Personal Finance

GTA Household Income to Live Modestly

  • Last Updated:
  • Dec 8th, 2018 4:48 pm
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Dec 11, 2008
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porticoman wrote:
Dec 3rd, 2018 1:15 pm
+1, thanks for posting that & bringing it over from the 'Rat Race' thread

now that's not poor, it's close to rich in my book
Thanks. My numbers are just the use case. Not sure if there are areas on my list that can be cut back any further given where we live and the mortgage etc. I mean it can reduce if people cut out vacations, eating out and some telecom expenses I think. The rest are pretty much required and we negotiate, price shop, price match etc on all of these areas where we can.
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eclone wrote:
Dec 3rd, 2018 12:43 pm
Mortgage (ideally +10% overpayment), daycare x2, car payments x2, bills/property tax/insurance, internet/phone x2, food x4, clothing and misc expenses, RRSP x2, RESP x2, savings. That's just the necessities. Gifts, vacations, occasional small splurges etc etc.

$10k a month sounds like a lot, but it doesn't get you very far when you live responsibly. Look at the responses in this thread.

This is why 1 kid is enough for me.
"Getting by" obviously has a different meaning to you.

Most people wouldnt be calling it "getting by" when you are contributing extra to mortgage, RRSP, resp, and having 2 cars.

That's called doing very well for most people.
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Nov 10, 2018
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This thread title bothers me.

"modestly" is a very subjective term. IMHO a $120K car can be viewed as modest if an individual is used to driving a $400K Rolls Royce.

Subjective thread titles are causes for a variety of opinions. Being objective may be better here.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
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Jul 27, 2017
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angryaudifanatic wrote:
Dec 4th, 2018 10:34 am
This thread title bothers me.

"modestly" is a very subjective term. IMHO a $120K car can be viewed as modest if an individual is used to driving a $400K Rolls Royce.

Subjective thread titles are causes for a variety of opinions. Being objective may be better here.
+1 agree

in fact 'bare bones' is a better title
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Oct 26, 2003
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after tax $70k for first person of the household, then $50k per person after that
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Apr 21, 2014
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mech9t5 wrote:
Dec 3rd, 2018 4:11 pm
"Getting by" obviously has a different meaning to you.

Most people wouldnt be calling it "getting by" when you are contributing extra to mortgage, RRSP, resp, and having 2 cars.

That's called doing very well for most people.
Agreed and why 2 car payments. I buy my cars in cash a few years old. Let someone else take the largest depreciation hit. I used to have car payments/leases etc and one day I was like “why am I shelling out 850 a month out of my cash flow”. So now I drive a 2014 minivan that I bought for 16k (bought in 2017), that same vehicle is 32k brand new.

I have wealthy friends who lease their cars, but they do so buy buying an asset that pays for the car payments. So they bought a rental in Orlando and the cash flow for that pays for the wife’s Benz. He privately funds second mortgages and the cash flow from that pays for his Audi.
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Dec 11, 2008
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abc123yyz wrote:
Dec 4th, 2018 11:45 am
Agreed and why 2 car payments. I buy my cars in cash a few years old. Let someone else take the largest depreciation hit. I used to have car payments/leases etc and one day I was like “why am I shelling out 850 a month out of my cash flow”. So now I drive a 2014 minivan that I bought for 16k (bought in 2017), that same vehicle is 32k brand new.

I have wealthy friends who lease their cars, but they do so buy buying an asset that pays for the car payments. So they bought a rental in Orlando and the cash flow for that pays for the wife’s Benz. He privately funds second mortgages and the cash flow from that pays for his Audi.
Yep. And moreso, why are people looking to have 2 car payments? Are they really buying/trading cars every 7-8 years? If at most they should have 1 car payment. Constantly having 2 car payments does not seem to be "modest".

Seems like some people are trying to justify their lifestyle as modest when it is not a necessity.
Last edited by speedyforme on Dec 4th, 2018 12:03 pm, edited 1 time in total.
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Apr 21, 2004
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How much is it to live comfortably in a midsize city in MB or SK?

Uranium and Potash aren't reaching new peaks currently and I know agriculture can be big in those two provinces.
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porticoman wrote:
Dec 4th, 2018 10:37 am
+1 agree

in fact 'bare bones' is a better title
I don't think "modestly" is the same as "bare bones" at all. Bare bones is far more frugal in my mind. I think I live relatively modestly, but definitely not bare bones.

In my mind, "modestly" is having normal things (but not extravagant), but bare bones means I'm cutting and getting by without some stuff (eg: longer term job loss, etc).
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alanbrenton wrote:
Dec 4th, 2018 12:03 pm
How much is it to live comfortably in a midsize city in MB or SK?

Uranium and Potash aren't reaching new peaks currently and I know agriculture can be big in those two provinces.
resources are reaching new bottoms, the cost of living here is cheaper due to RE and vehicle insurance, but all other expenses are the same.
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Oct 25, 2010
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Chiming in quickly here. Household income = $160,000. House in the burbs of GTA. Mortgage, two kids in daycare, taxes/utilities/phone/internet, insurance for cars and house, groceries. For my situation, it doesn't leave much room for savings on a monthly basis. No vacations to speak of, but even then it's hard to vacation with the age of my kids.

Admittedly, the mortgage on my house is a huge drain. However we are comfortable with the decision that we made due to this being our forever home. Things will be a little less tight once the first kid goes to school in Sept, and the next kid following in 2020. Will probably use the daycare money not spent to paying down the mortgage faster, increase savings, and extra curricular activities for the kids.
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divx wrote:
Dec 4th, 2018 12:19 pm
resources are reaching new bottoms, the cost of living here is cheaper due to RE and vehicle insurance, but all other expenses are the same.
How much do auto and residential insurance cost there?
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People who are on RFD (and don't peruse the Hot Deals or recently the MJ and BTC threads) can save so much. Free entertainment if you have unlimited internet at home.
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alanbrenton wrote:
Dec 4th, 2018 12:40 pm
How much do auto and residential insurance cost there?
auto is half of gta, i can't compare residential insurance as i did not have one in gta.
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divx wrote:
Dec 4th, 2018 1:27 pm
auto is half of gta, i can't compare residential insurance as i did not have one in gta.
I was paying $700 in Burlington/Oakville until I had to include our daughter. Now it's about $1k for each. :( It's a necessary evil to build her auto insurance up.

I know in Quebec, it's like $300-400. I was thinking of getting a PO Box there until I learned about "rate evasion" and that it was kinda illegal.

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