Quote:
Originally Posted by ssjGoku69
Due to the rate increases, our mortgage payments went up to $5,500 per month. household income increased to ~$275k pre-tax. Nothing really feels affordable though. I feel financially worse off than when we first moved in 3 years ago at a lower income. Can't spend on frivelous stuff, when there is a need for a bigger purchase, I would need to nerviously check bank and credit card balances first and consider bigger payments like car insurance, home insurance, property tax. I'm looking forward to mortgage renewal in May where the monthly mortgage payment can drop down to as low as $3,900/month: 5.15% 3 year fixed, also stretching out the amortization from 19 years to 30 years since the she will be going on mat leave in the summer. So some relief from the mortgage renewal, but household will halve from her not working.
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Going thru this too.
Mistake 1) Wife decided to spend more on buying a house; did not think of rate
2) Did reno after we bought house - went over budget... duhhh u don't think it'll ever go over???
3) trades are still not finishing up and it's delayed
Lessons - 1) Now saving $ 0 a month, and prop taxes + sewage fees / garbage fees (richmond), insurance.. I'm telling her monthly we are strapped.
2) Something has to give, I told her we have to cut out vacations which she's not doing.
3) One thing we are doing is being very frugal, we do zero eating out for 3 years now.
4) Average family income in Canada 2021 is 98k. STFU saying we are poor, we are just going thru first world problems.
Gerbs said it spot on. Go look at what people buy at walmart.
Go look at the bank receipt at the atm machine. People were taking out $10 dollars with an account of $346 left in their accounts; and most time, negative balance.
99% of people in canada in the low / mid class would love to have a job that's $60k (that's $30/hr). Those in Van, married, are cranking out $150k combined salary and keep saying they are poor.
Have to level set all the time with the wife, don't hate me, it's the difficult social economical times we are going thru. You gotta make cuts like everyone. Stop look at IG and Pinterest.