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Old 06-06-2009, 03:18 AM
Tightwod Tightwod is offline
Join Date: Jun 2009
Location: Whitby
Posts: 40
Default 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 = ?


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!
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