OVERVIEW:
I currently work 60+ hours a week at a tech company. I want to get out of the rat race and start enjoying life a bit more, as my hours are a big problem. Really love the MMM blog, as I already agree with a lot of the principles and views of how little “things” mean. Once stepping stone would be to convince my wife of these lifestyle changes. I appreciate any help/advice you can give, so thanks in advance!
Status: Married
Where: Canada Permanent Resident (US citizen but looking to get citizenship in Canada soon)
Age: 32
Dependents: 0 dependents
QUESTIONS:
* What type of lifestyle changes and/or advice on reducing total “expenses” do people have for Canada? I life in Vancouver, which is very expensive on average for Canada.
* What advice on starting Investments for someone living in Canada? Retirement plans? Where can I start?
* Any recommended blogs, books, etc. — especially for Canada.
INCOME/SAVINGS/INVESTMENTS
* Take Home Pay: $50,400 CAD (after taxes)
* Investments: None
* Total Savings: $15,000 CAD in Savings account
ASSETS
* Car: $2,500 (approx. value)
* Motorcycle: $3,500 (approx. value)
DEBT
* Student Loans: $21,000 USD (school was in US = $25,515 CAD)
* Rates average: 6.8% interest
* Original Loan: $28,000 approx.
* Start date: October, 2010
* Averages Monthly Payment: $500 CAD ($400 USD)
* Loan Time Period: 10 year plan (5 years remaining)
EXPENSES
* Student Loan Payment: $500 CAD (min. Payment $207 USD)
* Apartment Rent: $775
* Hydro: $35
* Car Insurance: $175
* Misc. Car Expenses: $10
* Gas: $80
* Internet/Cable: $116
* Cell Phone: $75
* Online Subscriptions: $20
* Bank Fees: $14.95 (checking)
* Groceries: $400
* Household Expenses: $20
* Clothing: $20
* Dining Out / Alcohol: $550
* Haircut: $50
* Joint Savings per month: $200
* Personal Savings per month: $1,200
* TOTAL EXPENSES / per Month: $2,790.95
* TOTAL SAVINGS / per Month: $1,400
LIFESTYLE CHANGES IN PROGRESS:
Transportation: Using bike to get around to work everyday
Savings: Taking savings out of bank account first. Aiming to get $2,000 per month in personal savings