What's your savings?

[titus]

Hello,

This is really scaring me. I've been working on a expense budget and somehow something doesn't look quite right.

Monthly Expenses in USD for an Engineer in US
Rent $850
Food $400
Auto Finance $358 for a $14,445 1 yr used Grand Am financed 2 years with $6,666.00 downpayment at 9.5% APR
Gas $50
Auto Insurance $100 ($1200/year)
Utilities $50
Cellular $39.99
Internet $45.55
Personal Expense $307.00 (Flight from San Diego to Vancouver roundtrip cost)

Total expense $2200.54/month
Annual Salary is $60k = $5000/month
Take home (36% tax) => $3200/month
This mean I save only $3200 - $2200.54 = $999.46/month?!

Monthly Expenses in CAD for a Cdn Army Cpl
Board and Mess $400.00
Misc Fees $50.00
Auto Finance $358 for a $14,445 car financed 2 years (notice the same dollar in CDN, so a cheaper car here)
Gas $50
Auto Insurance $100 ($1200/year)
Cellular $39.99
Internet $45.55
Personal Expense $200.00

Total Expense is $1243.54/month
Annual Salary is about $40k = $3333.33/month
Take home (36% tax) => $1466.67/month
This mean I save only $1466.67 - $1243.54 = $223.13/month?!

[ 06 April 2002, 12:32: Message edited by: Titus ]

[StirCrazy]

Titus, don't for get that reg force and certian class of reserve now get a cost of living alowance. I think vancouver is about %800 or $900/ month (victoria is $650.00, but you cannot get it if you are living in baraks) also depending if you are a Tech getting spec 1 pay you will be about 50,000.00/year or a little higher.. now if ou were smart and you were a 4th year Tech who went to sea and recived 9 year sea pay you would be over 60,000.00/ year..
so if you live in a apartment or even rent from your parents you can add the 800.00 or 900.00 to your savings which will take you upto or over 1000.00 / month.

Steve

[titus]

Hello,

BTW, just realized that some of the guys are only paying $99.00 CAD/month for a room on 39CBG. That's very cheap in Vancouver, let alone it's in a nice neighbourhood too. But I can't possibly anticipate living there the rest of my life! tongue.gif

But seriously, I'm hoping I can save more than $1000/month. More like $2000/month in 2 years, and more as I get less hair on my head. :eek: Just hope I don't get laid off, which is something I'll never have to worry about in the Army. :D

I'd like to do as good as Victor. 5 years and he's already bought his own house with family moving in.