Diary to restrain spending, 51% savings rate - Page 14
Page 14 of 14 FirstFirst ... 4121314
Results 131 to 139 of 139

Thread: Diary to restrain spending, 51% savings rate

  1. #131
    Junior Member
    Join Date
    Jun 2016
    Location
    Frankfurt Germany
    Posts
    22
    Do you buy supplemental insurance theough a third part? Quite popular over here as it's way way cheaper


  2. #132
    Senior Member
    Join Date
    Nov 2012
    Location
    Pacific
    Posts
    6,857
    I phoned a couple places in the US and got quotes for supplementary third party liability insurance, e.g. through Geico. Because I don't own a car of my own, this turned out to be quite expensive -- it worked out to about the same cost as buying the liability insurance through the car rental agencies.

    I use my credit card's insurance for collision/damage insurance, and then buy 3rd party liability insurance through the car rental agency. When renting in Canada I usually skip the liability insurance as Canadians aren't as aggressive with the lawsuits.

    When renting in the US, always get the liability insurance for 1M (or make sure you carry insurance that covers you on rental cars). The US is full of personal injury lawyers... you seem them on Fox TV commercials.

  3. #133
    Junior Member
    Join Date
    May 2016
    Location
    Edmonton
    Posts
    22
    J4B, just out of curiosity, sense your now in the US, i imagine that you are using a US based credit card as your primary? or do you still use your CAD ones?

  4. #134
    Senior Member
    Join Date
    Nov 2012
    Location
    Pacific
    Posts
    6,857
    I use a US based credit card for all my US spending. However since I also have a home in Canada and spend in CAD, I still have CAD credit cards. Big purchases like airfares generally are with my CAD credit cards.

  5. #135
    Senior Member
    Join Date
    Nov 2012
    Location
    Pacific
    Posts
    6,857
    An update on costs. The landlord is increasing my rent between 6% and 21% this year. The smallest increase, 6%, is if I sign a 13 month lease -- which I don't think I can do. Whether I stay in my current apartment or move, I think my increase might be in the ballpark of 10%.

    I am going to start searching for new apartments tomorrow, to get a better feel of my options.

    This has really put me in a bad mood. Between the riots happening down the street from me (tear gas & rubber bullets), and facing a 10% hike in my housing costs, it's been one hell of a Friday.
    Last edited by james4beach; 2017-01-21 at 01:39 AM.

  6. #136
    Senior Member
    Join Date
    Nov 2012
    Location
    Pacific
    Posts
    6,857
    I can give you yet another reason to prefer living in Canada. Renters rights are very weak in (many) US states, including the one I'm in. The landlord has presented me with some ugly options and an ultimatum to either sign another long term contract, or I will be evicted. A fun Friday surprise.

  7. #137
    Senior Member
    Join Date
    Nov 2012
    Location
    Pacific
    Posts
    6,857
    I got some useful data from my coworker. He's about my age, also single, and extremely frugal. He lives on about 18K a year. Looking at his data I could identify where our biggest differences are, and it comes down to these:

    I spend 14K a year more on housing than he does.
    I spend 6K a year more on travel/flights/vacations.

    This is very informative and aligns very well with my past analysis against my own history, in this post and this post.

    This makes it absolutely conclusive that the two factors that elevate my cost of living are high rent and travel spending. My coworker has a special living situation where he benefits from a family-owned property; not something I can replicate. I'm also unwilling to sacrifice having an apartment to myself, as opposed to sharing rooms/bathrooms/etc. In this city, I probably don't have much room to cut my horrendously high housing costs.

  8. #138
    Junior Member
    Join Date
    Jun 2016
    Location
    Frankfurt Germany
    Posts
    22
    Over all, outside of healthcare do you find the cost of living to be lower there?

    I spend 14K a year more on housing than he does.
    I spend 6K a year more on travel/flights/vacations.
    As an aside this is something I often mention to people, yes the latte factor matters but not as much as your base costs. Recently bought a gently used car and one of the things I compared was the cost of insurance and the difference between a Rav 4 and a Ford C-Max (I live in Germany) was nearly a 1000€ a year!!!!! Needless to say I went with the C-max

    My wife works from home so we recently downsized back into one of our rental units and it cut our costs nearly in half. Plus we're paying a mortgage rather than rent, but that's a different issue

  9. #139
    Senior Member My Own Advisor's Avatar
    Join Date
    Sep 2012
    Location
    Ottawa
    Posts
    4,596
    Wow, living on $18k per year is very frugal....

    James, I would much rather live my life (like you are...) than simply save and save and save - little travel, little experiences. It's all about balance no?

    I recall from your first post...."My take-home pay is $5,900/month, and I've tried to adjust for tax refunds, dual-country taxes, etc
    Goal: save $3,000/month, spend $2,900/month to achieve a 51% savings rate."

    That's a very, very good savings rate.

    Hidden Content - Saving and investing my way to a million dollar portfolio.

Page 14 of 14 FirstFirst ... 4121314

Posting Permissions

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