Personal Finance

GTA Household Income to Live Modestly

  • Last Updated:
  • Dec 8th, 2018 4:48 pm
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alanbrenton wrote:
Dec 4th, 2018 1:29 pm
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.
you pay for the privilege of living in Burlington.
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divx wrote:
Dec 4th, 2018 1:35 pm
you pay for the privilege of living in Burlington.
living in the boonies, so they say, haha.
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alanbrenton wrote:
Dec 4th, 2018 1:35 pm
living in the boonies, so they say, haha.
mid size city has everything i need, as far as things go, i don't miss anything from gta.
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divx wrote:
Dec 4th, 2018 1:40 pm
mid size city has everything i need, as far as things go, i don't miss anything from gta.
not even free charging stations for your upcoming BEV? :)
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alanbrenton wrote:
Dec 4th, 2018 1:41 pm
not even free charging stations for your upcoming BEV? :)
it is unfortunate, i was going to mention that the lack of EV charging station does suck, but gas price is cheaper by 10 cents so it kinda makes up for it.
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I was going to ask about hybrid vehicles because I noticed our RAV4H is so easy to start during winter but had to look it up first:

https://www.mcphillipstoyota.com/2015/0 ... brid-cars/

Something that many people don’t know about hybrids is that they do very well in cold weather. Even on the most frigid Winnipeg winter days, hybrids start with as much ease as a non-hybrid equivalent vehicle.
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I don't keep track of my expenses but I think we live within $2k/month, even with our daughter's $300 allowance, if I can exclude tuition and school related stuff. Or maybe we're slightly over with 14 more months of $1k car payments. Oops, I have after school daycare of about $400 so I'm definitely likely going over $2k/month.

Eating out, car leases and vacations are probably the biggest expenditures for most of us here. One car is 16 years old and the other is almost eight (third one is still being financed) and I won't be trading them in for brand spanking new cars, except perhaps for an electric vehicle that is modestly priced (if that ever comes to fruition).

Depreciation on cars is probably the biggest expense for majority of households, especially those who don't keep them for at least seven or eight years.
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haha, maybe I am underestimating our expenses lol just to get the unballer status.
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porticoman wrote:
Dec 4th, 2018 2:03 pm
depends on the interpretation that folks use

my 'modestly' for the two of us, seniors, mortgage free is less than $2000/mth which is where we are at, in fact just below $1900
I think that's the issue that needs to be defined, because 'modest' means different things to different people. I take 'modest' to mean living like an Average Joe. Not being extravagant, but at the same time not going out of your way to save every penny. Doing what society would consider to be regular. Like OP said, it's about living a "moderate life", which is different from being deliberately frugal.

So for example, I think someone buying a new $25,000 car, like a VW Golf or something, can still be considered modest. No one's going to look and think that person must be ballin' in their new Golf, how extravagant. It doesn't mean, in my opinion, that you have to spend the minimum you can get away with to just meet your needs, and get a $5,000 beater because it gets you from A to B for the cheapest you can spend.
Last edited by Manatus on Dec 4th, 2018 3:25 pm, edited 1 time in total.
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alanbrenton wrote:
Dec 4th, 2018 3:22 pm
haha, maybe I am underestimating our expenses lol just to get the unballer status.
now I understand, it's $2000/per person/mth for a family of 3 or 4

got it.....
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porticoman wrote:
Dec 4th, 2018 3:25 pm
now I understand, it's $2000/per person/mth for a family of 3 or 4

got it.....
Sure, I concur, if that makes you happy. :)

Maybe start a 2019 New Year's Resolution financial thread so people can have a clean slate and lower their expenditures? Then in December 2019, ask who was able to stick to their plan. :)
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Why not seize the opportunity to leave GTA and put yourself in a better position? Get a job somewhere else, buy a house somewhere else, and be better off? One choice will save yourself a lot of hardships. For the price of the 'modest life' in GTA you could live extremely well almost anywhere else.

Seems to me like a lot of people live in the GTA just because 'it's the place to be' and that creates a perpetual treadmill where everyone wants to be there and everyone pays dearly for the privilege. Make a stand and move to Ottawa or London or something instead. I did one better and moved to St. Thomas. Never been to St. Thomas? Exactly. My house in St. Thomas would be worth millions in the GTA and I wouldn't be able to afford it. Sure I can't tell the world that I live in Toronto, and I don't get to tell everyone that my house is worth millions, but it's a pretty good life in St. Thomas.
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unknownone wrote:
Dec 5th, 2018 7:45 am
Why not seize the opportunity to leave GTA and put yourself in a better position? Get a job somewhere else, buy a house somewhere else, and be better off? One choice will save yourself a lot of hardships. For the price of the 'modest life' in GTA you could live extremely well almost anywhere else.

Seems to me like a lot of people live in the GTA just because 'it's the place to be' and that creates a perpetual treadmill where everyone wants to be there and everyone pays dearly for the privilege. Make a stand and move to Ottawa or London or something instead. I did one better and moved to St. Thomas. Never been to St. Thomas? Exactly. My house in St. Thomas would be worth millions in the GTA and I wouldn't be able to afford it. Sure I can't tell the world that I live in Toronto, and I don't get to tell everyone that my house is worth millions, but it's a pretty good life in St. Thomas.
Modest and lifestyle is all relative too. Some can live like kings in a smaller town/city and some would want to live modestly in GTA.

I mean I guess I could live like a king in a small city, but that's also not my lifestyle really. Plus our jobs are GTA/downtown specific and we live our jobs anyways.
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Manatus wrote:
Dec 4th, 2018 3:23 pm
I think that's the issue that needs to be defined, because 'modest' means different things to different people. I take 'modest' to mean living like an Average Joe. Not being extravagant, but at the same time not going out of your way to save every penny. Doing what society would consider to be regular. Like OP said, it's about living a "moderate life", which is different from being deliberately frugal.
I think the problem is that people don't understand what the word "modest" actually means. Modest by definition:
(of an amount, rate, or level of something) relatively moderate, limited, or small. "drink modest amounts of alcohol"
If we are talking about money, then modest must be limited or small amount. For me, the average is not "limited" or "small", so it is not "modest".
To me, modest means somewhere lower than average but above dirt poor.

Poor - need credit, welfare, handouts to finance all necessary monthly expenses. No extra for emergencies.
Modest - Can finance all necessary monthly expenses with a small amount left over for emergencies/savings - no money for unnecessary expenses
Average - Can finance all necessary monthly and some unnecessary expenses with a small amount left over for emergencies/savings
Above Avg - Can finance all necessary and unnecessary monthly expenses with a healthy amount left over for emergencies/savings
Rich - Can buy whatever they want

Then the question is what is necessary vs unnecessary.

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