How much does the average Canadian save per month?

[Mitsu3000gt]

Considering how many people work in O&G, it's not hard at all to believe that many people save $1500+per month with RRSP matches from the company. My company matches up to 18% (9% each), and I have a friend whose company matches up to 20% (10% each). Most people I know get at least 10% (5 each), with many getting more than that. It comes off your paycheck before you get paid, so you don't even notice it, and you never miss a contribution.

Say you make $100K, for a lot of people that's $1500+ right there getting put away without any additional contributions whatsoever. For those getting less, it doesn't take much every month to top that up. Add to that anything else you contribute, maybe at bonus time or whatever, and it's really easy to see how people get $1500+. Outside of O&G (or any other RRSP matching environment) I do think it would be difficult to save that much.

Some people are crazy savers too, and they live paycheck-to-paycheck just so they can put a huge % of their income into savings.

IMO the 2 biggest problems with saving are people who chose to be house-poor, and people who have to use daycare. Daycare can be INSANELY expensive if you don't want a live in nanny or whatever. In my building, for example, it's $1700 per child per month. If you had 2 kids that's $3400/mo + probably another $2500 for a mortgage

[ExtraSlow]

Adam, I have two kids and I am one of the guys who says people are saving close to zero. Two kids in daycare can be up to $2600 per month depending on their ages and where you send them.

Nannies can easily be $3300 per month.
Toss in a mortgage, property taxes, utilities and insurance and it's not hard at all to be over $6000 per month before you buy your beer.

[G]

Originally posted by ExtraSlow
Adam, I have two kids and I am one of the guys who says people are saving close to zero. Two kids in daycare can be up to $2600 per month depending on their ages and where you send them.

Nannies can easily be $3300 per month.
Toss in a mortgage, property taxes, utilities and insurance and it's not hard at all to be over $6000 per month before you buy your beer.

Holy crap how much are you paying your nanny? Mine cost about $2400 and I don't even deduct room and board. She is really content with what we pay her.

[Mitsu3000gt]

Originally posted by G


Holy crap how much are you paying your nanny? Mine cost about $2400 and I don't even deduct room and board. She is really content with what we pay her.

I forget what they're called but there are live-ins for WAY less than $3000+/mo. I have coworkers that use them and couldn't be happier. And no, I'm not refering to a wife

[G]

Looking for nannies is getting to be very similar to escort services....http://www.nannyservices.ca/nanny.asp?ID=114204

[ExtraSlow]

G, that one you posted is asking $20 an hour. Considering a full time nanny is 47.5 hours a week, that's $4116 per month. When we were looking, nannies who had a drivers license were going for $15 and up per hour, PLUS your EI and CPP contributions.

Live-in nannies who have been in the country for only a short time are considerably cheaper.

[max_boost]

Holy crappers $2600 for two kids to be in daycare?

[adam c]

Kids are expensive there's no way around it... unfortunately we had our daughter when we younger, not stable or financially ready. it's been tough financially not going to deny it

[ExtraSlow]

that's the high end lots of cheaper options

[Xtrema]

Originally posted by max_boost
Holy crappers $2600 for two kids to be in daycare?

But it is tax deductible.

[max_boost]

Asian way, dump them off to the parents lol Kids can learn the native language and chill with them. My parents can take my kids to the swimming pool, hockey, skill hills etc. (now that they are certified yyc baller) and they can make up for the times they couldn't take me and my siblings growing up.

[Sugarphreak]

...

[jdmXSI]

^^ got a little one in the oven Maxboost?

[max_boost]

lol no. highly unlikely, if ever.

[Xtrema]

Originally posted by Sugarphreak
These "Kid" things sound expensive

IMO, each kid is another small mortgage on its own.

Since I left school, I believe cost of 4 yr program has doubled every decade or so. It's around $30-35K at the very low end to get an engineering degree today (tuition and books only). If you pop one out today, you are looking at at least $150K of future debt and that's not counting raising them til 18 and if they decided to go to tier 1 post sec or into medical field.

[pheoxs]

Originally posted by Xtrema


IMO, each kid is another small mortgage on its own.

Since I left school, I believe cost of 4 yr program has doubled every decade or so. It's around $30-35K at the very low end to get an engineering degree today (tuition and books only). If you pop one out today, you are looking at at least $150K of future debt and that's not counting raising them til 18 and if they decided to go to tier 1 post sec or into medical field.

My first Year was 5500 and my last was 8000 >.> 45% increase in 4 years due to some B.S. QoSSSSSSSS fees they tacked on to fix their budgets then upped all the rates the following year anyways.

That being said pirating text books saved almost a grand a year near the end. Especially when many classes didn't even use the textbooks. I honestly don't remember one class that properly used it. Most was a few references and just assignment questions. Or a shitty power point presentation and 'review chapter 5 for more detail'

*Granted a small amount of that increase is first year being fluffy and later years having more labs I guess

[variable_x]

Originally posted by Xtrema


But it is tax deductible.

Only the first $7000 is tax deductible. That covers like 3 months of daycare out of a year.

[pfis300]

My company matches up to 8% of my salary (so 16% total) - which is $55,000 no matter what (working or not) - They do not offer contributions on my day-rate which is what I make when I am at work. That comes out to just under $750 a month in savings. This is Employee Profit Sharing Plan - Stock: NAL (Newalta)

I usually do the *save up 3-5g then blow it on car shit* thing too. But I do have money set aside for a house - that needs to grow a little faster as I'm getting tired of renting.


Newalta TSX: (NAL) Stock

Just along for the ride..

[Cos]

.

[pfis300]

Originally posted by Cos


You make $350k a year?

My company matches my salary (insert blurb about percentages) which is $55,000
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My company matches my salary which is $55,000.
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salary which is $55,000
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salary $55,000
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$55,000


In 2013 my gross income was 115k. Thats working 60% of the year. If I made 350k I surely wouldn't be living in Alberta haha