Income & Monthly Expenses

[Tightwod]

Hi All,

I am 32, married with 2 kids aged 5 & 3. Live in the burbs, wife and I both work in Toronto. We make a half decent living, wife 52K & myself 86K.

Why is it that I feel such a burden financially?

Our monthly expenses are a lot I think. But how much do you have to make in this country before you are able to have any real discretionary income?

Our monthly expenses (Annual expenses / 12 months) to keep it simple as not every month is the exact same is approx $7,000.00. My mom has never made 7500.00/month in her life!! My necessities alone take up $5500.00/mnth.

Mortgage = 1800.00
Childcare = 1500.00
Prop Taxes = 375.00
Utilities = 325.00
Go Transit = 476.00
Groceries = 600.00
House insurance = 80.00
Car insurane = 180.00
Gas for Cars = 200.00

That's $5536.00 alone. Then you have:

Cable, internet, cell, home phone = $220.00
Clothing = $200.00 (Wife & I both wear suits and kids grow like weeds)
Hair cuts = 80.00
Activities (kids & self) = 160.00
Lunch/meals out = $350.00

That's another $1010.00

I don't have any credit card debt, LOC or car loans and I haven't even included:

Bday & Xmas = 250.00
Car maintenance = 150.00
Vacation = 200.00
Retirement = ?
Kids Education = ?
House maintenance = ?

AHHHHHHHHHHHHHHH!!!!!

When does it get easier??

I see everyone driving new cars and taking nice trips and saving for retirement...... How do they do it all???

Why am I doing it!

[Canadian]

I'm more or less in the same boat as you. The only difference is that I don't have a mortgage yet, but I'm looking to buy in the next 2 years. I'm kind of hoping that the Toronto house prices will come down a little, but after this strong Spring season I don't know anymore. Where do you see the Toronto market in a year or two?

Money is never enough, and I think it will get worse in the future with all the boomers retiring en masse and huge deficits the government is running. The only way out of this is higher taxes, at least I see it this way.

[trent]

I see everyone driving new cars and taking nice trips and saving for retirement...... How do they do it all???


The answer is simple DEBT and I don't think that the majority of Canadians have any savings at all.

[Steven]

All I can tell you is that you are doing better than some of us...:(

Hi All,

I am 32, married with 2 kids aged 5 & 3. Live in the burbs, wife and I both work in Toronto. We make a half decent living, wife 52K & myself 86K.

Why is it that I feel such a burden financially?

Our monthly expenses are a lot I think. But how much do you have to make in this country before you are able to have any real discretionary income?

Our monthly expenses (Annual expenses / 12 months) to keep it simple as not every month is the exact same is approx $7,000.00. My mom has never made 7500.00/month in her life!! My necessities alone take up $5500.00/mnth.

Mortgage = 1800.00
Childcare = 1500.00
Prop Taxes = 375.00
Utilities = 325.00
Go Transit = 476.00
Groceries = 600.00
House insurance = 80.00
Car insurane = 180.00
Gas for Cars = 200.00

That's $5536.00 alone. Then you have:

Cable, internet, cell, home phone = $220.00
Clothing = $200.00 (Wife & I both wear suits and kids grow like weeds)
Hair cuts = 80.00
Activities (kids & self) = 160.00
Lunch/meals out = $350.00

That's another $1010.00

I don't have any credit card debt, LOC or car loans and I haven't even included:

Bday & Xmas = 250.00
Car maintenance = 150.00
Vacation = 200.00
Retirement = ?
Kids Education = ?
House maintenance = ?

AHHHHHHHHHHHHHHH!!!!!

When does it get easier??

I see everyone driving new cars and taking nice trips and saving for retirement...... How do they do it all???

Why am I doing it!

[Tightwod]

All I can tell you is that you are doing better than some of us...:(

How so? Please elaborate, I think it is helpful for all.

[Steven]

What I meant is that my expenses are very close to what you have, but my family income is lower than yours. I don't know what happens if my wife or I lose our jobs...

[bullish]

I think unemployment will start going down soon as the economy recovers, so don't worry too much about your job.

[Steven]

I think unemployment will start going down soon as the economy recovers, so don't worry too much about your job.

I hope you are right, but unfortunately I don't think the employment picture will improve anytime soon :(

[Canadian]

I hope you are right, but unfortunately I don't think the employment picture will improve anytime soon :(

Yes, many analysts talk about a jobless recovery, but I don't see how can we have a recovery if the unemployment is high.

[Rickson9]

I see everyone driving new cars and taking nice trips and saving for retirement...... How do they do it all???

Maybe they don't have kids or are have maxed out their credit cards and LOC.

[francisford]

All I can say is not to worry too much about it, Tightwod. I agree with Steven that you are doing great compared with a lot other people. As I see it, you are very much aware of your expenses and you are in control of your finances. As long as you continue to live a simple life with nothing excessive and as long as you never spend beyond your budget, you'd do great. Financial stability is the most important thing, and focus on maintaining that, instead of focusing on the thought that you are inadequate because you cannot afford a whole lot of luxuries. Extra things like new cars and travels are another story. You would need a different income source for these things.