Mint Canada ran this last year (July 1st 2011), and I thought it to be fitting to run it again this year as a look back.
On average, in 2011 Canadians have about $50,734 to spend each year and here’s were it goes!
Provided by Mint.com
Yep. That sounds about right for where my money goes. I’d only cross out “Recreation” and make it “Travel”
Just a girl trying to find a balance between being a Shopaholic and a Saver.
I cleared $60,000 in 18 months earning $65,000 gross/year.
Now I am self-employed, and you can read more about my story here, or visit my other blog: The Everyday Minimalist.
This is more of a lifestyle blog with hint of money talk, like a moneythropologist.
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I WISH I had that kind of money!
My money pretty much has been allocated for shelter, food, and debt repayment.
I love infographics. Wow, 50k? That’s a lot of money! Very interesting.
That’s interesting!
Do, is that 50 grand+ post-tax? and per household, not per individual? Sure wish I had $50,000 to spend in a year!
Hm…$167 per household on medical care? Amazing!!!! You’d spend more than that here for health insurance alone, for one person — not counting the copay every time you go to a doctor, a hospital, or an ER and not counting the numerous prescription drugs that aren’t covered.
Is it possible to break out how much of a Canadian wage-earner’s tax bill goes to supporting the health system? Here in the US, we can tell how much goes to Medicare, but that doesn’t apply to most working people — it’s only for the elderly. I’ve always thought of health insurance as essentially a tax, only one that goes to private corporations instead of to the government. When I was working and had a PPO I paid about $220 a month, although with an EPO I got the exact same care for about $36 a month. Plus copays.
My son’s mortgage is about 35% of his gross salary. Not counting the cost of running the house, of course. If he earned $50,734, however, it would be 30%, which is sorta comparable.
Off-topic: Disqus is such a pain. It lets me log in as Funny about Money but forces me to post as Melete from Adjunctorium. Grr!
$167 per household on medical care because they have universal health care. This amount is likely for over the counter stuff like advil or claritin.
Well, my family results are as follows:
**NOTE: These numbers are pre-tax, because although I can determine my post-tax numbers, I’m not as positive of my fiance’s, and we put a portion or our money into joint expense savings
~ Shelter**: $18,900 (a 2 bedroom apartment rental, out of downtown) – 27% of our pre tax pay / 33% of my post tax for my portion
~ Food**: $4,800 – 7% / 9% for of my post tax for my portion
~ Household operations (I take this to mean cable type services, cleaning supplies, laundry fees [$2.25 to 2.75 per load to wash, $1.90 to dry] etc as we have no pets, or daycare): $2,520 – 4%
The rest for me are individual based:
– Clothing: $1,392 – 5%
– Transportation: $1,332 (5%) -metro pass only
– Savings: RRSP: $2,900 (10%)
– Honeymoon, Emergency Fund, and Wedding savings $6,225 (22%) –
The remaining 12% (3,419.74) went towards things like:
~ socializing (meals out with friends or fiance)
~ entertainment (movies, activities, etc)
~ gifts
~ Updating things around our apartment as necessary (replace rugs, broken dishes, etc)
~ Replacing dead electronics (aka poor little laptop and drowned camera)
~ Personal toiletries
~ insurance
~ health care (prescriptions, over the counter medication, etc)
~ Additional transportation such as Go train, giving gas money to people for rides, etc
My goal is to always aim to put aside 40% of my take home pay towards savings each year (the current goal was to save for RRSP & my wedding and honeymoon, but that will be replaced with downpayment savings next year). I’m not quite excelling at that – once I re-introduced socializing into my budget (after my student loan was paid off), I saw my 40% savings quickly dwindle. Also, losing weight has meant I have to replace some of my clothes. In general, provided I put aside at least 1/3 of my take home pay, I’m happy with my results.