At what salary did you start becoming financially comfortable?

Apr 9th, 2015 2:25 pm

#1

Trident [OP]: Member; Mar 25, 2010; 239 posts; 43 upvotes

Apr 9th, 2015 2:25 pm

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!

Share:

Apr 9th, 2015 2:36 pm

#2

nabiul: Deal Addict; Aug 28, 2014; 2454 posts; 627 upvotes; Toronto, ON

Apr 9th, 2015 2:36 pm

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.

Apr 9th, 2015 2:36 pm

#3

milhouse611: Deal Addict; Jul 28, 2014; 1245 posts; 119 upvotes; Toronto, ON

Apr 9th, 2015 2:36 pm

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.

+2

Apr 9th, 2015 2:36 pm

#4

theosis: Sr. Member; May 26, 2011; 946 posts; 265 upvotes; Montreal

Apr 9th, 2015 2:36 pm

I was pretty comfortable when I started making around $40k/year. This is in Quebec.

+1

Apr 9th, 2015 2:41 pm

#5

Phlegmbot: Deal Addict; Feb 20, 2008; 2583 posts; 598 upvotes

Apr 9th, 2015 2:41 pm

I just adjust my lifestyle to fit my salary. Therefore I am always financially comfortable.

+6

Apr 9th, 2015 2:43 pm

#6

crono06: Deal Addict; Nov 28, 2007; 1782 posts; 37 upvotes; Mississauga

Apr 9th, 2015 2:43 pm

Phlegmbot wrote: ↑I just adjust my lifestyle to fit my salary. Therefore I am always financially comfortable.

This. Although I am relatively early in my career, I always let my income dictate my lifestyle.

Clothes/shoes: updated-10-feb-15-longchamp-armani-sbs- ... bs-888893/
Games: ps3-wii-games-687596/

+1

Apr 9th, 2015 2:47 pm

#7

Firebot: Deal Addict; Aug 12, 2004; 4494 posts; 2150 upvotes; Calgary

Apr 9th, 2015 2:47 pm

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.

+2

Apr 9th, 2015 2:55 pm

#8

Guest439488: Deal Fanatic; Oct 1, 2011; 6337 posts; 1504 upvotes

Apr 9th, 2015 2:55 pm

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.

+2

Apr 9th, 2015 2:56 pm

#9

Guest439488: Deal Fanatic; Oct 1, 2011; 6337 posts; 1504 upvotes

Apr 9th, 2015 2:56 pm

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.

+1

Apr 9th, 2015 3:00 pm

#10

Piro21: Deal Expert; Nov 15, 2004; 20083 posts; 3953 upvotes; Toronto

Apr 9th, 2015 3:00 pm

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.

+1

Apr 9th, 2015 3:10 pm

#11

bluejazzy: Sr. Member; May 5, 2010; 971 posts; 118 upvotes

Apr 9th, 2015 3:10 pm

26 y.o, single no kids 57k... still not enough.

+3

Apr 9th, 2015 3:14 pm

#12

Euphoric: Deal Addict; Jan 10, 2007; 1859 posts; 341 upvotes; Woodbridge

Apr 9th, 2015 3:14 pm

peanutz wrote: ↑not entirely sure because I hit the ground running with a first professional job over 80k/year.

nice

+1

Apr 9th, 2015 3:16 pm

#13

speed_69: Member; Sep 9, 2009; 285 posts; 121 upvotes; Calgary, AB

Apr 9th, 2015 3:16 pm

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.

+1

Apr 9th, 2015 3:31 pm

#14

McKinsey: Deal Addict; Oct 18, 2014; 1985 posts; 865 upvotes; HK

Apr 9th, 2015 3:31 pm

Maybe when I hit 85k (3 years ago).

+1

Apr 9th, 2015 4:04 pm

#15

Intotheblue12: Member; Oct 3, 2009; 433 posts; 126 upvotes

Apr 9th, 2015 4:04 pm

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.

+2

Apr 9th, 2015 4:08 pm

#16

gelato69: Deal Addict; Dec 3, 2014; 1572 posts; 101 upvotes; New Westminster, BC

Apr 9th, 2015 4:08 pm

Eleventy billion dollars.

+2

Apr 9th, 2015 4:10 pm

#17

AudiDude: Deal Guru; Mar 1, 2004; 12862 posts; 1484 upvotes; Pickering

Apr 9th, 2015 4:10 pm

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.

+1

Apr 9th, 2015 4:24 pm

#18

evilbaga: Member; Nov 25, 2013; 244 posts; 77 upvotes; Scarborough, ON

Apr 9th, 2015 4:24 pm

What I want, money cant buy.

Thus making money is just a way to spending time/doing what is expected.

+1

Apr 9th, 2015 4:47 pm

#19

frozenmelon: Deal Addict; Sep 4, 2007; 1490 posts; 1616 upvotes; Edmonton

Apr 9th, 2015 4:47 pm

Cost of living is so important to this. Raw salary is almost meaningless.

+1

Apr 9th, 2015 4:49 pm

#20

kivyee: Member; Jan 6, 2008; 295 posts; 48 upvotes

Apr 9th, 2015 4:49 pm

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.

+1