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At what salary did you start becoming financially comfortable?

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  • Apr 21st, 2015 4:03 pm
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Member
Mar 25, 2010
239 posts
43 upvotes

At what salary did you start becoming financially comfortable?

I know this is something very relative, but I was curious, at what salary did you start becoming financial comfortable? By that I mean not having to worry about being able to pay bills, not really looking at the prices on the menu when ordering at a restaurant, buying clothes you like without being easily dissuated by the price etc.

Obviously the province you live in can affect that, so you can share that as well!
184 replies
Deal Addict
Aug 28, 2014
2454 posts
627 upvotes
Toronto, ON
Articles usually say it's around 75k where income stops affecting happiness, but I guess that would differ on how many mouths you got to feed.
Deal Addict
Jul 28, 2014
1245 posts
119 upvotes
Toronto, ON
Other factors makes a difference too. Mainly are you single vs. you have family with kids to support? What kind of a lifestyle do you live? Do you need/want to drive a Honda vs. Mercedes? Everyone's wants/needs is different.
Sr. Member
User avatar
May 26, 2011
946 posts
265 upvotes
Montreal
I was pretty comfortable when I started making around $40k/year. This is in Quebec.
Deal Addict
Feb 20, 2008
2583 posts
598 upvotes
I just adjust my lifestyle to fit my salary. Therefore I am always financially comfortable.
Deal Addict
Aug 12, 2004
4494 posts
2150 upvotes
Calgary
I still look at prices at the menu even with a houshold income of over 150K. I am very confortable though and have no money issues.

It is a mindset more than a state of financial health. You could have 3 cars and a 500K mortgage with 3 kids and be paycheck to paycheck still because they have no clue how to budget. I would say once you hit the 50K range you can start to splurge a little at times if single with no commitments.
Deal Fanatic
User avatar
Oct 1, 2011
6337 posts
1504 upvotes
In Toronto, probably no less than 70k/year...not entirely sure because I hit the ground running with a first professional job over 80k/year and I was on RFD, trying to save, get good deals; some described me as a little too frugal/miserly lol... (years of being housepoor under my parents' roof trained me well.) I always ate what I wanted, within reason, however. I don't believe in eating crap.

This is not necessarily a good trait, but I never really felt comfortable unless I was saving a lot.
Deal Fanatic
User avatar
Oct 1, 2011
6337 posts
1504 upvotes
Firebot wrote: I still look at prices at the menu even with a houshold income of over 150K. I am very confortable though and have no money issues.

It is a mindset more than a state of financial health. You could have 3 cars and a 500K mortgage with 3 kids and be paycheck to paycheck still because they have no clue how to budget. I would say once you hit the 50K range you can start to splurge a little at times if single with no commitments.
This is exactly how I feel.
Deal Expert
User avatar
Nov 15, 2004
20083 posts
3953 upvotes
Toronto
Firebot wrote: It is a mindset more than a state of financial health.
This. I hate spending money on clothes, and usually limit myself to only buying what's on sale despite the amount in my bank account.
Sr. Member
May 5, 2010
971 posts
118 upvotes
26 y.o, single no kids 57k... still not enough.
Deal Addict
Jan 10, 2007
1859 posts
341 upvotes
Woodbridge
peanutz wrote: not entirely sure because I hit the ground running with a first professional job over 80k/year.
nice
Member
Sep 9, 2009
285 posts
121 upvotes
Calgary, AB
I'm 28, single and no kids. I live in Alberta and don't think I'd be financially comfortable until I make 80k. I'm not a big spender either.
Deal Addict
Oct 18, 2014
1985 posts
865 upvotes
HK
Maybe when I hit 85k (3 years ago).
Member
Oct 3, 2009
433 posts
126 upvotes
For me financially comfortable has less to do with income and more to do with net worth. I make less income now then I did two years ago but feel fine because I have all my basic needs covered, have a low mortgage, low living expenses and a good size nest egg. Dont become a slave to your wage.
Deal Addict
Dec 3, 2014
1572 posts
101 upvotes
New Westminster, BC
Eleventy billion dollars.
Deal Guru
User avatar
Mar 1, 2004
12862 posts
1484 upvotes
Pickering
Make more than you need = spend a little extra and save the rest. Sometimes I might have enough money to buy an expensive want, but I hold off and buy into an investment instead. So far all investment money has stayed there without me collecting the returns to spend. The returns are reinvested.
Member
Nov 25, 2013
244 posts
77 upvotes
Scarborough, ON
What I want, money cant buy.

Thus making money is just a way to spending time/doing what is expected.
Deal Addict
Sep 4, 2007
1490 posts
1616 upvotes
Edmonton
Cost of living is so important to this. Raw salary is almost meaningless.
Member
Jan 6, 2008
295 posts
48 upvotes
If you let your income dictate your lifestyle, i.e. make more ergo spend more, it'll be more difficult to become financially comfortable. I knew a guy making $300k a year who still always maxed out his CCs! Can't speak for how financially comfortable he is, but probably not very.

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