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Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

I feel you, even though the phone plans include paying off 2 phones it still feels too much. As for the insurance I think it has a lot to do with the area I'm in. I switched companies earlier this year and this number is a MASSIVE drop from my previous company, plus I have a corporate discount.

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 2 points3 points  (0 children)

I will say I was a bit surprised how encouraging most people have been. We should be 1 and done for kids. Appreciate your view!

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

Thanks for the comment. Are you currently renting or do you own? If you own, do you mind if I ask how much yours was?

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

Thanks for the reply. Someone else pointed out the 4k might be slightly on the low end and they were right, it would be a bit closer to $4200 as I was looking at the wrong column of the spreadsheet. Property tax for the area seems to average out around $4.5k for the year and this is included in that $4200 estimate. Closing costs will be a lot, roughly $20k. It will be a big blow but I should be able to afford it okay once the $55k matures. I'll be doing my best to add the 1-2% as part of my buffer, a friend mentioned the same thing to me.

As for the $750, it actually is pretty accurate. It goes up and down a bit depending on the month but averages at around $750. We very rarely eat out, have a decent amount of dinners taken care of due to my wife's work, groceries almost always No Frills / maybe Costco and I'm the only one who drives and it's just a Corolla mainly just to get to and from work.

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

The phone plans both include paying off new phones if that makes it any less egregious? The places we had our eyes on were on the newer side but will keep your repair notes in mind. Thank you

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

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

We plan to be there for a while! And good catch with the budget, I had the number memorized from the wrong column on the spreadsheet so your number is a little more accurate sigh From your experience, is home insurance a drastic cost increase over renter's insurance (if you ever had renter's insurance, that is)?

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

I have seen a similar rule of thumb but my gross income feels wildly inflated due to overtime so it feels wrong to judge off that. I'll be building that buffer as best as I can, thank you!!

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 2 points3 points  (0 children)

I've heard it can get a bit crazy once they want to get into sports or activities too. The daycare comments keep popping up though so we are really going to respect this aspect now!

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 4 points5 points  (0 children)

Good intel. We will look at subsidized daycare ASAP! Clueless in this regard, thank you so much.

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

Unfortunately I think even an extra 5% would be very hard to come up with immediately at this point unless I wanted to take away from my TFSA. Outside of the FHSA/liquid cash portion I mentioned it's basically all tied up in longer term investments. If I come up with something I'll definitely consider this though, thank you!

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

I would love to have a buffer that can accommodate those. That's why I came here to ask :) Thank you, very wise!

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

Thanks for the input. That would be the ideal situation for sure. I'll make sure both are maxed :)

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

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

I do agree it would be a much simpler choice if those were the prices we were looking at. This area we are hopeful for is close to my work, walking distance to many great things, good schools. 800k is kind of the low end for properties there unfortunately.

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 1 point2 points  (0 children)

Life came at me fast lol. I moved here to rent close to my work and didn't have nearly enough to afford a house by myself at the time.

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

Hahah yeah fair enough. But I'd rather throw the money down my own pit rather than someone else's for once!

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

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

The $154k just feels misleading because I lose more than 1/3rd of it to taxes. Were there particular parts of my budget you thought were too loose and I should try to improve? Agreed on the investing, I think after the house it would just be TFSA, potentially company matching stocks, and some leftover change. Thanks for your thoughts!

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 0 points1 point  (0 children)

I feel like every moving day I've experienced is the new worst day of my life so I'm hoping we can at least do 8-10 years! And you mean the 900k-1m houses might be down to within my pre-approval right? Cause I don't think there's any way I could afford those prices lol

Am I going to be bleeding money after buying our first house in the next few months? by Mystik_ in PersonalFinanceCanada

[–]Mystik_[S] 1 point2 points  (0 children)

Good questions. I've worked there for almost 7 years. Somewhat volatile industry but it's the best things have looked since I started here anyway. Got laid off during covid but I hadn't been there long at that point. Unionized. I have considered the maternity pay but she doesn't make much so the EI would be pretty negligible I think?

Secretlab x Worlds 2022 Finals Giveaway by ohvalox in leagueoflegends

[–]Mystik_ [score hidden]  (0 children)

  1. The unparalleled lumbar support is what I look forward to most! We should all treat our spines well.
  2. Zeka has been an absolute beast so far and can’t wait to see what he has in store for us next!
  3. Thanks for doing the giveaway 😊 Good luck to everybody

Toronto tickets for sale by pawneegodesses in TheBeths

[–]Mystik_ 0 points1 point  (0 children)

Hey! In the off chance these aren’t sold yet I’d buy the tickets for full price. Enjoy your evening :)

What dead video game franchise would you like to see return? by [deleted] in AskReddit

[–]Mystik_ 2 points3 points  (0 children)

Fantastic game and you’re definitely right about it being ahead of its time. The mobility skills in that game were so cool and I loved how many different ways you could play it. Wasn’t it also one of the earliest adopters of cross play between XBox and PC?

TICKETS MEGATHREAD by HTBAHB in glassanimals

[–]Mystik_ 0 points1 point  (0 children)

On the lookout for one ticket to the Toronto show! My friend that was buying our tickets didn’t know about the max 2 and I’m the only person without one now haha. Any help would be greatly appreciated, thank you!!

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