Diary to restrain spending, 51% savings rate - Page 2
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Thread: Diary to restrain spending, 51% savings rate

  1. #11
    Senior Member tygrus's Avatar
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    Kids? Wife? you can kiss all that good bye when you do unless she has an equivalent career to you.


  2. #12
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    tygrus I'm not following. You lose your wife and kids when you do what?

  3. #13
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    Quote Originally Posted by james4beach View Post
    tygrus I'm not following. You lose your wife and kids when you do what?
    Saving 50% of salary is rough when you have a spouse / kids. It can be done for sure, with discipline (depending on income).

    I am not currently able to save 50% of my take-home pay. I am around 40% net salary if you include DB pension plan contributions, but it requires discipline for sure...

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  5. #14
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    Monthly update. August spending: $2,940

    I got close to the goal of spending less than 2,900 a month. I'm pleased with this. August has been my lowest spending in six months and I definitely made efforts -- switched Internet providers, used public transit more, and ate out less. Thanks everyone for the encouragement

    Fun was not negatively impacted. I did my surfing trip to California!
    Last edited by james4beach; 2015-09-02 at 02:19 AM. Reason: added new credit card charges

  6. #15
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    Quote Originally Posted by cashinstinct View Post
    Saving 50% of salary is rough when you have a spouse / kids. It can be done for sure, with discipline (depending on income).

    I am not currently able to save 50% of my take-home pay. I am around 40% net salary if you include DB pension plan contributions, but it requires discipline for sure...
    Weird. I'd say adding a wife to the mix makes it easier to save 50% of salary. Income goes up, but expenses go up only marginally.
    Kids can throw a wrench in the mix, but generally not until they reach school age. Babies and toddlers are cheap.

  7. #16
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    I think your monthly entertainment expenses is kind of high..... you could try to reduce it.

  8. #17
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    Quote Originally Posted by nobleea View Post
    Weird. I'd say adding a wife to the mix makes it easier to save 50% of salary. Income goes up, but expenses go up only marginally.
    Kids can throw a wrench in the mix, but generally not until they reach school age. Babies and toddlers are cheap.
    If I was single with no kids, I would be renting an appartment, not owning a house... expenses go up to the sky.

  9. #18
    Senior Member none's Avatar
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    Quote Originally Posted by cashinstinct View Post
    If I was single with no kids, I would be renting an appartment, not owning a house... expenses go up to the sky.
    That's what i do and consequently I save close to 50%. Only have to do that for another couple years and then I will have my target amount of money saved for retirement and then it's pay-check to pacy-check until I'm dead.

  10. #19
    Senior Member Moneytoo's Avatar
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    Quote Originally Posted by nobleea View Post
    Weird. I'd say adding a wife to the mix makes it easier to save 50% of salary. Income goes up, but expenses go up only marginally.
    Kids can throw a wrench in the mix, but generally not until they reach school age. Babies and toddlers are cheap.
    I'd have to do the math to get the exact numbers, but, approximately speaking: I save and invest about 90% of my earnings, husband (who makes more than twice as me) - about 40% of his, so together more than 50% for sure. (The reason for me investing more for the next few years is so my RRSP gets closer to his - for tax purposes in retirement and in case i'll have to stop working before he does)

    Our 5-bedroom house is paid off (but - we bought it in 1996, for less than 1 bedroom Toronto condos are sold these days) and costs us about $800 a month (with all utilities, taxes, cable and internet). My husband's parents live with us and take care of the house (also save a ton on groceries), our daughter goes to the medical school and plans to keep living at home until she graduates and starts earning money. I think even with repairs and renovations it's still much cheaper to own in our case - especially if we'd have to rent two or three different places (for parents, daughter and ourselves)

    So, as Eclectic12 loves to say - YMMV

  11. #20
    Senior Member none's Avatar
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    Quote Originally Posted by Moneytoo View Post
    I'd have to do the math to get the exact numbers, but, approximately speaking: I save and invest about 90% of my earnings, husband (who makes more than twice as me) - about 40% of his, so together more than 50% for sure. (The reason for me investing more for the next few years is so my RRSP gets closer to his - for tax purposes in retirement and in case i'll have to stop working before he does)
    Hopefully it's a spousal RRSP.


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