GTA Household Income to Live Modestly
Probably a lot of variables to this question but feedback from others who are already in this boat would be helpful.
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Sounds about right. and pretty sad. Basically low income lifestyle in the 70s.tebore wrote: ↑Nov 21st, 2018 3:31 pmBall park Taking home about $8000 a month should be enough cash flow to cover a 500-600k House with 20% down, Daycare costs for 2 kids, utilities & Insurance, operating costs of 2 owned vehicles, no fancy vacations. Assumes Worse case scenario of kids both day care age and interest going to around 5%. Avg'd Op costs of a car at $1000 for both cars. Nominal amounts of RRSP & RESP.
So around 150-160k Gross.
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I don't think that would be anywhere near enough take home pay actually. Especially if daycare was also involved (2 kids).porticoman wrote: ↑Nov 21st, 2018 4:00 pm$650k property with 20% down (variable rate mortgage approx $2500/mth) + taxes & utilities ($800/mth), 2- vehicles ($500/$600/mth), moderate lifestyle all-in other expenses, with some bells & whistles ($1500/mth) - you'll need minimum $65k - $70k/yr take home pay
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+1 good pointsalanbrenton wrote: ↑Nov 21st, 2018 6:03 pmOP, are you in the GTA? Or are you planning to move here?
Do you live with your parents and can you and your SO live with your parents for the next while?
Biggest expense has to do with housing so if your parents have an in-law suite or an unfinished basement, maybe finishing it and renting for cheap is the best way to go for the first few years.
A lot don't get along with in-laws but we're the minority.
Nov 21st, 2018 6:30 pm
That was my excuse to my wife not to finish our basement. We don't need the extra space tbh. Child might decide to stay with us lol though she probably detests my gentle reminders about the more important things in life and how I set my frugality as a benchmark.