|
Welcome to the Canadian Financial Forums forums. You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! If you have any problems with the registration process or your account login, please contact contact us. |
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
Income & Monthly Expenses
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! |
#2
|
|||
|
|||
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.
__________________
Bear with me please |
#3
|
|||
|
|||
The answer is simple DEBT and I don't think that the majority of Canadians have any savings at all.
__________________
No debt |
#4
|
|||
|
|||
All I can tell you is that you are doing better than some of us...
Quote:
|
#5
|
|||
|
|||
How so? Please elaborate, I think it is helpful for all.
|
#6
|
|||
|
|||
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...
|
#7
|
|||
|
|||
I think unemployment will start going down soon as the economy recovers, so don't worry too much about your job.
|
#8
|
|||
|
|||
I hope you are right, but unfortunately I don't think the employment picture will improve anytime soon
|
#9
|
|||
|
|||
Yes, many analysts talk about a jobless recovery, but I don't see how can we have a recovery if the unemployment is high.
__________________
Bear with me please |
#10
|
|||
|
|||
Maybe they don't have kids or are have maxed out their credit cards and LOC.
|
Thread Tools | |
Display Modes | |
|
|