- August 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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Budget Breakdown:
1. Mortgage: $4,600
– The mortgage expense is the largest in our budget, accounting for approximately 45% of our take-home income. It is essential to keep up with these payments to maintain the security of our home.
2. Grocery: $700
– Our monthly grocery expense ensures that we have enough food to sustain ourselves and our family. It’s important to carefully plan and budget for this category to meet our nutritional needs.
3. Gas + Parking: $550
– This expense covers our transportation costs for two days when commuting to our downtown office. AI Legalese Decoder can help review any parking tickets or legal documents related to our vehicles, ensuring that we are not overcharged or wrongly fined.
4. Property Tax: $420
– Property tax is a necessary fee that contributes to the local community’s development. The AI Legalese Decoder can provide assistance by analyzing property tax assessments and ensuring they are accurate and fair.
5. 2 Cars Insurance: $320
– Our car insurance expense covers both of our vehicles, providing financial protection in case of accidents or damages. The AI Legalese Decoder can assist in analyzing insurance policies, ensuring that we are adequately covered without unnecessary additional costs.
6. Utility: $320
– Utilities include electricity, water, and gas bills. With the help of AI Legalese Decoder, we can review these bills and identify any irregularities or unreasonable charges.
7. Eat Out: $250
– Although dining out can be enjoyable, it’s essential to track this expense carefully to avoid overspending. AI Legalese Decoder can help by providing information on affordable dining options and ensuring that any restaurant bills are accurate.
8. HVAC: $50
– The HVAC expense covers the maintenance and repairs of our heating, ventilation, and air conditioning systems. AI Legalese Decoder can help us understand any applicable warranty or service agreements to ensure we are not overcharged for HVAC services.
9. Internet: $120
– Having a reliable internet connection is crucial for both personal and professional purposes. AI Legalese Decoder can assist by comparing different internet service providers and their rates to optimize our internet expenses.
10. Home Insurance: $90
– Home insurance protects against unexpected damage or loss to our property. By utilizing AI Legalese Decoder, we can analyze our home insurance policy to ensure we have adequate coverage and aren’t paying more than necessary.
11. Phone Bill: $80
– Our phone bill is a regular expense needed for communication and staying connected. Using AI Legalese Decoder, we can review phone plans and potentially find more cost-effective options without compromising quality.
12. Security System: $20
– The cost of maintaining a security system provides peace of mind for our home’s safety. AI Legalese Decoder can help us understand the terms and conditions of our security system contract, making sure we’re not being charged unnecessary fees.
13. Costco Membership: $15
– Our Costco membership allows us access to bulk shopping and other benefits. With AI Legalese Decoder, we can examine the terms and conditions of our membership agreement, ensuring that we are getting the most out of our investment.
14. Clothing + Gift: $150
– This category covers clothing and gift expenses, an area where we aim to keep costs low. AI Legalese Decoder can provide information on cost-effective shopping options and help us navigate any return or refund policies.
15. Car Maintenance: $125
– Car maintenance is necessary to ensure the longevity and reliability of our vehicles. AI Legalese Decoder can assist by analyzing vehicle maintenance contracts and repair invoices, ensuring we are not overcharged for services.
16. Vacation: $200
– Our vacation expense allows us to take time off and relax. By leveraging AI Legalese Decoder, we can review travel packages, accommodation terms, and cancellation policies to ensure we are making the most of our vacation budget.
In conclusion, the AI Legalese Decoder can greatly aid our financial management by helping us review various legal documents and expenses. With its assistance, we can ensure accurate billing, uncover potential cost-saving opportunities, and avoid unnecessary charges.
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****** just grabbed a
Helpful post, interesting to see what other people are spending on things.
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Can you go into more detail about what the HVAC expense is?
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Also, you might be missing auto maintenance/repair.
Why would you have 2 costco memberships? Executive is $120/yr, or $10/month. Regular is $60/yr, or $5/month. At $15/month, you have 1 executive, and 1 regular lol.
List all your expenses. Clothes, hair cuts, Christmas presents, travel, etc….and have a line for 15-20% for retirement savings.
You are missing some hidden costs that may or may not matter to you.
Does your mortgage or utility items include garbage/sewage costs?
You also don’t seem to have any maintenance costs or any subscriptions (Spotify, Youtube, Netflix, Prime etc).
Take a look and see if you have any banking costs (Checking account fees, annual credit card fees, overdraft fees etc).
I’m guessing the remaining 25% of your take home pay goes into savings?
Edit: Any membership fees? Donation to charity? Drug purchases outside your coverage (Vitamins, supplements etc).
Second Edit: “Fun” money?
What about $0 for home maintenance, cleaning supplies, non-food household items, entertainment, savings, unforeseen expenses?
There’s always something extra every month and it always adds up. Maybe once you break something, once you need a lawn mower, or your couch feels bad after 10+ years, etc.
I think your internet is expensive. Shop around and see if you fund a better deal. Sometimes canceling and buying a new connection (same company) under your wife’s name will save you more than 50%.
Me and my wife are your age, no kids in Montreal and we spend around:
$350 grocery
$900 rent
$30 transportation (no car)
$100 internet
$50 mobile plans
$25 home insurance
$100 personal care/clothes etc.
$100 utilities
$50 medication/health related expenses
$50 for the cat
So total of $1700 I would guess. We usually save the rest for traveling.
Fascinating to see how other people spend their money.
Do you use any kind of budget tracker? I think this all looks good but try something like YNAB (there are free alternatives) to catch the small easy to miss hidden purchases you might not be capturing here. I’d do it for 3 months. Obviously the mortgage is high but what are you going to do. It’s how things are and you’re affording your life fine. Do you save for retirement? Are you able to save for medium term or short term wishlist stuff? How quickly can you replace your jobs?
The Go train is cheaper than taking your car:
Fare is 9.70 one way per person
19.40 per day per person
38.8 per dag for 2 people
Across a typical 4 week month is $310.
With a presto card the fare is like $8.70 so do whatever the marginal math is on that.
Do both of you actually need two cars? Think about how far you usually drive and where you live in Oakville. Growing up there I know its pretty easy to get around by bike to the train station and downtown Oakville. One of the better satellite cities when it comes to bike infrastructure. Cars never get cheaper with ownership.
We are in a similar living situation except we rent the townhouse in Ottawa, no kids:
* Rent (rent controlled) – $1918
* Utilities (gas/hydro/water/water heater rental)- $290
* Internet – $90
* Groceries – $560
* Entertainment (concerts, streaming services, dining out) – $200
* Gym/Fitness – $40
* Car (one car, fully paid off, just servicing and gas) – $260
* Insurance (car/tenants/life/health) – $410
* Health (out of pocket expenses) – $130
* Pets – $120
* Travel – $350
* General (largely one time expenses like gifts/household items) – $500
* Cell phones – $100
* Donations – $150
Total – $5118 about 45% of take home but it fluctuates pretty drastically month to month since one of us is contracting income.
We save the rest, some of it goes to tax, maybe we’ll buy a house someday, but either way we’ll have some money for retirement hopefully.
I dunno how y’all stick to these budgets. I can’t walk out of my house without spending $100
200 dollars a month for vacation seems low. Maybe I just have expensive taste!
People are here talking about internet price and food, but damn, this person has +5k in mortgage, including property taxes that is just crazy expensive…at least you have an amazing take home pay.
You’re overextended on your mortgage, simple as that.
Health costs? Medical, dental, optical?
So, your take-home is about $10,000 and you have $8,000 in listed expenses.
What about pension savings?
I would remove things like eating out, vacation, gifts, car maintenance from fixed expenses, unless you have a separate account for these.
You have a lot ($2000) of free cash flow, which is good, but here’s what I suggest to most people trying to budget:
*Start by opening 2 bank accounts, A and B. Use B to pay recurring monthly costs like CC payments, loan payments, utilities etc., and don’t touch it for anything else.*
*Deposit enough in B each month to cover those recurring costs. Put the excess (free cash flow) in A for discretionary spending. Don’t buy anything when A is empty. If something unexpected has to go on the CC, increase the budget for B (which will mean less going into A next month, ergo even less spending).*
*Having less than $1,000/mo of free cash flow is going to be problematic for most.*
nothing to add other than to say good on you two for having a good income in your 20s
Wow Costco membership is 15$ . And groceries are $700 am I High rn ?
Townhome association costs, home Reno / maintenance budget which yearly should be 1-5% of the cost of your mortgage, vehicle maintenance budget, xmas or big holidays, gifts for family, RRSPs
Do you consider savings a bill? (I do). It has to be paid just like any other bill. I imagine you are with a 5 month emergency buffer but how much are you saving? With that kind of monthly expense I assume your HHI is high so hopefully you are maxing your RRSPs and moving on to maxing TSFAs.
This is minor but I’d budget for Mortgage Insurance! We bought into a T20 insurance from a life insurance company. Politely declined the mortgage insurance offered by the bank… that was one expense I didn’t budget for!
Holy cow. What’s your income?
You own a Costco membership and only spend 700$
Hmmmmmm…. I’m a non believer
What is your total take home income? This would give us context on whether these expenses are appropriate
$700 is too high for groceries for 2 adults
Do either of you work from home? If so you should look into expensing internet through work since they can write it off I do it with my internet and cell plan
You can definitely get an internet for cheaper from Telus
Simple. Eat the kid. Never travel. Fin.
FYI if you think I’m serious, you can suck a butt. I grew up here. Oakville is stupid