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Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
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10-15-2012, 08:24 PM
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#26 | | MOD
Join Date: Oct 2002 Location: VANCOUVER
Posts: 26,849
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i set auto deposit into my savings account. i set it to $250/month
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10-16-2012, 12:35 AM
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#27 | | I answer every Emotion with an emoticon
Join Date: Apr 2004 Location: BC, HK, USA
Posts: 7,535
Thanked 2,438 Times in 1,027 Posts
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I'm trying really hard to NOT think of it where "oh, I'm donating cause i get a tax receipt" mentality. Right now, I just wnat to set a goal for myself to help those in need.
I do have a "just in case" fund, it's not big, and yes, if i didn't donate for the past few years, i would have saved up for multiple down payments, but somehow it's jut not the same.
I could easily say "meh, i ain't going to volunteer this time, i could catch up on my sleep" somehow, I'm always energetic before and after my volunteering.
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10-16-2012, 04:50 PM
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#28 | | WOAH! i think Vtec just kicked in!
Join Date: Apr 2004 Location: Vancouver
Posts: 1,687
Thanked 731 Times in 294 Posts
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First off, it's very important to have at least 3 months income in savings in case of an emergency. While some may disagree, I find this rule always helpful as I once had an unexpected big expense hit me and was glad I had this saved up prior.
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10-16-2012, 04:52 PM
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#29 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,599
Thanked 4,045 Times in 1,233 Posts
Failed 129 Times in 79 Posts
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I save approximately 20% of my after-tax income currently because I have a roommate and rent. If I had bought a place, I wouldn't be able to save anything, although I'd likely put my yearly bonus straight into savings.
Mark
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I'm old now - boring street cars and sweet race cars. | |
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10-17-2012, 07:50 PM
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#30 | | resident Oil Guru
Join Date: Mar 2005 Location: Vancouver
Posts: 7,716
Thanked 10,457 Times in 1,794 Posts
Failed 1,065 Times in 267 Posts
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Originally Posted by azndude69  First off, it's very important to have at least 3 months income in savings in case of an emergency. While some may disagree, I find this rule always helpful as I once had an unexpected big expense hit me and was glad I had this saved up prior. | What counts as 3 months? Like rent food for 3 months and then you're broke?
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10-17-2012, 08:36 PM
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#31 | | Need my Daily Fix of RS
Join Date: Dec 2009 Location: home
Posts: 293
Thanked 54 Times in 22 Posts
Failed 7 Times in 5 Posts
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I save about 75-100 every paycheck. I go to school full time and live at home. Any extra money that comes in goes straight to savings.
Here are some tips for students that have helped me:
Credit Card interest = 19.99% min. Interest You're earning is 1.2%-8% depending on whether your money is in savings account vs. equity. Or whatever your rate of return may be your credit card interest is still way higher.. you're losing money in the end. Pay it down and resist the urge to build it back up
If you can afford it put 100 dollars/mo away by the end of the school year that's ~800 dollars for your summer. its not much but its a start
Keep track of expenses, we almost all have smartphones having a expense tracking app is very handy. its tedious to mark down every penny but its well worth it, after the first month you'll see how much you spend on coffee, food, junk etc.
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10-17-2012, 10:25 PM
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#32 | | RS controls my life!
Join Date: Feb 2010 Location: Richcity
Posts: 1,295
Thanked 1,179 Times in 229 Posts
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Damn you guys need some financial literacy LOL
I still live with my parents and probably not moving out until i have a few assets.
In the meantime... all money in no money out!
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10-18-2012, 06:55 AM
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#33 | | Where's my RS Christmas Lobster?!
Join Date: Jan 2011 Location: Langley BC
Posts: 865
Thanked 336 Times in 109 Posts
Failed 13 Times in 7 Posts
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im building up 2 cars. I have 3 accounts and they all have money in them. I usually try to put 1 full (Bi weekly) check away into my savings every month or so and one or 200 into my car account every other pay day if i can afford it. I live at home and have 3 vehicles
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10-18-2012, 09:46 AM
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#34 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,599
Thanked 4,045 Times in 1,233 Posts
Failed 129 Times in 79 Posts
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Originally Posted by jegglez Damn you guys need some financial literacy LOL
I still live with my parents and probably not moving out until i have a few assets.
In the meantime... all money in no money out! | Um... you aren't allowed to lecture anybody on financial literacy until you don't live at home. It's easy to live in mommy's basement and then cast stones about people not saving enough...
Mark
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I'm old now - boring street cars and sweet race cars. | |
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10-18-2012, 10:09 AM
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#35 | | I STILL don't get it
Join Date: Jul 2012 Location: .
Posts: 451
Thanked 153 Times in 56 Posts
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Half of my pay cheques.
Posted via RS Mobile | |
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10-18-2012, 02:31 PM
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#36 | | Wunder? Wonder?? Wander???
Join Date: Oct 2012 Location: eVan
Posts: 228
Thanked 42 Times in 27 Posts
Failed 30 Times in 9 Posts
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less than 400
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10-18-2012, 03:55 PM
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#37 | | Banned By Establishment
Join Date: Feb 2009 Location: bedroom
Posts: 3,112
Thanked 3,492 Times in 1,176 Posts
Failed 441 Times in 145 Posts
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damn....my student loan payment alone is $700/month.
Basically whatever is left over in my accounts every month is dumped into savings. Some times its $800...other months its $80. I also have RRSPs that automatically come out and every time I use my debit card $2.00 is transferred to my savings account.
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10-18-2012, 04:01 PM
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#38 | | Banned By Establishment
Join Date: Jan 2003 Location: Coquitlam, BC
Posts: 9,521
Thanked 1,289 Times in 409 Posts
Failed 407 Times in 100 Posts
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Originally Posted by LiquidTurbo What counts as 3 months? Like rent food for 3 months and then you're broke? | Whatever you currently have to spend each month to survive and have your bills paid....times 3. Posted via RS Mobile | |
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10-18-2012, 05:25 PM
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#39 | | RS controls my life!
Join Date: Feb 2010 Location: Richcity
Posts: 1,295
Thanked 1,179 Times in 229 Posts
Failed 198 Times in 55 Posts
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Originally Posted by lowside67 Um... you aren't allowed to lecture anybody on financial literacy until you don't live at home. It's easy to live in mommy's basement and then cast stones about people not saving enough...
Maork | I know, I forgot to say that. But I also know people who move out or start a family right away not even with a decent income. Then again, I have no place to say anything. Life gets in the way sometimes. Posted via RS Mobile | |
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10-18-2012, 06:05 PM
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#40 | | Willing to sell body for a few minutes on RS
Join Date: Oct 2006 Location: Vancouver
Posts: 12,074
Thanked 3,186 Times in 929 Posts
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I try to save about half of my paycheck but I got rent, car insurance, food, cell phone bill etc.. to pay
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10-18-2012, 07:46 PM
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#41 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
Posts: 2,777
Thanked 1,045 Times in 419 Posts
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living with my dad
$1900/month
$800 goes to my car and insurance
$600 goes to my cc
everything i buy, i use my cc
i try not to exceed $600 spending a month so i can pay down my cc, which should be done in 3 months, then more to tfsa.
i spend average $250 on food and stuff a month
$400 goes to my tfsa and the other $100 i leave in my checking in case i need cash.
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10-22-2012, 12:31 AM
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#42 | | WOAH! i think Vtec just kicked in!
Join Date: Apr 2004 Location: Vancouver
Posts: 1,687
Thanked 731 Times in 294 Posts
Failed 76 Times in 29 Posts
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Originally Posted by LiquidTurbo What counts as 3 months? Like rent food for 3 months and then you're broke? | it's a general rule of thumb, but usually 3 months salary. This way you're not living paycheck to paycheck.
so if you make $3,000 a month, you should have 9K in savings stored for emergency.
This is usually for people in their low 20s or just starting to build up their savings.
ex. This way if you were to get fired you still have 9K to survive on until you find another job. Or some unexpected expenses : car breaks down and needing repairs, dog gets sick and needs to see vet etc etc.
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10-22-2012, 02:11 AM
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#43 | | My homepage has been set to RS
Join Date: Oct 2005 Location: Vancouver
Posts: 2,146
Thanked 276 Times in 108 Posts
Failed 28 Times in 12 Posts
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Company stock 1950 per year (50 each pay)
TFSA MF 650 per year (25 each pay)
RRSP MF 650 per year (25 each pay)
High TFSA (apartment) 3900 per year (150 each pay)
Saving (emergency fund/vacation fund) 1300 per year (50 each pay)
I try to save 40-50% of my income... but I need to pay for tuition/books.. so I take a bit from my savings once in a while..
__________________ Quote:
Originally Posted by getalove i took a shit in the shower and i tried to use my heel to push it down the drain | | |
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10-28-2012, 12:16 PM
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#44 | | xxx
Join Date: Feb 2010 Location: vancouver
Posts: 1,405
Thanked 777 Times in 247 Posts
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Currently have only $1000 in my TFSA because I made the decision to pay off my debt before I start saving. Other than that, my company matches up to 4% of my income in RRSP contributions so I get 4% automatically deducted from each paycheque.
Since I graduated in May, this is my current situation:
Rent: $1000 a month to my parents because I live at home.
Student loans: $2000 a month to my dad because I borrowed his money to pay it off in order to avoid paying interest.
Miscellaneous:the rest of my expenditure is on miscellaneous items like gifts, clothes, eating out, gas, transit pass etc.
My goal is to pay off my loans ASAP while living the life of a broke student. So far it's going pretty well and if things go well I'll be debt free in about 5 months 
Last edited by Oleophobic; 10-28-2012 at 07:00 PM.
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10-28-2012, 12:41 PM
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#45 | | Diagonally parked in a parallel universe
Join Date: Apr 2011 Location: Vancouver
Posts: 1,414
Thanked 710 Times in 343 Posts
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Currently living at home, and I'm going to school.
I'm paying for insurance, school, and tools etc... So far, it's going well. I had a plan of making at least $1000/month while going to school, but obviously things got in the way. I do have a decent amount of savings in my bank as well so I think I'm in a good condition. I wish I was saving more though..
__________________
15" 328i Wagon
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10-28-2012, 03:10 PM
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#46 | | I Will not Admit my Addiction to RS
Join Date: Oct 2005 Location: Delta, BC
Posts: 510
Thanked 65 Times in 31 Posts
Failed 22 Times in 3 Posts
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For me its:
around 5k after tax..
mortgage is 2500 a month
Cell, cc, credit line, car bills etc - 1300 a month
Misc bills per month - around 200 a month
That leaves around 1k to spend per month on food and going out etc..
My wife makes 1500 a month after tax - goes straight to savings/rainy day fund.
I wish i didnt have to pay a mortgage and bills - Would be loaded otherwise.
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11-11-2012, 09:15 AM
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#47 | | Rs has made me the man i am today!
Join Date: Feb 2002 Location: Burnaby
Posts: 3,191
Thanked 274 Times in 135 Posts
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| Quote:
Originally Posted by RHMadness For me its:
around 5k after tax..
mortgage is 2500 a month
Cell, cc, credit line, car bills etc - 1300 a month
Misc bills per month - around 200 a month
That leaves around 1k to spend per month on food and going out etc..
My wife makes 1500 a month after tax - goes straight to savings/rainy day fund.
I wish i didnt have to pay a mortgage and bills - Would be loaded otherwise. | You are the 1% in Vancouver! Posted via RS Mobile | |
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11-11-2012, 10:19 AM
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#48 | | I contribute to threads in the offtopic forum
Join Date: Feb 2008 Location: North Van
Posts: 2,849
Thanked 7,109 Times in 1,264 Posts
Failed 291 Times in 102 Posts
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My monthly bills are about 2300$ (1800 rent, 170 cell, the rest is various utilities and services) I own my vehicles, pay insurance for the year up front, and don't have any loans.
Work expenses are around 2k/month. (Mostly travel)
I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.
So all said and done, I probably save about $20,000/month 
Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.
I should mention that my career path has more or less destroyed my social life.
__________________ Quote: |
Originally Posted by jasonturbo Follow me on Instagram @jasonturtle if you want to feel better about your life | | |
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11-11-2012, 12:31 PM
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#49 | | Everyone wants a piece of R S...
Join Date: Feb 2007 Location: Canada
Posts: 363
Thanked 71 Times in 41 Posts
Failed 4 Times in 3 Posts
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Originally Posted by jasonturbo My monthly bills are about 2300$ (1800 rent, 170 cell, the rest is various utilities and services) I own my vehicles, pay insurance for the year up front, and don't have any loans.
Work expenses are around 2k/month. (Mostly travel)
I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.
So all said and done, I probably save about $20,000/month
Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.
I should mention that my career path has more or less destroyed my social life. | Out of curiosity, what do you do?
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11-11-2012, 12:58 PM
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#50 | | Helps you change your flat, doesn't hit on your girlfriend while doing so
Join Date: Dec 2010 Location: Coquitlam
Posts: 916
Thanked 1,756 Times in 278 Posts
Failed 178 Times in 41 Posts
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Originally Posted by jasonturbo
I gross about $30,000/month and pay a relatively low tax rate on capital gains with the first 32k being tax free dividend income.
Yes I know my income is slightly retarded, but I'm smart enough that I don't live a matching retarded lifestyle.
I should mention that my career path has more or less destroyed my social life.
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Originally Posted by dasani604 Out of curiosity, what do you do? | My guess would most likely be an engineer out in Fort Mc Murray. I've got some friends working out there grossing almost half that (in relative terms, it's still a lot!).
It also doesn't hurt when jasonturbo is making a killing in the stock market (check the "Stock Market" thread)
__________________ _ 2016-2017 Revscene Fantasy Basketball Champion
Last edited by NLY; 11-11-2012 at 01:08 PM.
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