Personal Finance

Help Need To Get My Financial Life Straight

  • Last Updated:
  • Nov 10th, 2013 12:40 pm
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Mar 31, 2008
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masoud100 wrote:
Nov 8th, 2013 2:28 am


....

My son receives child benefit, etc which is used for his food, diapers, clothing and to max out his RESP

....
Are you referring to the $100/month each child gets from the Goverment? If so, that is not enough to pay for food, diapers and max out his RESP. That $100 won't even cover the cost of diapers if your son is less than a year old. If he's over a year old and assuming he's only using 4 diapers over 24 hrs, that's ~$30/month. That $100 you get is taxed after you receive it so it's not a true $100. Add in clothes and that $100 is finished before food is factored in, childcare, pre-school, classes (swimming, art, gymnastics, etc).
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340CID wrote:
Nov 8th, 2013 6:11 pm
Are you referring to the $100/month each child gets from the Goverment? If so, that is not enough to pay for food, diapers and max out his RESP. That $100 won't even cover the cost of diapers if your son is less than a year old. If he's over a year old and assuming he's only using 4 diapers over 24 hrs, that's ~$30/month. That $100 you get is taxed after you receive it so it's not a true $100. Add in clothes and that $100 is finished before food is factored in, childcare, pre-school, classes (swimming, art, gymnastics, etc).
No he gets around $500 a month as his mom does not work. She will only have an income of $100 per month to be taxed but since she doesn't work anywhere it won't be taxed.
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Dec 25, 2004
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masoud100 wrote:
Nov 8th, 2013 6:48 pm
No he gets around $500 a month as his mom does not work. She will only have an income of $100 per month to be taxed but since she doesn't work anywhere it won't be taxed.
Our tax dollars at work.
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masoud100 wrote:
Nov 8th, 2013 3:24 pm
Yes I agree the title is misleading. I thought saving $1300 a month is a lot. That is $15,600 in a years time, plus $3700 I have now (chequing/TFSA)= $19300 and add to the fact I have maxed out my son's RESP $5000 (plus $1000 from govt, plus $500 learning bond, plus how well my investments have done). And just spending $4000 to take my wife back home to visit her dad and spend time with him is a waste of money?

My question was really how can I maximize my money knowing that I need atleast $4000 by 12 months. Because I think Scotiabank has low interest rates for TFSA. And I liked what Dibble said by putting $400/month into a high savings account. Which one though? That leaves about $700/month to put into long term investment for myself. Should I keep that in like Scotiabank and invest in Mutual Funds or what?
Ok, I think the question is: Where do you invest your money ($3,700 now + $1,300 per month for the next 12 months), considering that you'll need $4,000 in 1 year (November 2014), right?

What is your risk tolerance? If you don't want to risk losing any of the $19,300 that you'll have by Nov 2014, then your options are limited to rolling GICs ($4,000 for 1 year at least) or high interest savings account, whichever pays more. But you won't get much out of it. Now if your risk tolerance is more aggressive, then I'd invest a good chunk into an index ETF (see http://canadiancouchpotato.com/) on your preference for distribution. Determine how much you want to allocate for "long-term", which you won't touch anytime soon, and how much beside the $4,000 you want for "short-term", to leave invested in GIC or HISA.
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masoud100 wrote:
Nov 8th, 2013 3:09 pm
I am self employed and always have atleast $500 left after subtracting gas and eating out while at work.

I didn't include my back story so that has many RFDers curious of why my expense is so low I guess. I am married and have a baby son. We live with my parents. In my culture the sons never leave the house while the daughters do after getting married. I am the only son. My $400 I pay is what I just pay my dad that includes living there and food, hydro, etc.

I own both cars. One car I use solely myself the other car my dad, etc use it 95% of the time and I don't pay gas for it just insurance. My gas I already subtracted since I said I can save atleast $500/week after gas/eating out.

I just got the Voip and will be paying less than $5/month starting 2014 and Internet I will be paying $45/month with TekSavvy.
You didn't answer any questions I asked.
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rodbarc wrote:
Nov 8th, 2013 8:39 pm
Ok, I think the question is: Where do you invest your money ($3,700 now + $1,300 per month for the next 12 months), considering that you'll need $4,000 in 1 year (November 2014), right?

What is your risk tolerance? If you don't want to risk losing any of the $19,300 that you'll have by Nov 2014, then your options are limited to rolling GICs ($4,000 for 1 year at least) or high interest savings account, whichever pays more. But you won't get much out of it. Now if your risk tolerance is more aggressive, then I'd invest a good chunk into an index ETF (see http://canadiancouchpotato.com/) on your preference for distribution. Determine how much you want to allocate for "long-term", which you won't touch anytime soon, and how much beside the $4,000 you want for "short-term", to leave invested in GIC or HISA.
Yes that is my question. What are the best High Interest Savings Account out there right now for me to put my money in for travel? Also the rest I would like to keep for long term investing where should I do it. I currently have my RESP with Scotiabank invested in the Canadian Dividend Fund. For my TFSA should I choose a different Investment or altogether go to another bank etc for it such as TD or something. Lastly with Scoiabank I must keep atleast $2000 in chequing account in order for fee to be waived. Would I be able to cancel my chequing account and use ING free chequing account or something and be able to transfer to my savings accounts (RESP, TFSA) easily?
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CWatson87 wrote:
Nov 8th, 2013 7:52 am
+1

You're planning $4000 for a vacation but you don't even have that set aside in your numbers.

Also, you're missing a lot of information. For example:



These are conflicting numbers. Are you making $2000 per month, spending $700, and thus saving $1300 per month? Or are you making more (say $3000), spending $1700, and saving $1300? What are you spending $1700 on?
I am making more than $2000 a month but I only have $2000 left after taking out my gas and food while at work
What is your salary?
My salary varies but I have atleast $2000 every month left over after gas/eating out while at work
Fixed expenses:
Are you married/common law/living with a girlfriend? I assume so if your rent is only $400 a month.
Married
Car payments - do you own your cars free and clear?
I own both cars no payments
Cable - no one watches TV?
Nobody watches TV (They watch Netflix- I don't pay for it)
Home/renters insurance? Property taxes?
Don't pay any taxes live with parents

Variable expenses:
Groceries and eating out - no one eats?
I already subtracted eating out that is why I am left with $2000/per month/I don't pay Groceries
Gas for your car?
I already subtracted gas and I have just over $2000 left
Electricity for your house/apartment?
Don't pay
Gas for your house/apartment?
Don't Pay
Hygiene items?
Don't pay much maybe less than $20 every 3 months
Clothing and gifts?
Don't pay maybe twice a yr spend like $100
Entertainment?
Don't Pay

See http://www.gailvazoxlade.com/resources/ ... sheet.html for an example.

... Answer those questions and you'll be on a good start.
n
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You're still not answering the questions.

What is your income? Saying "I have $2000 left after gas and food" does not equal your income. If you make $4000 and you're spending $2000 of that on food and gas, we need to know. If you're making $2050 and left with $2000 after food and gas, we need to know.

How much do you spend on eating out?

How much do you spend on gas?

Does $6 per month really equal all your hygiene products? Deodorant, razor(s), shave gel, shampoo/conditioner, soap/body wash, toothbrush, toothpaste, cologne/body spray, Q tips, medicine... you can do all that for $6 per month?

You spend $0 on entertainment? You never go to a movie theatre? Buy a DVD or an XBox/PS3 game? Take your kids to a fair or an arcade? Or do you just tell your parents to pay those expenses too?

Clearly your expenses are so (unbelievably) low (if you're telling the truth) because you're mooching off your parents. You and your wife are living with your parents yet you're not contributing anything for home insurance, mortgage payments, electricity, gas, water, property taxes, food, or any number of the other expenses a household incurs. That is completely unfair to your parents, even moreso considering you're planning a $4000 trip with your kids while you - a grown man - and your wife mooch off your parents.
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Feb 22, 2013
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masoud100 wrote:
Nov 9th, 2013 1:53 pm
Yes that is my question. What are the best High Interest Savings Account out there right now for me to put my money in for travel?
See: http://www.highinterestsavings.ca/chart/
Also the rest I would like to keep for long term investing where should I do it.
Same advice as when you asked about RESPs: TD e-Series mutual funds.
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CWatson87 wrote:
Nov 9th, 2013 3:35 pm
You're still not answering the questions.

What is your income? Saying "I have $2000 left after gas and food" does not equal your income. If you make $4000 and you're spending $2000 of that on food and gas, we need to know. If you're making $2050 and left with $2000 after food and gas, we need to know.

How much do you spend on eating out?

How much do you spend on gas?

Does $6 per month really equal all your hygiene products? Deodorant, razor(s), shave gel, shampoo/conditioner, soap/body wash, toothbrush, toothpaste, cologne/body spray, Q tips, medicine... you can do all that for $6 per month?

You spend $0 on entertainment? You never go to a movie theatre? Buy a DVD or an XBox/PS3 game? Take your kids to a fair or an arcade? Or do you just tell your parents to pay those expenses too?

Clearly your expenses are so (unbelievably) low (if you're telling the truth) because you're mooching off your parents. You and your wife are living with your parents yet you're not contributing anything for home insurance, mortgage payments, electricity, gas, water, property taxes, food, or any number of the other expenses a household incurs. That is completely unfair to your parents, even moreso considering you're planning a $4000 trip with your kids while you - a grown man - and your wife mooch off your parents.
My income is probably $2600/2700 a month. I spend about $400 a month on gas and $300 on food. We have so much shampoo, etc that will last like 1 more year. We usually stock up on big sales. I go to theatres for free as my friend is the theatre manager. I already ha e xbox 360, blu ray and mocies I watch online. My son is a baby does not play games. I use a beard trimmer bought 3 yrs ago on sale for $30. My parents don't have mortgage or anything. Their rent is low less than $1000
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Good lord... you're not getting it. Best of luck to you.
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CWatson87 wrote:
Nov 9th, 2013 3:35 pm
You're still not answering the questions.

What is your income? Saying "I have $2000 left after gas and food" does not equal your income. If you make $4000 and you're spending $2000 of that on food and gas, we need to know. If you're making $2050 and left with $2000 after food and gas, we need to know.

How much do you spend on eating out?

How much do you spend on gas?

Does $6 per month really equal all your hygiene products? Deodorant, razor(s), shave gel, shampoo/conditioner, soap/body wash, toothbrush, toothpaste, cologne/body spray, Q tips, medicine... you can do all that for $6 per month?

You spend $0 on entertainment? You never go to a movie theatre? Buy a DVD or an XBox/PS3 game? Take your kids to a fair or an arcade? Or do you just tell your parents to pay those expenses too?

Clearly your expenses are so (unbelievably) low (if you're telling the truth) because you're mooching off your parents. You and your wife are living with your parents yet you're not contributing anything for home insurance, mortgage payments, electricity, gas, water, property taxes, food, or any number of the other expenses a household incurs. That is completely unfair to your parents, even moreso considering you're planning a $4000 trip with your kids while you - a grown man - and your wife mooch off your parents.
+50
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masoud100 wrote:
Nov 9th, 2013 3:52 pm
My income is probably $2600/2700 a month. I spend about $400 a month on gas and $300 on food. We have so much shampoo, etc that will last like 1 more year. We usually stock up on big sales. I go to theatres for free as my friend is the theatre manager. I already ha e xbox 360, blu ray and mocies I watch online. My son is a baby does not play games. I use a beard trimmer bought 3 yrs ago on sale for $30. My parents don't have mortgage or anything. Their rent is low less than $1000
OP confirmed for not having reading comprehension and being a financially illiterate manchild....
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Jun 10, 2010
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So your parents, you, your wife and your kid (and possibly more) live together in a place for less than 1000 per month?
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CM52 wrote:
Nov 9th, 2013 6:03 pm
So your parents, you, your wife and your kid (and possibly more) live together in a place for less than 1000 per month?
BINGO!!!

4 bedroom house.

Point of this thread was what accounts etc should I save in. GIC, HISA, mutual funds, etc and in which banks

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