Curious how people interpret this question. My wife and I were discussing how a couple of our family always talk about how they only 'live on one persons income'. While none of you can speak for them, I am curious do you guys do this? If so does that mean that your monthly required debt servicing payments can be made by 1 person? Or literally everything? Gas, electricity, spending, food, property taxes, maintenance, etc.
Looking at our own family budget, if I were to be a complete bum at home, bring in 0 money (no EI/CPP/welfare/CBB, etc), and we were to live off my wifes salary. Not only would we need to have everything paid off, no daycare, no RESP savings, we would also need about $1500 extra a month just to continue to live the way we do. So when people say they 'live off one salary' how do you interpret that? And if you say it, are you saying for your debt servicing or do you literally mean 1 persons complete income can go into savings or be blown?
I don't think we spend crazy amount of money monthly on things but perhaps I'm wrong.