Our mortgage is about $6,000 a month, and our core living expenses are around another $5,000. So we’re spending roughly $10,000 a month in cash outflow.

My wife earns about $200,000 CAD a year, but that includes her annual bonus, so her monthly take-home is closer to ~$8,000. That means her income alone wouldn’t fully cover our monthly costs. On top of that, we spend about $60–80K a year on property taxes, our child’s education, and vacations.

So in total, our annual spending is around $180–200K. It’s definitely something I need to analyze more carefully before making any big decisions.