how much do u need to earn to live comfortably here in calgary

[kaishen]

in your own opinion, how much does one has to earn to live comfortably in calgary, given the high standards of living. Do u guys get to save a decent portion with u current pay?

[R!zz0]

Since Calgary is now the most expensive city in Canada, it would be very hard for a single person to live here comfortably (Especially if not educated or have no other skills)
I know few people that have 2 jobs, but it's easier if you're married because 2 incomes help out alot.

I think a single person needs to earn $50K a year to survive and over $65K a year to live comfortably.

[asuth077]

Originally posted by R!zz0
I think a single person needs to earn $50K a year to survive and over $65K a year to live comfortably.

This is probably pretty accurate based on my experience.

[clockworkboy3]

I agree. As long as you don't have a car payment and child support payments! :(

[jharp]

That is exactly what I would have pegged it at. Maybe $60k for comfortably.

[A790]

I think it depends on your expenses. When I had my place in Calgary (just over a year ago) I had around $1,300 in expenses (rent, food, insurance, bills, etc.) and made around $3,000, so I was actually quite comfortable.

I would say $40,000 for a single person to live seems about right so long as you live like a single person- smaller apartment, just one car, etc.

[bigbadboss101]

Hmm it would depend on whether you have a nice car, ren vs own etc. To be able to afford a mortgage I don't know, one must be making good $ or already have the $ saved up. I got my place when it was under $200,000 and now have some equity so that is good.

My previous job definitely didn't pay $60,000. Currently working in Fort Mac may be until end of year, may be longer. Hope to save some $ and then come back to Calgary at 40-50% what I am making up North. Did ok making $60k, but things might be different now.

[Lagerstatten.ca]

Yeah with my current expenses including car/insurance/tuition payments/rent/food I would say to survive you need to make at least 45K a year. To live comfortably...I would say 55k-60k a year.

Fuck this city is expensive!

I'm almost tempted to go get a second job to just to speed up the payments on my tuition so I can live comfortably ...

[barmanjay]

there was something on the news a few months ago about this,.. saying the average family has to make over $110k/year to SLOWLY get ahead

[The Cosworth]

Originally posted by R!zz0
Since Calgary is now the most expensive city in Canada, ......

one of, not the most. Pretty sure Vancouver, Montreal, Toronto still win.

When I was in Calgary I was making about $50,000 a year and I was living alright, I didnt have a house and it would take me a while, but I had just graduated college so what do you expect.

[Lex350]

Originally posted by brendankharris


one of, not the most. Pretty sure Vancouver, Montreal, Toronto still win.

When I was in Calgary I was making about $50,000 a year and I was living alright, I didnt have a house and it would take me a while, but I had just graduated college so what do you expect.


well Calgary has 3X the rate of inflation as anywhere else in Canada. Combine that with the fact that many salaries have not kept pace and then you get the most expensive place to live in Canada. Its going to take a bit of time fot things to level out.

[SilverGS]

I guess it would depend on your definition of comfortable. All numbers I am thinkiing of are Net so Add 20-30% to what you would need before taxes.

You could survive with shelter and food for about $10k. That would be very minimal.

$20K would probably allow you to have a new small cheaper vehicle.

$30K would alot you some extra spending money

$40K would give you spending money and maybe some money to save, vacation

$50K Spending Money, RRSP, nicer car, vacation

So take $50K * 1.2 = $60K

So yes about $60-$65K for corfortable :)

[pinoyhero]

Its been said but it really does depend on what you call "living". Another trhing to consider when budgeting is saving, like serious saving, you really want to start maxing out your RRSPs ASAP if possible. By living pay cheque to pay cheque for a real extended period of time you really aren't doing yourself much good unless your putting away some decent money or are in a position to be able to do so via bonuses and raises etc.

[Tik-Tok]

Originally posted by rotten42



well Calgary has 3X the rate of inflation as anywhere else in Canada.

That inflation is only because of housing, if you look at general living expenses (minus the housing) we're still pretty cheap. Too bad it's considered bad taste to live in a van down by the river :rofl:

Between my wife and I, we make over $100g. And we only live comfortably because we aren't very social. I can't imagine how little we'd have if we decided to go out every other night.

[The Cosworth]

Originally posted by rotten42



well Calgary has 3X the rate of inflation as anywhere else in Canada. Combine that with the fact that many salaries have not kept pace and then you get the most expensive place to live in Canada. Its going to take a bit of time fot things to level out.

I agree that inflation in Calgary is insane, but my company wanted me to move from Calgary to Vancouver for the same pay, so I don't think there is that much of a difference in pay across the board. We had it pretty good in Calgary in terms of disposable income comparing that to the rest of the country until everything really picked up. I have friends in Kits (English bay area of Vancouver) who make twice what I make and they can't afford a car.

[kaishen]

hmm so say $55,000 will be a pretty favourable amount to sustain yourself? and $65,000 will give you a pretty good life?


How much are they paying degree holder engineers over there on average in calgary?

i dont think you can sustain much with $10,000, its really too little. Given minimum wage of $10, and working an average of 8 hours daily, 5 days week, you would have $1600 a month, and close to $20,000 a year?

[BigMass]

i know people in Calgary that can't get ahead on $150,000/ year. Try living what used to be "normal" 20-30 years ago. House, 2 cars, 2 kids, wife staying home to look after kids and 3 week vacation yearly taking the kids out to Disney land. 20 years ago you could do that on a blue collar salary if you worked hard. Now if you're making $150,000 it's barely enough.

[mikemechanic]

Originally posted by R!zz0
I know few people that have 2 jobs, but it's easier if you're married because 2 incomes help out alot.


That is a good theory but that usually leads to having kids. My wife and I both work and can't seem to keep up with all the things that come up in a month. School fees, clothing, etc go up in price just as much as everything else in this city while wages stay relatively the same.

[Vagabond142]

I plan to stay where I'm renting as long as I can, as my landlord isn't going to be increasing her price, so I can stay at $285/mth on the rent and $50-$70 on the utils. My bills after school will be around $1k a month, and I do plan to enter a business field where the average starting wage is $55k, so I would say to live comfortably one needs to balance. $4000/mth - 1000/mth in bills n rent n utils = $3000 to save, so I will be VERY comfortable. I don't want a massive house, I don't want a condo, I am quite happy in my little basement suite so I can save up lots of money and get me some savings and investments going and maybe even a nice car (E46 M3's are dropping to ~$25-$30k US right now, so by 2010 they should be $20-$25k which is perfect for me :) )

But that's just my view on things. I also have incredibly cheap cell bills (I got in on a work deal a year ago that I get superb options for pennies a month) and my insurance is excellent, as I have only one ticket and no crashes on my record.

[kaishen]

$285 is pretty cheap for rental right? what area are u staying? its for just one room?

[kaishen]

so how much are engineers paid on average in calgary. a just graduate from university engineer, no honours just basic degree

[Supa Dexta]

Originally posted by BigMass
i know people in Calgary that can't get ahead on $150,000/ year.

pfff... thats their own stupid fault then, many families do it on a lot less, and still get to Disney and all of that.. If you can't live well and still have toys and raise kids on 150, their trying too hard to keep up with neighbors in a neighborhood above their means..

it was also just on the news, you need to make 12$ hr to be above the poverty line in edmonton..

[natejj]

Originally posted by BigMass
i know people in Calgary that can't get ahead on $150,000/ year. Try living what used to be "normal" 20-30 years ago. House, 2 cars, 2 kids, wife staying home to look after kids and 3 week vacation yearly taking the kids out to Disney land. 20 years ago you could do that on a blue collar salary if you worked hard. Now if you're making $150,000 it's barely enough.

If you think $150,000 is "barely enough" you simply dont have control over your spending habits... $150k is more then enough for a family of 5.

And Vaga, where the hell you you pay $285/month for rent???/

[max_boost]

Originally posted by R!zz0
I think a single person needs to earn $50K a year to survive and over $65K a year to live comfortably.

My 3 cousins (family of 3) make around $60K combined and recently just bought their own house $340K. They have 1 old car they got for free and rarely go out to eat or buy nice clothes. They live very simple lives and they are comfortable. They are fine with where they are.

The problem is over spending. It is very easy. Go out a few times a week, a car payment, rent, buy some nice clothes, hobbies, next thing you know, you are in debt, FAST. You hear it all the time, oh I'll pay it off on the next pay cheque. Then some unexpected expenses come up and the situation gets compounded even worse.

[R!zz0]

Originally posted by BigMass
Now if you're making $150,000 it's barely enough.

More "Wants then Needs" thats where you get fucked and have no control over your money.

[jmc]

Originally posted by kaishen
in your own opinion , how much does one has to earn to live comfortably in calgary, given the high standards of living. Do u guys get to save a decent portion with u current pay?
One person's "comfortably", is another person's "basic"... In my opinion, if you want to "save a decent portion with your current pay" and have a "pretty fine living" you'll need 100-150k+. Remember the government gets a bunch of that first; your take home is less.

[bigbadboss101]

I would think if a single can live $50k decently, it would take less than 2 x $50k for a couple. House and goods would be combined, possibly car. With kids it's a different story.

[Bones21]

my god i would be so extremely comfortable with 150k a year....

[A790]

I would be comfortable with a solid $48,000 a year after taxes. $4,000 a month after taxes is a great income for a single person.

[Speed_69]

Originally posted by BigMass
Now if you're making $150,000 it's barely enough.
That sounds really stupid. $150k per year is more then enough to live comfortably with a family. Like everyone said..they're spending more on wants then needs.


Originally posted by A790
I would be comfortable with a solid $48,000 a year after taxes. $4,000 a month after taxes is a great income for a single person.
I completely agree. I woudl think $48k/per before taxes is enough to live comfortably for a single person as well.

[Toms-SC]

Please. Somebody try to live at $40,000 K a year. I need a giggle.

[The Cosworth]

Originally posted by Toms-SC
Please. Somebody try to live at $40,000 K a year. I need a giggle.
Im doing it, I have less than $40k a year after taxes I make about 47 a year gross. I just graduated in May from college

[Vagabond142]

Where do I pay $285 rent? Well, a buddy of mine was moving out of his basement suite with his roomies to go to another place, so he gave me a chance to take the suite and I did :) It's a basement suite, 3 people, big living room, full kitchen, washer/dryer and own entrance/exit for $850 for all three of us, so $280/$280/$290 on a rotating basis (ie one month $290 the other two $280), so for expenses calculations I just average it out to $285, makes calculations easier :P

I will say that I live between University and SAIT, really close to North Hill Mall. At this rent level, I plan to stay here as long as I can until I can AFFORD a single apartment ($600-$800/mth) and once I get most of my debts paid off (student loans, monitor, money owed to parents, etc)

[eblend]

Originally posted by Vagabond142
I plan to stay where I'm renting as long as I can, as my landlord isn't going to be increasing her price, so I can stay at $285/mth on the rent and $50-$70 on the utils. My bills after school will be around $1k a month, and I do plan to enter a business field where the average starting wage is $55k, so I would say to live comfortably one needs to balance. $4000/mth - 1000/mth in bills n rent n utils = $3000 to save, so I will be VERY comfortable. I don't want a massive house, I don't want a condo, I am quite happy in my little basement suite so I can save up lots of money and get me some savings and investments going and maybe even a nice car (E46 M3's are dropping to ~$25-$30k US right now, so by 2010 they should be $20-$25k which is perfect for me :) )

But that's just my view on things. I also have incredibly cheap cell bills (I got in on a work deal a year ago that I get superb options for pennies a month) and my insurance is excellent, as I have only one ticket and no crashes on my record.

Just to let you know, at 55k you will not save 3 grand a month with 1000 expenses. Friend makes 57k, after all the taxes and bullshit, comes out to 1550 every 2 weeks, 3100 a month. I make 48k and after all the above mentioned pensions, and taxes, its about 1250-1300 a month. All in all I am able to save 2 grand a month but I still live with my parents, but 3 grand just isn't possible unless you make more or have no deductions

[Toms-SC]

Originally posted by brendankharris

Im doing it, I have less than $40k a year after taxes

Location: Vernon, BC

Try Calgary and getting your own place.

[Vagabond142]

Originally posted by eblend


Just to let you know, at 55k you will not save 3 grand a month with 1000 expenses. Friend makes 57k, after all the taxes and bullshit, comes out to 1550 every 2 weeks, 3100 a month. I make 48k and after all the above mentioned pensions, and taxes, its about 1250-1300 a month. All in all I am able to save 2 grand a month but I still live with my parents, but 3 grand just isn't possible unless you make more or have no deductions

Well, I was just doing a rough estimate. After taxes yeah it'll be ~$2200-$2500 a month, but that's still more than I've ever made before in my life per month after expenses, so I'm not complaining :)

[turbotrip]

I think around $70,000 is comfortable, you can go on vacation every year and buy your kids nice things

[barmanjay]

I gross about 70k

but I have many expenses,..

child support (ex-wife with 2 kids)
pregnant gf
noah's ark to feed (lots of pets)
rent
insurance, etc
3 vehicles (2 old cavaliers and a mini-van)

and i usually only have about 200 extra every month

and that's only becuase I quit smoking

[natejj]

How do you guys find edmonton compares to Calgary? I live in northern BC right now and its soooo boring, theres nothing to do, I'm from Calgary, and the closest I can get through work is deadmonton....would you say cost of living is same in edmonton, as calgary?

[khtm]

Originally posted by rotten42



well Calgary has 3X the rate of inflation as anywhere else in Canada. Combine that with the fact that many salaries have not kept pace and then you get the most expensive place to live in Canada. Its going to take a bit of time fot things to level out.
Yeah, but Calgary was WAY cheaper than a lot of places before the inflation really kicked in, and things (beer, food, gas, rent) are still cheaper here than Vancouver and Victoria. Plus there's no PST, we have the lowest provincial income tax in Canada, and we have higher wages.

Try buying a 6-pack for $6 anywhere else in Canada. ;)

[The Cosworth]

Originally posted by Toms-SC


Location: Vernon, BC

Try Calgary and getting your own place.

I just moving from Calgary 4 months ago (left in may), I lived in Pleasant Heights and worked downtown on 5th and 5th.

I could see Iggy's place from our place, had a pretty nice computer, saved enough money to pay off a fair amount of my car and clear my student loans in 4 months.

My income hasn't changed much here, my rent is about $150.00 less a month than calgary but I have more taxes deducted. The perks include the beach and better weather.

So maybe don't be ignorant that $47,000 a year is nothing, for a 21 year old guy who just graduated I think I am doing pretty good for myself thanks

[Tik-Tok]

Originally posted by khtm

Plus there's no PST, we have the lowest provincial income tax in Canada, and we have higher wages.



We do NOT have the lowest income tax in Canada, between $0-69,000 BC has less, and Ontario beats us in $0-71,000, Upper middle to Upper class people have the best tax rate here. And don't even get me started on the "higher" wages. If you look around at anything NOT to do with O&G, you'll see the truth.

[The Cosworth]

Originally posted by Tik-Tok


We do NOT have the lowest income tax in Canada, between $0-69,000 BC has less, and Ontario beats us in $0-71,000, Upper middle to Upper class people have the best tax rate here.

No way, with GST and PST coming off my checks, they went down about 350.00 a month



Alberta 10% of taxable income

British Columbia 5.7% on the first $34,397 of taxable income, +
8.65% on the next $34,397, +
11.1% on the next $10,190, +
13% on the next $16,925, +
14.7% on the amount over $95,909

quoted from http://www.cra-arc.gc.ca/tax/individuals/faq/taxrates-e.html

[Tik-Tok]

Originally posted by brendankharris

quoted from http://www.cra-arc.gc.ca/tax/individuals/faq/taxrates-e.html

So like I said, BC has less for the first $69,000

[celly]

Originally posted by R!zz0
Since Calgary is now the most expensive city in Canada.

When did that happen? Vancouver and Toronto have always been way more pricey, even with the recent explosion in house prices. Our liviing expenses are still a bargain compared to those cities.

I'm not doubting you, but I've never heard that before.

[The Cosworth]

Originally posted by Tik-Tok


So like I said, BC has less for the first $69,000

5.7+8.65= 14.35% on anything between 35 and 70, I agree it is cheaper out here for anything between $1 and $34999 at 5.7%

compared to Alberta's 10%

it doesn't really matter, I just know that when you take into account both taxes I get docked more money now and have the same wage.

[Tik-Tok]

Originally posted by brendankharris


5.7+8.65= 14.35% on anything between 35 and 70

Grammer...

5.7% ON THE FIRST $34,397

8.65 ON THE NEXT $34, 397


Not 14.35 on everything.

[The Cosworth]

Originally posted by Tik-Tok


Grammer...

5.7% ON THE FIRST $34,397

8.65 ON THE NEXT $34, 397


Not 14.35 on everything.
oh my bad actually, haha nm. Federal tax is cheaper in Alberta.

What happens when you add PST into that though? I still think it is more overall



Originally posted by Tik-Tok

If you look around at anything NOT to do with O&G, you'll see the truth.

I agree with you on this, this is why I left Ab, got into the power systems business and although enmax, fortisab, altalink, AESO and others are good, it is no better financially then I am doing here.

[khtm]

Originally posted by Tik-Tok


We do NOT have the lowest income tax in Canada, between $0-69,000 BC has less, and Ontario beats us in $0-71,000, Upper middle to Upper class people have the best tax rate here. And don't even get me started on the "higher" wages. If you look around at anything NOT to do with O&G, you'll see the truth.
My bad, I was just thinking about myself, I wasn't aware that lower income people could do better off in BC/Onterrible.

Tik-Tok, about the higher wages, it's a fact. Alberta has the highest wages in Canada. Where else can you get 10$ + an hour working at McDonalds? ;)

[Tik-Tok]

Originally posted by brendankharris

oh my bad actually, haha nm. Federal tax is cheaper in Alberta.

What happens when you add PST into that though? I still think it is more overall

Oh christ yes, PST puts you way over in taxes, I was just saying Provincial Income tax isn't the lowest in Canada, which lots of people think it is (and federal tax is the same Canada wide), use this (http://www.taxtips.ca/taxcalculator.htm) to see what you'd be taking home in other provinces.

Edit: KHTM - point taken, I just see my own industries cross Canada wages, and it burns my hide.

[khtm]

That's a cool calculator, thanks. :thumbsup:

[SunniSunShine]

if you are on your own you could easily live off of 50k...

$1000/month rent
$350/month groceries
$300/month misc bills (phone, internet, cable, heat water etc)

Thats only about 20k...

if you make $50k youll only take home about $33k so thats an extra 13k a year or $1000/month of money to spend on miscellaneous expenses like car/gas/insurance/clothing...

Combined with my wifey we make over $100k but we keep our expenses seperated...

I pay $320/mon on car, $300/insurance + $500 on rent + $200 tv/internet/cell phone...

i wouldnt say i live extravagently but i am able to go away on trips or purchase clothes when i want to. I am by no means constricted by my bills and i am able to save easily...

a lot of people live off of less, im sure if you only made 30k/year with a partner you could scratch by.. but you wouldnt be able to own a property...

different people have different needs....

[asuth077]

Originally posted by Vagabond142
At this rent level, I plan to stay here as long as I can until I can AFFORD a single apartment ($600-$800/mth) and once I get most of my debts paid off (student loans, monitor, money owed to parents, etc)

Is 600-800 a reasonable expectation for rent? I am renting a one bedroom and it is quite a bit more than that. But I guess it does vary by size,location and etc.

[The Cosworth]

Originally posted by asuth077


Is 600-800 a reasonable expectation for rent? I am renting a one bedroom and it is quite a bit more than that.But I guess it does vary by size,location and etc.

yes it does vary very much by location and how greedy your landlords are.
I was renting a nice apartment on 17th Ave and 10th street (5 minute walk to SAIT) for 700 a month, one bedroom, brand new renovation. Feaking sweet location and our landlords were really good, they were in it for the long haul so they didnt jack the rent to much so they could keep their good tenants.

When we left they were upping our rent from 700 to 900 but is still pretty good considering they changed a building near ours to condos for 300 grand

[Vagabond142]

600-800 a month for rent will get you a decently sized bachelor's apartment if you look hard and in the right places. A lot of the lower NorthWest, like Capitol Hill, Banff Trail, Brentwood, Collingwood, etc, is amazingly cheap rent. It is a bit of distance to downtown though. However, a LOT of the lower Northwest is close to the LRT lines, and Brentwood station, if you park there before 7:30 am, is one of the best park-n-ride locations in the city.

If you live with roommates then your rent will be cheaper, but you do have the aggravation of roommates.

Me, I want to live here at 285+50-70 utils to save as much money as I can and, quite honestly, wait until the right apartment at the right price shows up. My friend lives on the red mile at 17th Ave and 10th St SW and pays only $780 a month, utils + underground heated parking included. He lucked into an awesome apartment at the right time, it's actually a HUGE apartment, solid concrete building (ie no noise pollution from neighbors or floor above/below) and very close to bus routes/amenities/downtown. That's the kind of thing I'll be looking for. You just have to look and find, there are some cracking deals in this city.

[boredengineer]

Originally posted by kaishen
so how much are engineers paid on average in calgary. a just graduate from university engineer, no honours just basic degree

You are looking at ~45k-60k a year depending on your field.

[Antonito]

Originally posted by BigMass
Now if you're making $150,000 it's barely enough.

I'm guessing these people think that IPods and TVs in each bedroom are a necessity.

Also, Calgary pales in comparison to Vancouver for cost of living. I'm paying the same here to live in the downtown core as I did to live an hour commute (in rush hour) away from downtown Vancouver. Calgarians have had it pretty sweet the last 5 years, and finally the cost of living has caught up to the salaries.

[Euro838]

I find no matter what I make, I can't get ahead. Every time you get a little extra money, someone will suck it away from you! When I was going to school, had no income, but still managed to get by, now making $50K, living at home you have to pay rent, pay for food, utilities, no more free car from the parents, insurance. I'm sure once I make $75K, I'll get booted out of the house so will have to pay for a mortgage, property taxes, etc. At $100K, I'll get a GF that'll want to eat out once a week, "do stuff" that costs money (won't want to just watch planes land anymore). At $150K, the GF will want to get married and be a stay at home mom. If she does work, the money will just go to childcare anyways. And for every $100K+ from here will just equal another child. Therefore, making $250K+ will not get you any further ahead than going to school and living in your parent's basement!!! :) LOL!

[88CRX]

To live comfortably renting a small apartment I'd say $50k before taxes.
To live comfortably with a smaller mortgage I'd say $60k before taxes.

However you could make do with far less than that.

[Xtrema]

Having your own place, and not heavily in debt, I would say $60K before taxes.

But that's pretty lean living, IMO.

[Supa Dexta]

Originally posted by Euro838
I find no matter what I make, I can't get ahead. Every time you get a little extra money, someone will suck it away from you! When I was going to school, had no income, but still managed to get by, now making $50K, living at home you have to pay rent, pay for food, utilities, no more free car from the parents, insurance. I'm sure once I make $75K, I'll get booted out of the house so will have to pay for a mortgage, property taxes, etc. At $100K, I'll get a GF that'll want to eat out once a week, "do stuff" that costs money (won't want to just watch planes land anymore). At $150K, the GF will want to get married and be a stay at home mom. If she does work, the money will just go to childcare anyways. And for every $100K+ from here will just equal another child. Therefore, making $250K+ will not get you any further ahead than going to school and living in your parent's basement!!! :) LOL!

I've nearly doubled my income the last few yrs in a row, coming out of college, and I can tell you, even being smart with money, it doesn't matter how much you make, you still spend most of it.. You just want nicer stuff.. Sure you can get by on crap furniture and whatnot, but as you get older you start to hate cheap stuff and the headaches it causes...

[Xtrema]

Originally posted by Supa Dexta


I've nearly doubled my income the last few yrs in a row, coming out of college, and I can tell you, even being smart with money, it doesn't matter how much you make, you still spend most of it.. You just want nicer stuff.. Sure you can get by on crap furniture and whatnot, but as you get older you start to hate cheap stuff and the headaches it causes...

That's the truthiest statement in the thread. Hence people seem to never have enough.

[TimG]

you also realize that if you buy the cheap stuff, you'll end up replacing it 2-3+ times vs spending a bit more to buy quality stuff in the first place.

[Euro838]

I guess to the OP, comfort is a state of mind...and also a moving target. You can make a lot or a little and still accommplish what you want in Calgary. But that's the psychological discussion.

I don't think you'd be comfortable living in Calgary with anything less than $40K. You'd make ends meet but do not have much of a buffer against risk or disaster. If you pull in $60K+, life gets better....

[phreezee]

Having a double income does not make things easier! The wife wants to take 2 trips a year, buy new clothes, have kids, etc... back to square one! lol

[finboy]

70-80K

mainly because i couldn't deal with living in a condo/townhouse, and i hate living paycheque to paycheque.

in short, currently my financial situation is extremely uncomfortable :rofl: :rofl: :rofl:

[DoubleLP]

Originally posted by R!zz0
Since Calgary is now the most expensive city in Canada, it would be very hard for a single person to live here comfortably

Try living in Fort McMurray!! The AVERAGE price for a house here is $605,000. Gas is higher here then Calgary too.

Rent is through the roof here too. A 1 bedroom apartment is between $1500 - $2000 per month. And a 2 bedroom is up to around $2500 to $2800 per month.

[max_boost]

Originally posted by Euro838
I find no matter what I make, I can't get ahead. Every time you get a little extra money, someone will suck it away from you! When I was going to school, had no income, but still managed to get by, now making $50K, living at home you have to pay rent, pay for food, utilities, no more free car from the parents, insurance. I'm sure once I make $75K, I'll get booted out of the house so will have to pay for a mortgage, property taxes, etc. At $100K, I'll get a GF that'll want to eat out once a week, "do stuff" that costs money (won't want to just watch planes land anymore). At $150K, the GF will want to get married and be a stay at home mom. If she does work, the money will just go to childcare anyways. And for every $100K+ from here will just equal another child. Therefore, making $250K+ will not get you any further ahead than going to school and living in your parent's basement!!! :) LOL! Yeah man. You just find more things to spend it on.

[Xtrema]

Originally posted by TimG
you also realize that if you buy the cheap stuff, you'll end up replacing it 2-3+ times vs spending a bit more to buy quality stuff in the first place.

True in tools, mechanical stuff.

Kinda true with electronics.

Not really true with clothes.

[black_2.5RS]

Originally posted by max_boost
Yeah man. You just find more things to spend it on.


When I first graduated and got my first job. I made $38k 3 yrs ago. I got used to living with little to nothing. Now I make twice that and money just disappears freakin' automatically - every 1st and 15th of the month (mind you I have a house, car and other expenses). Do I live comfortably, yes without a doubt. Do I spend a lot more? For sure. Can't take it with you when you die - so you should spend a bit and save a bit.

[JordanLotoski]

personally I say 100k+ in this city....specially for anyone with kids like myself

[TimG]

Originally posted by Xtrema


True in tools, mechanical stuff.

Kinda true with electronics.

Not really true with clothes.

wear and tear items - depends on the situation. it usually comes out the same if you buy cheap disposable items every year or an expensive one that lasts several years.

furniture - absolutely.

appliances - absolutely.

it's somewhat true with clothes. you buy the cheap shit and the colours fade or the stitching unravels vs a quality item (not talking a $500 pair of jeans vs the superstore special, i mean i good pair of jeans for $100 from the Bay vs a pair for $20-30 from Superstore)

[SilverRex]

man, I would be laughing if I had 50k+

As an encouragment to those that are making low 40s.

I'm doing fine with a wife and one baby.

low 40s ring me in about 2700 after tax, which includes some tax deduction because of a spouse and child support.

900 rent
200 food
80 cell/internet/phone
200 gas
100 inusrance
500 car
150 life insurance/saving

total around 2130 and I still have 500-600 left over for the unexpected leisure, cloths, baby diaper and events. and what ever is left I will put into saving for rainy days.

I was blessed with 2 jobs for 10 weeks which totally pay off my debts and was able to walk away my old job with a big severence payout of 20k.

So now I am living fine with cash on hand which my wife plans to bring the baby back to her home country and visit my mother inlaw.

We dont eat alot or buy much. We do more one time expense thru vacation and trips.

Oh and I basically got my nintendo wii for free haha, I use mastercard president choice and been saving my dollars spent at superstore. So far ive saved another 130 dollar towards my next console... woop
:D

oh and I forgot to mention the 150 a month from child tax benefit will go straight to my baby's RESP :thumbsup: and I also thank my mother for forcing me into buying a universal life saving insurance which now I have about 8k cash rolling it up.

so 40k is fine and 50k would be comfortable, and yes I know as my child grows up there will be even more expenses, well that is when my wife will find a job ;)

[Euro838]

That's impressive, if I could live like that, I'd be able to pocket a lot of cash. My monthly mortgage payment alone is $2500 per month (no this isn't trying to pay it off in like 5 years, it's more like preventing me from having to get a 40 year term). At least you have a Wii, I don't even have one of those! I think I'm doing something seriously wrong here.

[heavyD]

Originally posted by MIWYFSHOT
personally I say 100k+ in this city....specially for anyone with kids like myself

My wife & I have a son and easily make over $100K. We live in an average 2000 sq/ft house, drive reletively low cost vehicles and still live paycheque to paycheque and we rarely eat out or go on trips. It's frustrating as the more you make the more that is nickel & dimed off your income.:(

[SilverRex]

Originally posted by Euro838
That's impressive, if I could live like that, I'd be able to pocket a lot of cash. My monthly mortgage payment alone is $2500 per month (no this isn't trying to pay it off in like 5 years, it's more like preventing me from having to get a 40 year term). At least you have a Wii, I don't even have one of those! I think I'm doing something seriously wrong here.

well just maximizing all your saving opportunity.

buy only when things are on sale,
roll up your air miles or PC points for more savings,

I only either buy the cheap 7.50 movie ticket via social clubs or the 2 for 1 cupon with 25 air miles.

for cloths I havent bought any for the longest time, but will be in a buying frenzy when I meet up with my wife in hong kong early next year. Load up when its cheap,

our honey moon was a free trip as I saved up so much asia miles via cathy pacific I think I still have enough for another trip somewhere.


and thank God for health care and company benefits as pretty much all medical, dental, vision care are paid for.

Plus having a good mother who often loads up our fridge just to have an excuse to see our baby totally doesnt hurt either.

every bit of savings is a killer when added up. :nut:

[Euro838]

You can go to movies too? I just download movies so I can save that $7.50. Also looks like you have had a good history of cars too. I just managed to fix up my 1991 civic so I have something to drive. I think the key here is to get your mother to load up my fridge! My wife's still nagging me to take her on a "real" honeymoon. As for clothes, gotta love Bossini and Giordano! :)

[G]

If this is really your situation then all those posts about you getting a 335i and such would be a bad financial decision.


Originally posted by SilverRex
man, I would be laughing if I had 50k+

As an encouragment to those that are making low 40s.

I'm doing fine with a wife and one baby.

low 40s ring me in about 2700 after tax, which includes some tax deduction because of a spouse and child support.

900 rent
200 food
80 cell/internet/phone
200 gas
100 inusrance
500 car
150 life insurance/saving

total around 2130 and I still have 500-600 left over for the unexpected leisure, cloths, baby diaper and events. and what ever is left I will put into saving for rainy days.

I was blessed with 2 jobs for 10 weeks which totally pay off my debts and was able to walk away my old job with a big severence payout of 20k.

So now I am living fine with cash on hand which my wife plans to bring the baby back to her home country and visit my mother inlaw.

We dont eat alot or buy much. We do more one time expense thru vacation and trips.

Oh and I basically got my nintendo wii for free haha, I use mastercard president choice and been saving my dollars spent at superstore. So far ive saved another 130 dollar towards my next console... woop
:D

oh and I forgot to mention the 150 a month from child tax benefit will go straight to my baby's RESP :thumbsup: and I also thank my mother for forcing me into buying a universal life saving insurance which now I have about 8k cash rolling it up.

so 40k is fine and 50k would be comfortable, and yes I know as my child grows up there will be even more expenses, well that is when my wife will find a job ;)

[Euro838]

I be very impressed if he could afford a 335i making $40K per year with a wife that isn't working and a child.

[Aleks]

Originally posted by G
If this is really your situation then all those posts about you getting a 335i and such would be a bad financial decision.



I was thinking the same thing. If you are making 40K a year buying a 60K car (or leasing it) is a not right. Is it even possible to get approved for something like that? :dunno:

I am in the same boat as heavyD minus the kid and we are considering reducing the car payments as having 2 new cars for 2 people is not very responsible financially. :banghead:

[G]

Originally posted by Aleks


I was thinking the same thing. If you are making 40K a year buying a 60K car (or leasing it) is a not right. Is it even possible to get approved for something like that? :dunno:

I am in the same boat as heavyD minus the kid and we are considering reducing the car payments as having 2 new cars for 2 people is not very responsible financially. :banghead:

It isn't really how much you make it is how you manage your money. Paying off my mortgage is my highest priority. My house will(should) be paid off in 5 years

[heavyD]

Originally posted by Aleks


I was thinking the same thing. If you are making 40K a year buying a 60K car (or leasing it) is a not right. Is it even possible to get approved for something like that? :dunno:

I am in the same boat as heavyD minus the kid and we are considering reducing the car payments as having 2 new cars for 2 people is not very responsible financially. :banghead:

Ya, it's pretty shocking when you do your taxes and see how much you are making annually even though you always feel the squeeze on your wallet. We got the new Outlander because we needed something bigger and 4WD as we weren't comforable travelling with bags luggage packed in the back seat next to the kid as his stroller would take up most of the trunk in the Lancer. Just means I have to be smarter on my vehicle purchases which is tough LOL!

[SilverRex]

Originally posted by Euro838
I be very impressed if he could afford a 335i making $40K per year with a wife that isn't working and a child.

its not out of the question at all, beside if I was in the market for a 335i it wont be a fully loaded one. I may just get away with the same payment as I do now with my acura but with a hefty down payment.

As far as the wife and child's concern, she will eventually find a job when the kid is a little bigger, but for the moment. we are doing fine =]

and when the kid goes to school, and we need two cars, most lilely scenario will just force me buy a winter beater just going to and from work and I will let the wife drive the better/newer car which in my mind is alot safer. it will be our family weekend car as wel.

, the biggest problem wont be having two cars, the biggest problem will be finding another permanent parking spot, especially if im living in a condo/apartment

[Supa Dexta]

But its not a smart route to be looking into bmw's and any new car really, having so much of ones yrly pay going to something like that, you never get any further ahead.. you will always be renting and as you get older and heading to retirement, one can't afford a high rent bill.. The money is better spent on a plane jane car, thats reliable and looked after, while you save as much as you can to either get in the market locally, or buy/move somewheres you can still work, and afford.. I'm not interested in buying out here, the thought crosses my mind, but NS will always be my home..

[Aleks]

Originally posted by heavyD


Ya, it's pretty shocking when you do your taxes and see how much you are making annually even though you always feel the squeeze on your wallet. We got the new Outlander because we needed something bigger and 4WD as we weren't comforable travelling with bags luggage packed in the back seat next to the kid as his stroller would take up most of the trunk in the Lancer. Just means I have to be smarter on my vehicle purchases which is tough LOL!

I just went in (alone) and drove the car and next thing I knew I was signing for it :banghead:
To make matters worse I got it in manual which the other half can't drive. Not very smart.

[Super_Geo]

You will never be happy with how much you make, unless it's a lot more than the people you hang around with.

[The Cosworth]

Originally posted by Super_Geo
You will never be happy with how much you make, unless it's a lot more than the people you hang around with.

I agree with that, I will only feel I am making good money if I ever break 300,000. haha. Then I will feel poor with all the rich people I will be rolling with. I think it really depends on the people you hang out with, because if the people around you have nice houses, motorbikes, BMW's, and always go out, your more likely to spend it yourself.

SilverRex, not sure how you manage with $200.00 for groceries every month, I spend about $185.00 a paycheck. Maybe your skinny and that is why I am fat.

[rage2]

Originally posted by brendankharris
I agree with that, I will only feel I am making good money if I ever break 300,000. haha. Then I will feel poor with all the rich people I will be rolling with.
So when you make more money you'll ditch your friends and hang out with richer people?

[SilverRex]

Originally posted by brendankharris




SilverRex, not sure how you manage with $200.00 for groceries every month, I spend about $185.00 a paycheck. Maybe your skinny and that is why I am fat.

Im not skinny but not fat either, but my wife is skinny, and she doenst eat much if any.

Although now days its pushing towards 300.00 a month because of all the steaks we buy at costco every month haha

blame it on the extra cash I got from my previous employment.

[CLiVE]

Originally posted by Supa Dexta
But its not a smart route to be looking into bmw's and any new car really, having so much of ones yrly pay going to something like that, you never get any further ahead.. you will always be renting and as you get older and heading to retirement, one can't afford a high rent bill.. The money is better spent on a plane jane car, thats reliable and looked after, while you save as much as you can to either get in the market locally, or buy/move somewheres you can still work, and afford.. I'm not interested in buying out here, the thought crosses my mind, but NS will always be my home..

1 - Agreed 100%. Get away from car payments. $500 a month, or $500 here and their for maintenance. I have budgeted spending $30,000 on a car every 5 years. That is only $3000/person per year between my wife and I. Lots of good used cars out there in the $30K range.

2 - Build a emergency fund. Sock away money little by little to build up an emergency fund. An easy way to build one is to add an extra 1/4 to every bill payment and save that in an account.

3 - Pay yourself first. Put money into savings before you can nickle and dime it away on other expenses.

4 - When you get a raise, pretend you didn't. Put the extra money into savings. This strategy will pay off in the end. You will find you will be able to live on 60% of your income, or less as your salary increases.

5 - I put my money in RRSP's first (maximize) and then put the refund on my mortgage.

6 - Stop making bad investments (like car mods....I learned this the hard way. haha).

[88CRX]

Originally posted by CLiVE

3 - Pay yourself first.
Rich Dad, Poor Dad lol.



Originally posted by CLiVE

4 - When you get a raise, pretend you didn't. Put the extra money into savings. This strategy will pay off in the end. You will find you will be able to live on 60% of your income, or less as your salary increases.
Thats what I try to do as well... has worked like a charm so far.



Originally posted by CLiVE
5 - I put my money in RRSP's first (maximize) and then put the refund on my mortgage.
This also works double duty if your a first time home buyer since you can withdraw and not pay taxes :thumbsup: .


Originally posted by CLiVE
6 - Stop making bad investments (like car mods....I learned this the hard way. haha).
:rofl: :rofl: soooooo true.

[max_boost]

Originally posted by SilverRex


its not out of the question at all, beside if I was in the market for a 335i it wont be a fully loaded one. I may just get away with the same payment as I do now with my acura but with a hefty down payment.

As far as the wife and child's concern, she will eventually find a job when the kid is a little bigger, but for the moment. we are doing fine =]

and when the kid goes to school, and we need two cars, most lilely scenario will just force me buy a winter beater just going to and from work and I will let the wife drive the better/newer car which in my mind is alot safer. it will be our family weekend car as wel.

, the biggest problem wont be having two cars, the biggest problem will be finding another permanent parking spot, especially if im living in a condo/apartment

You are going to have too much on your plate. Why put a big down payment on the car? Wouldn't you rather have that set aside instead? $40k budget to raise your child and a non-working spouse + a 335 is not a good idea.

[mslbebiz]

So if it's so damn expensive to live in Alberta, and wages are no where near caught up, then what is the solution?

Quit whining about the problem and let's think about solutions :D

I agree that a 2-income household helps tremendously and just about anyone should be able to bring in over $100k/year this way. But this still isn't a lot of money here.

What is the secret of the East Indians and Chinese (no offense of course) who we see come over with nothing and a few years later controlling so much money? Are they pooling it together and living in multiple-income households? They've got money down to a science.

My GF works in the construction industry and regularly deals with fairly new immigrants who came over with nothing only a few years ago and are now building brand new $1M plus houses.

What are they doing differently?

[G]

Just to clarify it is east indians that live 4-8 families per household.


Originally posted by mslbebiz
So if it's so damn expensive to live in Alberta, and wages are no where near caught up, then what is the solution?

Quit whining about the problem and let's think about solutions :D

I agree that a 2-income household helps tremendously and just about anyone should be able to bring in over $100k/year this way. But this still isn't a lot of money here.

What is the secret of the East Indians and Chinese (no offense of course) who we see come over with nothing and a few years later controlling so much money? Are they pooling it together and living in multiple-income households? They've got money down to a science.

My GF works in the construction industry and regularly deals with fairly new immigrants who came over with nothing only a few years ago and are now building brand new $1M plus houses.

What are they doing differently?

[civicHB]

Originally posted by mslbebiz
So if it's so damn expensive to live in Alberta, and wages are no where near caught up, then what is the solution?

Quit whining about the problem and let's think about solutions :D

I agree that a 2-income household helps tremendously and just about anyone should be able to bring in over $100k/year this way. But this still isn't a lot of money here.

What is the secret of the East Indians and Chinese (no offense of course) who we see come over with nothing and a few years later controlling so much money? Are they pooling it together and living in multiple-income households? They've got money down to a science.

My GF works in the construction industry and regularly deals with fairly new immigrants who came over with nothing only a few years ago and are now building brand new $1M plus houses.

What are they doing differently?

I'd also like to know how they do it. I think they have a different work ethic and mind set than most of us?

[max_boost]

^^^

Coming from a very simple background, they don't need a lot to be comfortable. They are willing to work multiple jobs and sacrifice a lot of other little things in order to save money.

[GTS Jeff]

Originally posted by civicHB


I'd also like to know how they do it. I think they have a different work ethic and mind set than most of us? They don't waste money on booze and partying like the damn whiteys do.

[89coupe]

I wine and dine, travel, buy toys and live life to fullest here and now. I'm going to enjoy life while I'm young and can.

Fuck penny pinching and living a boring life. You honestly think you can do the stuff you can in your 20's, 30's and early 40's that you will do in your 50' 60's & 70's???

Um no...LOL.


Yes, put away savings, and be somewhat responsible but geez, live your life while you can. You may die tomorrow.

[rc2002]

Originally posted by 89coupe
I wine and dine, travel, buy toys and live life to fullest here and now. I'm going to enjoy life while I'm young and can.

Fuck penny pinching and living a boring life. You honestly think you can do the stuff you can in your 20's, 30's and early 40's that you will do in your 50' 60's & 70's???

Um no...LOL.


Yes, put away savings, and be somewhat responsible but geez, live your life while you can. You may die tomorrow.

+1. Put some money away but enjoy money while you can otherwise you'll be too old to enjoy it anymore.

[gkAeris]

Originally posted by 89coupe
I wine and dine, travel, buy toys and live life to fullest here and now. I'm going to enjoy life while I'm young and can.

Fuck penny pinching and living a boring life. You honestly think you can do the stuff you can in your 20's, 30's and early 40's that you will do in your 50' 60's & 70's???

Um no...LOL.


Yes, put away savings, and be somewhat responsible but geez, live your life while you can. You may die tomorrow.

i actually agree with this, lol i spend spend spend, put little away like LITTLE, i want to live life now and not think of ok well in 10 years i want to do this and that, why not just do it now?

but then again i'm single and a women its alot easier for me =)