How much do you save per month reddit canada. You also need to cola adjust.
How much do you save per month reddit canada . Nothing special. Sep 3, 2023 · How Much Should You Have Saved By Age In Canada? There’s not exactly a set amount that you should have saved by a certain age in Canada. e. Yeah 1800’/ month is garbage. LOL Almost. 6k Let's go 400 a month for car, throw in some extra for instance and gas = 7k per year 2 6 fig jobs let's low ball here at 100k per year each, high ball taxes at 50 percent and your net is 100k per year. Condo maintenance fees are like almost $1000/mo today for older condos. The new battery can cost between $3,000 to $8,000. But do not compare yourself to others. You don’t save anything. 3000 per month x 12 = 36k per year 2800 per month x 12 = 33. To help you get started, we’ve compiled guidelines and benchmarks based on age group so you can track your progress and calculate how much you need to save for your golden years. That leaves like 23k per year for food, entertainment, holidays, clothing, etc. Estimate how much mortgage you can get. If you tighten your pockets on everything you waste money on, I. Also have a DB pension that is not part of the 7%. ~6300 take-home, goal is to save at least 300 per paycheck (so 1200-1500 per month, depending on pay schedule). You can save money on housewares and clothing, but not £350 per month. The last category usually determines how much I invest per month, in December and January it was only around $100/month because I was spending money on gifts, a vacation, snowboarding, etc. Just strive to do $50 better, than $75 and work yourself up. With our mortgage payments and property tax being nearly 3k a month, and other expenses etc, right now we're fairly lucky if we can save 2-500 a month. Good if your a light user of data and just want to text only. However if you earn $100k and live on $90k then you can save $10k per year. Can you save that much downpayment, and does your income + downpayment cover the places you want to buy? If I'm smart about it £300-400 per month. 5% to TFSA. Costco has very good quality and often some unique offerings, but you don’t go there to save money on groceries. Firstly, Congratulations! Secondly thanks for your input. If you want to live on $90k per year in retirement then you need $1. I do have one question, you mentioned you pay for the TTC pass. The Nutritious Food Basket reference monthly expenses for the region a year ago were as follows: My family of two spends roughly $1000/month for food/groceries including take out, coffee, snack, and I don’t have set budget for food, so saving $100 per month on meal is moot point to me since I can save that by avoiding grocery shopping and eat all $13 premade frozen meals and sub coffee to instant coffee or cheap tea bag. 4X your income is a good ballpark. You also have to replace the battery around 100,000 miles, and the old battery is considered a bio hazard and has to be sent over to China or India. The only real thing to do is to get tons of quotes. 50 per month before taxes. Don't mind me I'm not from Canada, forgive me if I sound ridiculous lmao. For most people, 3-6 months of expenses is acceptable. 230 votes, 821 comments. This is a ridiculous take. In fact, you will spend more because the quantities are so large. buying lunch instead of taking lunch. How much gas can you buy with that? Also the battery does not work efficiently in cold weather, so you can not use from November to March. true. You also need to cola adjust. How much you should have saved depends on your current earnings, your annual living expenses, and the type of lifestyle that you want to live after retirement. 58 on groceries and $234. Depending on where you live and how much your stipend is, saving money in grad schools is incredibly feasible. January was really hard! February has been easier. Now take a realistic look at those numbers. I've always been a saver and it can get disheartening when I can't put as much a way as I'd like. This historically-adjusted savings rate helps us remove the effects of the sudden rise in savings that have been forced due to reactions to the pandemic. I’ll put in about 1,700 km per month. According to Statistics Canada, in 2019 the average Ontario household of 2. Do some cash flow analysis and see what you need to live per month. I have a generic business degree and spouse is social worker. We have a ~$500 buffer between regular expenses and savings, which gets spent if needed or added to savings. As the title says. I am 38 yrs old and just bought a house. If you do auto payment plan, it works out to 13. Is that like a discounted price. Wife does her own thing. ). You’re also forced to actually eat more because the quantities sold are so large. Unlimited texting and comes with 250mb of data. You’re basically betting that nothing will go wrong. Because Reddit users are not a reflection of the population either, and because those with a more reasonable salary will be intimidated fast when opening this thread and seeing 5 figures per month as the most upvoted answer. but in February I put close to $800 in because I took an extra overtime shift and cut a few costs. 5% to RRSP 3. I’m paying 15 dollars a month with Koodo pay as you go plan. 7% to retirement savings from my net pay. We've got maybe total of 25k in savings, spread out through savings and some investments. Being new to Canada, I don’t have a great RRSP or TFSA balance. 21/litre This is how much you need to save before buying. (About 40% of this amount was accumulated by high-income Feb 20, 2022 · How much does the average Canadian save per month? The average Canadian saving rate between 1961 to date is 7. 67 on prepared food from restaurants, etc. Pretty simple question. 17 per month on food ($633. I live in an area where the median household income is 32k but my household is 98k. I feel 2k per month is not enough savings and looking for advice. Right now it’s getting about 6L/100km in the city. That effectively wiped my cash savings. We are a family of 4. 5% to retire. Edit: I should note that diesel in Alberta is $1. I do not know your situation. We also rounded up the average savings of Canadians, so you can see how your current finances compare to other people your age. 875M. People who frequent financial subs are going to tend toward a higher degree of financial responsibility. I drive a diesel car and spend about $80-90 per month. 61%. So that is 128 per month, and you still pay 3 dollars for every trip? I don't quite understand. Investing $10k per year it will take 45 years with an annual return of 5. It shows you just how much money you waste on trivial stuff. I asked someone else this question and they gave me this- For Ontario- $14/hr * 40hrs/week * 52 weeks = $29,120 It's not a reflection of the population. After mortgage and expenses, I can save approx $2k per month. I did that, and was very surprised by the spread. Then times that by the number of months of cushion you "need" to survive without any income at all. I eat out a couple of times a month, and also get deliveroo quite a bit. Dec 17, 2024 · According to the Bank of Canada, 2020 saw an “unprecedented increase” in savings of about $5,800 per Canadian, totalling $180 billion. 3. Your area matters a lot. In this subreddit you're going to get a much higher than average rate of money saved per month, due to the selection bias. £250 into regular saver, £50 into post office for emergency fund and £50 in stocks and shares ISA. I make ~$2000 a month, rent is $500 (split with my wife). 6 persons spent $868. seldz axrzpo uzau vfqffc lkp ehii byryh jbc ffwlpau bvhvp