Income:
Me: 3,750$ per month as self-employed (no tax deducted). I should be put on the payroll in October for at least 45,000$ per year. I got this job a few months ago, I was making around 1,500$ per month before.
Partner: 1,350$ per month. She just started this job, she gets 40 hours a week but her contract explicitly states the employer doesn't guarantee any hours and they can fire her without notice.
Current expenses:
Average per month for the last 12 months for the 2 of us:
- Food: 405$
- Cosmetics/medicines: 75$
- Bills: 255$
- Going out: 90$
- Furniture: 30$
- Alcohol (bottle of wine when invited etc): 35$
- Rent (includes electricity): 910$
- Public transport: 160$
My own expenses:
Hobby: 45$
Drinks after work etc: 40$
Expected ER expenses:
Hmmm, not sure what goes there.
Assets: Amount & description
Me:
Standard savings account @ 1%: 15,000$
Income tax provision for taxes on self-employment on another savings account @ 1%: 1,700$
TFSA: 101$ (opened it because the bank was giving a 50$ bonus to get one)
Overseas savings @ 1% tax free: approx. 21,000$
Spouse:
Nothing saved: 0$
Liabilities:
0$
Partner plans on going back to studies for 1 or 3 years. Expected tuition costs ranges from 4,000 to 6,500$ per year though she might be eligible for government aid to pay it off.
I started reading MMM recently and it has been inspiring and now that our immigration situation is more stable, I'd like to look into making my money work harder so we can stop working before we're 50.
I realize a 1% savings account is not the best but I am confused about RRSP and TFSA. We are both 28. Our current plans hint that we will likely move out of Canada within the next 10 years.
What would fellow mustachians recommend? I am also not sure about the status of the overseas money, I have a feeling it will be taxed as income if I bring it over to Canada but I don't really know. Because I don't need the money right now, I just let it sit in the bank at 1% tax free.
Thank you for your help!