Personal Finance

High income but not a lot of discretionary cash

  • Last Updated:
  • Oct 4th, 2016 1:04 am
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
Mortgage looks high -- unless they are trying to get rid of it quickly (fine) but if its just cause they got a huge house, maybe downgrade the house.

Cleaners eliminate or move to bi-weekly.

Get rid of cable. I use to have 220 for cable/internet/phone too but it was because I had one of the highest cable package... go basic cable if cable really needed for $25 (the new basic packages). Many of the premium channels (HGTV, Slice, etc) have websites where you can go watch episodes. Just get an $8 Netflix package.

After 2841 I assume 1500 for food, gas, misc...

If they are still saving $2000 or so a month with all of their expenses it's pretty good.

Looks like mortgage is really the big killer, sucks with the inflated house prices tho...almost 4000 eek. even if they could cut to about half or even 2500 to 3000 it would save up more cash

All these families are so lucky with low rates...
Deal Addict
User avatar
Oct 26, 2008
2474 posts
170 upvotes
OP, is their combined net income averaged out over one year or did you just use their most recent pay stubs in your calculations? Reason why I'm asking is because of EI and CPP deductions. High income earners are usually done paying into EI and CPP by May while lower income earners can drag their payments into December. Their most recent pay stubs will show zero in EI and CPP contributions whereas a stub from January for example can show hundreds in deduction. Off the top of my head I'm guessing they probably pay around $1400 combined into EI and CPP per month from January to May.

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