A New Week In The Life

by Mr. Cheap

Welcome to Money Smarts! If you're new here, please read the "About" page to find out more about this site. If you would like to receive updates by email then sign up here or you can subscribe to the RSS feed. Thanks for visiting!

After a lively discussion broke out in my “About” section where Money Gardener and Four Pillars were shocked at how cheap Mr. Cheap really is, I figured it might be time to update my cost of living calculations.

My monthly fixed costs are the same:
Rent – $440 (half of $880 rent paid by gf on 1 bedroom apt)
Cable – $40
VOIP – $22.45
locker – $12.50
phone+internet – $40.25
transit pass – $99.25
Cleaning – $45
Total: $699.45

I’ve been carrying around a notebook with me and writing down every time I buy something. I enter this into an Excel spreadsheet at night and track my average daily spending (and multiply this out to estimate my variable spending on a monthly basis). I’ve severely tightened up my food spending (I bring my lunches to work now, have started shopping at No Frills, and am taking my girlfriend out for dinner a lot less). I’m spending around $14 / day on food (~$420 / month). Additional spending accounted for about $6 / day ($180 / month).

Added together, my monthly cost of living seems to be around $1300.

These are obviously estimates, not a hard and fast budget. I purchased my ticket to NY before I changed my eating habits, so this level of spending basically assumes no travel (I expect my “daily spending” will shoot up after the NY trip). With a little work I think I *may* be able to get my food spending down a bit (I’m hoping to hit the $60 / week that the “average” single male supposedly spends).

What does welfare pay a single man in Ontario? My girlfriend and I guessed around $800 (we were both wondering how my level of spending would compare to people on social assistance :-) )

Be Sociable, Share!

Want to learn more about RESPs? Buy The Book:

Resp-Book

The RESP Book: The Simple Guide to Registered Education Savings Plans

Everything you need to know about RESPs.

See it on Amazon now

Welcome to Money Smarts! If you're new here, please read the "About" page to find out more about this site. If you would like to receive updates by email then sign up here or you can subscribe to the RSS feed. Thanks for visiting!

{ 4 comments… read them below or add one }

1 Anonymous

Your wife is going to love us :-).

2

Money Gardener started it! :)

You and ThickenMyWallet have inspired me to look at our food budget and see if we can try to lower it a bit.

Mike

3 Anonymous

Kevin: Not really. The $1,300 / month is in pre-tax dollars. I’ve tried to take tax burden into account for my passive income / retirement planning there’s still a few issues I need to get a better handle on (e.g. what exactly the tax implications will be for my investment property).

4

I don’t know how the welfare system works or what the payouts are. However, the maximum benefit from Employment Insurance is $423/ week. EI is taxable income so that number would drop significantly.

Have you taken into account your tax burden in your cost of living?

Leave a Comment

Current day month ye@r *

Previous post:

Next post: