[murmur]

Being an unemployed graduate, I went through a period with only $50 in my account (and looking for jobs at the same time).

I am lucky to have a job I love now, and I am particular with how much money I save per month.

Monthly income (after tax): $2300

I live with my family so I don't pay rent:
Monthly expense: $700
Save: $600
Spend the rest.

How much do you save per month?

[Iceman-19]

Lol I wish my monthly expenditures was only 700. I save 125 a week, 300 when my credit card is at 0.
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[Cassijon]

i too wish my monthly expenditures was only 700 lol

my monthly expenses are roughly 3400 (ugh)

my wife and I save roughly 500 a month.

[Araaadi]

Save 0,Damn why did I decide to go back to school.
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[Spoon]

Recently moved out, so savings are probably down to 10-20% of my after tax income. Use to save about 40-50% though.

[Spoon]

Lol I wish my monthly expenditures was only 700.

Isn't it $1700? He saids he spends the rest, so ($2300 - $600 savings = $1700).

[TRDood]

I save about 55-60% of my after tax pay cheques. Still living at home at 26 saving up for down payment but still longggggggg ways to go in Vancouver.
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[murmur]

Isn't it $1700? He saids he spends the rest, so ($2300 - $600 savings = $1700).

actually i only have $1000 to spend.
$2300 - $600 savings - $700 monthly expense.

now i am thinking of putting some of my money in savings.
with the savings account % rather low now..
where do you guys put your savings?
(scotiabank offers 1.2% annual interest in savings account - but must be $5000 and up).

[too_slow]

~15-25% of take-home pay when I had a mortgage
~65%+ of take-home pay after I sold the place
~90%+ of take home pay after I moved back home this month.

Not looking forward to going back to school F/T in 5 months. :(

[Glove]

alone my bills are 2000 a month,

I spend the rest on food and car,

I save nothing,

if I lived at home and didnt have to pay a mortage, id be filthy rich

[hc529]

Monthly income 1800$ after tax
First saving account: $900
Mutual fund: $200
expense: $550
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[6793026]

i don't save nothing.

I pay
Rent at home at 600
car insurance 100 a month
phone bills 80 bucks
gas for car, say 200 a month
car payments 500
groceries approx 150 a month
i donate a lot to charities / organizations / church

my monthly fixed expenses are 2500 + credit card which is about 1500 a month

so yeha 3000 ish is my monthly expenses.

[nabs]

i save rougly 60-65%, this month is quite difficult tho.

[Matlock]

It's really difficult for me to save money. I'm a bit jealous of the kids who get to stay at home for free. If you're one of those, then take advantage of it while you can!

I save about 500 a month if I'm lucky.

[waddy41]

On average for the last 4 years I spend about $15k a year...no rent
Now add an annual mortgage and taxes of $16k then I'm spending $31k a year...

As long as I make above that I am good...after tax, ei and cpp of course

[tiger_handheld]

i don't save nothing.

I pay
Rent at home at 600
car insurance 100 a month
phone bills 80 bucks
gas for car, say 200 a month
car payments 500
groceries approx 150 a month
i donate a lot to charities / organizations / church

my monthly fixed expenses are 2500 + credit card which is about 1500 a month

so yeha 3000 ish is my monthly expenses.


im a lot like you in the sense i have the same expenses different amounts but i'm able to save $100/mo before it was $50/mo.

[Mr.HappySilp]

Lucky for you guys.
I live at home but pay rent and take care of the bills so that's around 1200 give or take
Then there is the property tax, personal inscurance, RRSP and about 8k debt I am paying off right now.
Saving = 0 =_= hopefully by early next year I can pay off the debt and start saving.......

[Vale46Rossi]

I save in the negatives.

[westopher]

I'm saving basically nothing about $2700 after tax a month, although, I racked up a bit of credit card debt when I quit my job and have been putting about 500 per month into that
Rent is $700, a bit of money for pet insurance, 500 into cc debt. That means basically 1400 goes to food, booze, clothes, gas, car parts, tattoos, etc.
I saved TONS when I was living at home. Managed to save about 50k in 2 years making slightly more than I make now (it was in edmonton) and put it all down on a condo and then some. Still own the condo and the mortgage, strata fees, and tax are all covered by the renters. Once the card is paid off I will set a goal to save about 3-400 a month, and add 100 or so to the spending money. I also have about 20k in tsfa's but refuse to use it to pay off the card because of my horrendous spending habits. I have a very serious problem of seeing empty space on the card and thinking its free money, so I'm forcing myself to take the wasting money on interest route to teach me a lesson I should have learned 5 years ago even though its a poor financial decision, I'd like to call it an investment into my financial education, so I stop spending like an idiot.

[Razor Ramon HG]

Going to Asia in January, so I'm saving around 1000 a month at the moment.

Usually I have no savings.. :lol

[DaFonz]

i don't save nothing.

i donate a lot to charities / organizations / church



If you can't afford to save, then maybe you shouldn't donate so much.

[insomniac]

Monthly income $2800~ depending on how much I work.
$1500 automatically goes into my savings at the end of the month. Before I put in $700 every month when I didn't need to go to school. (bad idea)
Rest if the money is usually spent on rent (even though I'm still living at home), bills, food, going out, toys, clothes.
At the end of the day I'm still not saving much cause all of my savings money go towards tuition :okay: but I guess I don't have to spend the rest of my money but I'd have no life if I didn't spend it.
But when I get out of school in two or so years it would be awesome when my savings money actually builds up :fullofwin:
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[6793026]

If you can't afford to save, then maybe you shouldn't donate so much.

sorry. donations are top priority for me, same as volunteering etc. eg// people say they are "busy" and they don't have time to volunteer. I have never ever volunteered and then came home and said I wish I didn't volunteer cause I don't have enough time. Facebook, surfing, sitting in front of my cpu gaming will never be top of my list. Donation is the same; I've never donated "too much" where I'm broke. I still find ways to scrap by and help others along the way.

[murmur]

sorry. donations are top priority for me, same as volunteering etc. eg// people say they are "busy" and they don't have time to volunteer. I have never ever volunteered and then came home and said I wish I didn't volunteer cause I don't have enough time. Facebook, surfing, sitting in front of my cpu gaming will never be top of my list. Donation is the same; I've never donated "too much" where I'm broke. I still find ways to scrap by and help others along the way.

i hope your donations give you tax receipts, so you can claim during tax time.

[nabs]

I have nothing against donations or anything of that sort... I donate as well to various organizations/charities.

However do you not feel the need to build a small nest egg for "just in case" time?

[Gh0stRider]

i set auto deposit into my savings account. i set it to $250/month

[6793026]

I'm trying really hard to NOT think of it where "oh, I'm donating cause i get a tax receipt" mentality. Right now, I just wnat to set a goal for myself to help those in need.
I do have a "just in case" fund, it's not big, and yes, if i didn't donate for the past few years, i would have saved up for multiple down payments, but somehow it's jut not the same.

I could easily say "meh, i ain't going to volunteer this time, i could catch up on my sleep" somehow, I'm always energetic before and after my volunteering.

[iEatClams]

First off, it's very important to have at least 3 months income in savings in case of an emergency. While some may disagree, I find this rule always helpful as I once had an unexpected big expense hit me and was glad I had this saved up prior.

[lowside67]

I save approximately 20% of my after-tax income currently because I have a roommate and rent. If I had bought a place, I wouldn't be able to save anything, although I'd likely put my yearly bonus straight into savings.

Mark

[LiquidTurbo]

First off, it's very important to have at least 3 months income in savings in case of an emergency. While some may disagree, I find this rule always helpful as I once had an unexpected big expense hit me and was glad I had this saved up prior.

What counts as 3 months? Like rent food for 3 months and then you're broke?

[aikenluu918]

I save about 75-100 every paycheck. I go to school full time and live at home. Any extra money that comes in goes straight to savings.

Here are some tips for students that have helped me:

Credit Card interest = 19.99% min. Interest You're earning is 1.2%-8% depending on whether your money is in savings account vs. equity. Or whatever your rate of return may be your credit card interest is still way higher.. you're losing money in the end. Pay it down and resist the urge to build it back up

If you can afford it put 100 dollars/mo away by the end of the school year that's ~800 dollars for your summer. its not much but its a start

Keep track of expenses, we almost all have smartphones having a expense tracking app is very handy. its tedious to mark down every penny but its well worth it, after the first month you'll see how much you spend on coffee, food, junk etc.

[Jegz]

Damn you guys need some financial literacy LOL
I still live with my parents and probably not moving out until i have a few assets.
In the meantime... all money in no money out!

[Prolowtone]

im building up 2 cars. I have 3 accounts and they all have money in them. I usually try to put 1 full (Bi weekly) check away into my savings every month or so and one or 200 into my car account every other pay day if i can afford it. I live at home and have 3 vehicles

[lowside67]

Damn you guys need some financial literacy LOL
I still live with my parents and probably not moving out until i have a few assets.
In the meantime... all money in no money out!
Um... you aren't allowed to lecture anybody on financial literacy until you don't live at home. It's easy to live in mommy's basement and then cast stones about people not saving enough...

Mark

[etodac]

Half of my pay cheques.
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[Isaiah11]

less than 400

[dinosaur]

damn....my student loan payment alone is $700/month.

Basically whatever is left over in my accounts every month is dumped into savings. Some times its $800...other months its $80. I also have RRSPs that automatically come out and every time I use my debit card $2.00 is transferred to my savings account.

[Iceman-19]

What counts as 3 months? Like rent food for 3 months and then you're broke?

Whatever you currently have to spend each month to survive and have your bills paid....times 3.
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[Jegz]

Um... you aren't allowed to lecture anybody on financial literacy until you don't live at home. It's easy to live in mommy's basement and then cast stones about people not saving enough...

Maork
I know, I forgot to say that. But I also know people who move out or start a family right away not even with a decent income. Then again, I have no place to say anything. Life gets in the way sometimes.
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[JSALES]

I try to save about half of my paycheck but I got rent, car insurance, food, cell phone bill etc.. to pay

[mr_chin]

living with my dad
$1900/month

$800 goes to my car and insurance
$600 goes to my cc
everything i buy, i use my cc
i try not to exceed $600 spending a month so i can pay down my cc, which should be done in 3 months, then more to tfsa.
i spend average $250 on food and stuff a month

$400 goes to my tfsa and the other $100 i leave in my checking in case i need cash.

[iEatClams]

What counts as 3 months? Like rent food for 3 months and then you're broke?

it's a general rule of thumb, but usually 3 months salary. This way you're not living paycheck to paycheck.

so if you make $3,000 a month, you should have 9K in savings stored for emergency.

This is usually for people in their low 20s or just starting to build up their savings.
ex. This way if you were to get fired you still have 9K to survive on until you find another job. Or some unexpected expenses : car breaks down and needing repairs, dog gets sick and needs to see vet etc etc.

[MelonBoy]

Company stock 1950 per year (50 each pay)
TFSA MF 650 per year (25 each pay)
RRSP MF 650 per year (25 each pay)
High TFSA (apartment) 3900 per year (150 each pay)
Saving (emergency fund/vacation fund) 1300 per year (50 each pay)

I try to save 40-50% of my income... but I need to pay for tuition/books.. so I take a bit from my savings once in a while..

[Oleophobic]

Currently have only $1000 in my TFSA because I made the decision to pay off my debt before I start saving. Other than that, my company matches up to 4% of my income in RRSP contributions so I get 4% automatically deducted from each paycheque.

Since I graduated in May, this is my current situation:

Rent: $1000 a month to my parents because I live at home.
Student loans: $2000 a month to my dad because I borrowed his money to pay it off in order to avoid paying interest.
Miscellaneous:the rest of my expenditure is on miscellaneous items like gifts, clothes, eating out, gas, transit pass etc.

My goal is to pay off my loans ASAP while living the life of a broke student. So far it's going pretty well and if things go well I'll be debt free in about 5 months :)

[see.lai]

Currently living at home, and I'm going to school.
I'm paying for insurance, school, and tools etc... So far, it's going well. I had a plan of making at least $1000/month while going to school, but obviously things got in the way. I do have a decent amount of savings in my bank as well so I think I'm in a good condition. I wish I was saving more though..

[RHMadness]

For me its:
around 5k after tax..
mortgage is 2500 a month
Cell, cc, credit line, car bills etc - 1300 a month
Misc bills per month - around 200 a month

That leaves around 1k to spend per month on food and going out etc..

My wife makes 1500 a month after tax - goes straight to savings/rainy day fund.

I wish i didnt have to pay a mortgage and bills - Would be loaded otherwise.

[optiblue]

For me its:
around 5k after tax..
mortgage is 2500 a month
Cell, cc, credit line, car bills etc - 1300 a month
Misc bills per month - around 200 a month

That leaves around 1k to spend per month on food and going out etc..

My wife makes 1500 a month after tax - goes straight to savings/rainy day fund.

I wish i didnt have to pay a mortgage and bills - Would be loaded otherwise.

You are the 1% in Vancouver!
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[jasonturbo]

My monthly bills are about 2300$ (1800 rent, 170 cell, the rest is various utilities and services) I own my vehicles, pay insurance for the year up front, and don't have any loans.

Work expenses are around 2k/month. (Mostly travel)

I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.

So all said and done, I probably save about $20,000/month :nyan:

Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.

I should mention that my career path has more or less destroyed my social life.

[dasani604]

My monthly bills are about 2300$ (1800 rent, 170 cell, the rest is various utilities and services) I own my vehicles, pay insurance for the year up front, and don't have any loans.

Work expenses are around 2k/month. (Mostly travel)

I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.

So all said and done, I probably save about $20,000/month :nyan:

Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.

I should mention that my career path has more or less destroyed my social life.

Out of curiosity, what do you do?

[NLY]

I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.

Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.

I should mention that my career path has more or less destroyed my social life.



Out of curiosity, what do you do?

My guess would most likely be an engineer out in Fort Mc Murray. I've got some friends working out there grossing almost half that (in relative terms, it's still a lot!).

It also doesn't hurt when jasonturbo is making a killing in the stock market (check the "Stock Market" thread)

[tiger_handheld]

My monthly bills are about 2300$ (1800 rent, 170 cell, the rest is various utilities and services) I own my vehicles, pay insurance for the year up front, and don't have any loans.

Work expenses are around 2k/month. (Mostly travel)

I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.

So all said and done, I probably save about $20,000/month :nyan:

Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.

I should mention that my career path has more or less destroyed my social life.


save 20,000 a month. did i read that right?
gross 30k a month?

you make 360k per year? What do you do?

[mr_chin]

Being an unemployed graduate, I went through a period with only $50 in my account (and looking for jobs at the same time).

I am lucky to have a job I love now, and I am particular with how much money I save per month.

Monthly income (after tax): $2300

I live with my family so I don't pay rent:
Monthly expense: $700
Save: $600
Spend the rest.

How much do you save per month?

So technically, your monthly expense is $1700.

[jasonturbo]

My guess would most likely be an engineer out in Fort Mc Murray. I've got some friends working out there grossing almost half that (in relative terms, it's still a lot!).

It also doesn't hurt when jasonturbo is making a killing in the stock market (check the "Stock Market" thread)

First of all, me and the stock market haven't really been seeing eye to eye lately lol.

Fort McMurray :fullofwin: Work has taken me all over Canada but I have spent most of my time in the Mac.

Engineer... not so much, I have no post secondary. My background is NDT/Inspection but I have more recently transitioned into a project management role. This is not a typical of the industry for someone in NDT to move into a PM role, I just happen to be very good at taking the clients money. I manage the indirect hires (Engineers, coordinators, inspectors, purchasers, etc), we focus mainly on planning and supporting the construction side (direct hires - people that physically affect the work), it's like adult babysitting. Right now I have about a dozen people who report to me.

My day rate is just shy of $1400 gross, I also get to bill from home as I see fit, I am pretty good at what I do and senior management more or less just leaves me alone as they are terrified of me quitting. I am the highest paid person on site with this company, and probably in the top 3% of the industry as a whole. It gets very hard to make more money once you break the 1000$/day mark, but on the bright side it only took about 4 years to hit that number.

Now before you pack your suitcase and head North, understand that the results I observed in this industry should not be considered typical.. it's a result of hard work, meeting the right people, and whole lot of dumb luck.

When the industry slows down you will find me serving coffee at Tim Hortons.

[roughmandamn]

First of all, me and the stock market haven't really been seeing eye to eye lately lol.

Fort McMurray :fullofwin: Work has taken me all over Canada but I have spent most of my time in the Mac.

Engineer... not so much, I have no post secondary. My background is NDT/Inspection but I have more recently transitioned into a project management role. This is not a typical of the industry for someone in NDT to move into a PM role, I just happen to be very good at taking the clients money. I manage the indirect hires (Engineers, coordinators, inspectors, purchasers, etc), we focus mainly on planning and supporting the construction side (direct hires - people that physically affect the work), it's like adult babysitting. Right now I have about a dozen people who report to me.

My day rate is just shy of $1400 gross, I also get to bill from home as I see fit, I am pretty good at what I do and senior management more or less just leaves me alone as they are terrified of me quitting. I am the highest paid person on site with this company, and probably in the top 3% of the industry as a whole. It gets very hard to make more money once you break the 1000$/day mark, but on the bright side it only took about 4 years to hit that number.

Now before you pack your suitcase and head North, understand that the results I observed in this industry should not be considered typical.. it's a result of hard work, meeting the right people, and whole lot of dumb luck.

When the industry slows down you will find me serving coffee at Tim Hortons.

mad respect to you for making the money you do, working hard for it, and still sounding very humble. congrats

[Tapioca]

My monthly savings are $200 and they go straight into my TFSA.

The reasons why my current savings are so low are that I'm currently contributing to a pension program and I'm pursuing part-time studies.
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[jordanwong]

First of all, me and the stock market haven't really been seeing eye to eye lately lol.

Fort McMurray :fullofwin: Work has taken me all over Canada but I have spent most of my time in the Mac.

Engineer... not so much, I have no post secondary. My background is NDT/Inspection but I have more recently transitioned into a project management role. This is not a typical of the industry for someone in NDT to move into a PM role, I just happen to be very good at taking the clients money. I manage the indirect hires (Engineers, coordinators, inspectors, purchasers, etc), we focus mainly on planning and supporting the construction side (direct hires - people that physically affect the work), it's like adult babysitting. Right now I have about a dozen people who report to me.

My day rate is just shy of $1400 gross, I also get to bill from home as I see fit, I am pretty good at what I do and senior management more or less just leaves me alone as they are terrified of me quitting. I am the highest paid person on site with this company, and probably in the top 3% of the industry as a whole. It gets very hard to make more money once you break the 1000$/day mark, but on the bright side it only took about 4 years to hit that number.

Now before you pack your suitcase and head North, understand that the results I observed in this industry should not be considered typical.. it's a result of hard work, meeting the right people, and whole lot of dumb luck.

When the industry slows down you will find me serving coffee at Tim Hortons.

geezus.. hook me up bro. i went to college for 5 years and still unemployed..:okay: