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I\u2019m 28 and just got my first \u201creal\u201d job making 65k a year in Moncton NB. <\/p>\n
Rent is $1100, car payment is $300, Insurance for the rental and my car is about $80 a month, my student loans or \u201cmagical mystery debt\u201d is 45k owning and $350 a month for payments, I know that will change with my new job. Student loans have a special place in hell because every time I call no one can tell me why my payment is what it is and why it changes every now and then. I knows it\u2019s adjusted to income and dependents but I don\u2019t understand the calculations and no one at their call centre has given me any answers. <\/p>\n
Add that in with a $100\/month gym membership and about $450 a month in groceries bills and things get pretty tight pretty quick. One unexpected expense and I go from putting a small amount away each month to putting nothing away or, even worse, dipping into my savings. <\/p>\n
My car needed new winter tires this year, that\u2019s an extra $600 I wasn\u2019t expecting to spend. <\/p>\n
With this new jobs I should be putting away $500 a month after I fill up my emergency fund. I didn\u2019t detail every expense I have in this post because that\u2019s not really the point of the post.<\/p>\n
The point is, as someone who\u2019s already 10+ years into their working life with no pension or any real amount of savings, it is best to:<\/p>\n
1) Save and buy a house, at $500 a month I should be able to put enough money away to buy a house in 2-3 years. Maybe slightly longer than that if things keep going up. <\/p>\n
2) Put $500 a month into my TFSA until it\u2019s maxed out, alternatively I could put it in a RRSP and get money back in taxes for my TSFA but everything I read says TFSA > RRSP. <\/p>\n
Are there other options I\u2019m not thinking about? The company I work for doesn\u2019t have a pension plan and unless I go back and get my masters I\u2019m not likely to make more than 70k in the next 3-5 years but that said 65k isn\u2019t an awful income for NB. <\/p>\n
Before I got this job $500 a month in savings seemed like so much but now I look at it and think $500 a month for 30 years is only $180,000 (before any gains made by investing it) and that\u2019s assuming I can put that much away every single month. Which seems pretty tight. How much is enough to retire on? <\/p>\n
As far as cutting from my budget goes the only things I really spend extra money on is food, gym membership and a few supplements but I don\u2019t think I should be cutting out a healthy lifestyle in an attempt to retire earlier or richer.<\/p>\n<\/p><\/div>\n
submitted by \/u\/Toomuchsnowbro <\/a> I\u2019m 28 and just got my first \u201creal\u201d job making 65k a year in Moncton NB. Rent is $1100, car payment is $300, Insurance for the rental and my car is about $80 a...<\/p>\n","protected":false},"author":1,"featured_media":24127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/25678"}],"collection":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/comments?post=25678"}],"version-history":[{"count":0,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/25678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media\/24127"}],"wp:attachment":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media?parent=25678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/categories?post=25678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/tags?post=25678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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