Diary to restrain spending, 51% savings rate - Page 3
Page 3 of 16 FirstFirst 1234513 ... LastLast
Results 21 to 30 of 155

Thread: Diary to restrain spending, 51% savings rate

  1. #21
    Senior Member Moneytoo's Avatar
    Join Date
    Mar 2014
    Posts
    1,544
    Quote Originally Posted by none View Post
    Hopefully it's a spousal RRSP.
    Why? No, it's mine - I have ~90K of unused RRSP contribution room, and now that I make 90K+ - it makes sense to use it while I still work. He'll have a chance to open a spousal RRSP after I catch up with mine, but the plan is that he'll be contributing to his more. (If you're implying that I'm investing his money in my RRSP - for two years before last summer I was "the sole breadwinner" and didn't save enough to invest; but I hope you meant that we'd be saving more on taxes if it was a spousal )


  2. #22
    Senior Member
    Join Date
    Feb 2010
    Posts
    9,989
    I also save about 50% of take home/after tax, when I add back in my workplace payroll deductions (DC pension, share purchase; not CPP). Similar life circumstances... I probably spend a bit too much on some things, and too little on others.

  3. #23
    Senior Member My Own Advisor's Avatar
    Join Date
    Sep 2012
    Location
    Ottawa
    Posts
    4,790
    A 50% savings rate is huge....that's great.

    I think ours is about 25% with TFSAs and RRSPs and non-registered investments. Excluding mortgage prepayments.
    Hidden Content - Working on a $1 million portfolio and $30k per year from it.

  4. Remove Advertisements
    CanadianMoneyForum.com
    Advertisements
     

  5. #24
    Senior Member
    Join Date
    Feb 2015
    Posts
    147
    Quote Originally Posted by nobleea View Post
    Babies and toddlers are cheap.
    Yes they are cheap if you don't need daycare and you breastfeed till kindergarten...

  6. #25
    Senior Member
    Join Date
    Apr 2011
    Posts
    7,400
    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...
    True! Especially if you, your spouse and kids seriously doing some sport activities and all of you like to travel

    We saved:
    2013 - 36%
    2014 - 34%
    2015 (so far) - 44%

    (numbers not including GRRSP contributons and ESP)

  7. #26
    Senior Member none's Avatar
    Join Date
    Jan 2013
    Location
    Victoria
    Posts
    2,974
    Quote Originally Posted by Moneytoo View Post
    Why? No, it's mine - I have ~90K of unused RRSP contribution room, and now that I make 90K+ - it makes sense to use it while I still work. He'll have a chance to open a spousal RRSP after I catch up with mine, but the plan is that he'll be contributing to his more. (If you're implying that I'm investing his money in my RRSP - for two years before last summer I was "the sole breadwinner" and didn't save enough to invest; but I hope you meant that we'd be saving more on taxes if it was a spousal )
    Sorry - a bit of a bonk. I got the 'whos RRSP contribution room a spousal RRSP comes from' mixed up.

  8. #27
    Senior Member
    Join Date
    Apr 2011
    Posts
    7,400
    we'd be saving more on taxes if it was a spousal
    only if you and you spouse are in different tax brackets.

    I have ~90K of unused RRSP contribution room
    if you have RRSp room, than why do invest into Cash account?

  9. #28
    Senior Member Moneytoo's Avatar
    Join Date
    Mar 2014
    Posts
    1,544
    Quote Originally Posted by gibor View Post
    only if you and you spouse are in different tax brackets.
    We are (I'm in lower), but I believe there's a higher chance of him working longer and making more, so no rush, he can open a spousal account in 10 years or never

    if you have RRSp room, than why do invest into Cash account?
    The only cash account we have is joint HISA for "emergencies" (and I don't consider it investing ) So until we max out registered - no unregistered...

    (I'll answer any further questions in my thread - James, I'm sorry, I was just trying to make a point that wife will not spend all your money! lol)
    Last edited by Moneytoo; 2015-09-02 at 06:54 PM.

  10. #29
    Super Moderator
    Join Date
    Nov 2012
    Location
    Pacific
    Posts
    7,710
    Monthly update. September spending: $3,096

    Unfortunately I ran over my target budget of 2900. Looking at the causes using my category breakdown, I'm over-budget entirely due to travel expenses.

  11. #30
    Senior Member
    Join Date
    May 2010
    Posts
    1,944
    I always give vacation/travel spending a pass. I make sure I'm not going nuts with it, of course, but I don't include it when I'm assessing my spending habits. At the end of the year I look at my non-rent, non-grocery, non-vacation expenditures, and as long as they are well below $1,000/month (on an annual basis), I am happy.


Page 3 of 16 FirstFirst 1234513 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •