Hello, I want to know from other people in Toronto if I can live comfortable on the salary I just accepted. I have quite a bit in savings/investments (almost 100k CAD) and do not have the luxury of living with family. I really value living near stuff, so would like to rent. Here is my TC breakdown (all in CAD). Base: 135k Sign-On: 10k RSUs: 60k/year (company is private, ipo probably in 1-3 years but who knows, not counting on this) Other bonuses: Free internet/phone bill/transit/wfh stuff/workout stuff etc YOE: 1.5 I want to continue renting my current place which is a pretty sizeable 1 + 1 in Midtown for $2350 with locker/parking (after rent increase). I'm not super materialistic, but I do like buying high quality things and going out semi often. After tax I can take home almost 8k a month, and maybe save a bit more than half of that. Another thing I am considering is a cheap car (used civic) just to commute to parents/girlfriend/costco as the first two are pretty far away, looking to pay this in cash for $15k~ and was quoted for ~$200/month in insurance. From what I can tell in Toronto, most condos are going around this price but with a lot less sqft and no parking. Is this enough to live comfortably in Toronto and afford that car? Not interested in buying property right now as I don't know where I want to live yet, I also don't have a huge interest in FIRE or anything, can see myself working from 40-50 at least a bit. #money #toronto #canada #advice #investments #
Do up a spreadsheet with all of your monthly expenses. Look at the last couple months of your spending to help with this. Add your monthly retirement savings amount. Add your car costs (don't forget about maintenance, ideally you'd have a car maintenance fund and replenish when necessary). If all of those amounts are < $8k then yeah you can afford it. You could stop there but you should also consider things like vacations, one-off purchases and build those into your monthly expenses (I.e. save up) Also welcome to the team!
A car share membership is cheaper to do occasional Costco trips.
Yeah, the problem is my parents live fairly far (in the middle of the boonies) and I can’t drop off a car in those areas :/
Costco is only a bonus of having the car, it isn’t really a reason for it
What’s your net pay after deducting rrsp and tfsa contributions?
Don't contribute to my RRSP yet, will start soon. For my TFSA I only contribute about $200 every other week so should probably increase that, I'm a dual citizen so I can't take full advantage of the TFSA anyway. My net pay after tax is usually a bit under 8k CAD
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You’re fine. You can afford everything that you mentioned.