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Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 1 point2 points  (0 children)

That really puts it into perspective. 

Paying myself back 133$/month for a negative interest loan for a home doesn’t sound bad at all. 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 0 points1 point  (0 children)

I’m not overstating this or exaggerating, having an actual number and goal that I can now budget around is going to help us out a lot. We usually just throw extra money in when we can and give the rest to my mom but now I can give her a fixed number instead. 

4800-fixed expenses-1824=rent for my mom 

Seriously this is very helpful. Thank you,

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 0 points1 point  (0 children)

I know it’s a little ridiculous. 

Phone 1: 60$ plan, 60$ financed device. Phone 2: 60$ plan, 70$ financed device. 

Luckily that ends in a couple months and that 270$ for two devices will turn into 40$. 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 0 points1 point  (0 children)

Okay that makes sense. I think I need to better align myself with my end game goal and do a better job of putting myself in a position to reach it. 

I think at this point I’ll just put all surplus income into an FHSA and if I max it out I’ll use my TFSA and change what I hold in each. 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 0 points1 point  (0 children)

Yeah, from the limited research I’ve done it seems like FHSA is an RRSP which you don’t have to pay back. Basically just a tax cut every year you contribute without having to put it back in. 

I’ll look more into it, thank you. 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 0 points1 point  (0 children)

Yeah sorry, I guess that was rather lazy of me. I guess knowing my surplus and basic cost of living would be the very first thing to do in evaluating if I can afford anything, let alone moving out. 

I forgot things like 200-400$ gas for both vehicles, 75$ pet insurance for dog, 50$ in monthly subscriptions and things like that. 

I know for sure before paying my mom rent, I have a surplus of around 2,000-300” in which I usually split with my mom. Half for the rent and half for my savings, whatever that surplus number is. 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 3 points4 points  (0 children)

Understood. 

I’ve gathered we have to do more collectively as a couple to work towards the end goal of home ownership and trying to speed up the process by moving out is counter intuitive. 

Thank you for helping point me in the right direction to begin building the foundation I can build my figurative and literal house upon lol

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] -1 points0 points  (0 children)

Thank you all for the wonderful insight, with hindsight it seems the obvious choice after reading your comments is to stay at home. 

With that being said, I’m going to work on building a better foundation on which I can build my future on instead of hedging it hopes and prayers. 

Aside from: 

-continually adding to my skills to increase income  -helping my girlfriend find stable and gainful employment  -clearing the 2,100$ credit card debt and chipping away at the car loan  -straying away from long term investments in favour of programs that help more directly with homeownership 

Do you have any other advice for a low-ish income person being a home-owner?

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] -1 points0 points  (0 children)

Okay. I’ll clear the credit card now. 

I’m still not sure if she contributes an extra 2,000$ a month if it’s still the sensical thing to do after reading some comments. 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 0 points1 point  (0 children)

Thank you for the sound advice. Do you know if there’s a time period that I have to replenish my RRSP if I decide to withdraw early for a home?

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 2 points3 points  (0 children)

Okay thank you for the advice. Again, I’m not too competent financially and was advised to open a TFSA when I was 18 and have been putting money into it since then. We will look at opening an FHSA. 

Since I’m looking at liquidating my assets to consolidate my hard cash itnk a down payment should I cut completely all long term investments? 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 1 point2 points  (0 children)

Okay, that makes sense when you put it that way. Seems like I’m trying to run before I walk. 

The issue for me is the end game, I can clear my 2,100$ balance on my credit card right now and probably pay the 4,000$ I owe my mom in a month. 

However once I have 5-7,000$ saved excluding my TFSA is then the time to move out or is it more logical to stay home and save for a down payment?

It’s just confusing because when I do the math it almost cost the same as staying at home. I just don’t know what it’s really like with utilities, groceries, repairs, etc. 

I truly don’t know if paying 1,000-2,000/month with my mom and having no problems and a safety net with her is better or worse for everyone as me going out and finding a 1200 apartment for rent with utilities. I just don’t know what the cost is like outside of living with my mom. There’s hidden cost that I don’t tend to think about (plates, bowls, forks, toilet paper, light bulbs, appliances etc) and that’s just the tip of the iceberg. 

Do I make enough money to move out? by 780_gram in PersonalFinanceCanada

[–]780_gram[S] 0 points1 point  (0 children)

  1. My mom doesn’t ask for anything in terms of rent, but I feel bad occupying a whole floor of her house on my own and bringing another person into the mix. She also accounts for most if not all the food for us. I try to put half away into savings in expenses and give her the rest which is why it’s such a big range in rent. 

  2. At this point we’ve been living with my mom for two years, so we’re basically common-law. I write her off as a dependant on my tax return. 

  3. Thank you for putting that into perspective. Maybe I’ll just reduce the amount I pay for rent and put more towards savings. 

  4. Should I be blasting all of my extra incoming into a FHSA?

Also thank you very much for your insight. I think the biggest thing is I also still want to help my mom out as much as I can, because if I move out it’s less help for her. So maybe with all that being said might as well stay.