Quote:
Originally Posted by MarkyMark
Is that what you did
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I was saving close to $1,000 to $1,500/month when I made $50K-60k gross
Income
$50K takes home - $3,331/month after taxes
Expenses
Rent - $1,000 solo in a basement/shared 2BR, $500 if living with a partner
)
Insurance - $150 - Shitbox that doesn't need collision/comprehensive
Maintenance - $30
Gas - $150 - Vancouver commute is always < 20km roundtrip
Groceries - $300
Entertainment and eating out - $600
Misc household + Gym + Haircut + Phone - $140
$2,365 spent
Shop on sale, cheapest plans for phone, internet, haircut, gym, household products, skincare, clothes, keep everything super low. $600 is enough to hang out $150/week for events + eating out with friends, drinking. Honestly you could get by with less if you spend your weekends working or hustling lol.
Savings
$966 Saved per month + $552/month after raise to $60K for a total of $12,000 to $18,576 saved per year.
Over 5 years = $60,000 to $92,880 = Which should be enough to down payment a shitty 1BR that's 15 - 20 years old.
Anything else you make from side hustles, OT, 2nd jobs + raises are also 100% saved.
Man, if you can live that cheap and your income doubles or triples, you can start saving close to $4k - 6k/month and your investment income over time will start generating $300 - 1,000/month. But once you taste the nicer things it's hard to go back
.