how much percentage of your post tax biweekly income do you save monthly
| Poll:how much percentage of your post tax biweekly income do you save monthly | |||
| Choice | Stats | ||
| 0-10% | 36% (10) |    |
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| 10-20% | 4% (1) | |
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| 20-30% | 29% (8) | |
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| 30-40% | 25% (7) | |
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| 40-50% | 4% (1) | |
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| >50% | 4% (1) | |
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| Poll:how much percentage of your post tax biweekly income do you save monthly | |||
| Choice | Stats | ||
| 0-10% | 36% (10) | |
|
| 10-20% | 4% (1) | |
|
| 20-30% | 29% (8) | |
|
| 30-40% | 25% (7) | |
|
| 40-50% | 4% (1) | |
|
| >50% | 4% (1) | |
|
One thing i noticed in my case, the higher our income the more expenses arise. Before me and my hubby earned $1500 dollar (combined pay) back home - That small amt is enough to run our house and save some money and here in Canada our combined income is over $80,000 and we cant save one cent- But i have make up my mind to start saving for rainy days at least 20% of our post tax paycheck by using only one car and cutting all extra expenses.
Location: British Columbia
Posted on: 22-07-08 18:16:11
Quote:
Originally posted by tamilkuravan
In Canada, You donot need to care. If you lose your job, you get EI. If you resign the job on your own you have welfare to lean upon. This will help you until you are back on your track.
Are you kidding? If you lose your job, you have a few months of EI support which pays a maximum of $413 PER WEEK before taxes. You also have had to have worked the minimum number of hours.
Welfare... Social Assistance isnt given to everyone. If you have assets over a certain amount (I think like over $4000) or own a house you will likely not be eligible.
Honestly - TK - having read your posts over the last few years I shouldnt be surprised that you feed the rest of the community this kind of BS that could lead someone to some very destructive actions.
Either u are truly ignorant or very conniving and want to mislead others.
Quote:
The concept of savings actually does not mean much in Canada. When you retire, all of you are covered by the CPP. for those who have very low or less CPP, you have the OAS to suppliment the income. Healthcare is free. You can apply and qualify for free/ subsidised long term care at your old age. India does not have this at all.
CPP max pays $800 (and change) per month. Currently, if you are 35 years away from retirement, and realize you cannot live on 800 a month now, how can you do this in 30 years? OAS:
http://www.hrsdc.gc.ca/en/isp/common/hrsdc/ris/risoas.shtml#oas3
It says on this site that in 2001 a FULL OAS payment is $440 per month (thats if your income has been lower than 55,000
In 2005, the maximum CPP retirement pension is $828.75 per month if taken at the age of 65.
Can you survive on $1200 per month? Are you planning to have your children support you?
Healthcare is subsidized right now. Who can say what it will be in the future?
Quote:
However, the savings rate is more in India / Gulf. In India, you could save 50-80% of your salary easily and in the gulf 80-95% of your salary and this can assist you in the future (will be helped a lot if you make real estate investments right from an early age). We donot have that luxury in Canada. You are forced to live a lifestyle which will get you to have 10-20% savings only (at the max. Does not include IT professionals).
Funny..I live in Canada and I can save over 40%. I think others in this poll have indicated likewise... I am not in IT either.
Your "Facts" should come with a disclaimer.
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~ Morning rain
I think TK means well.
But I am with morning_rain in that TK's statements here are skewed or just plain WRONG.
CPP is bull-friggin-shit. You can't buy senior diapers with that dude. You have to not only save now but INVEST and ensure your money grows above and beyond the rate of inflation and then some more.
On a single income, I save a little over 30% per month after taxes. It is almost imperative I do...at least IMHO.
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If you have a gun, you can rob a bank.
If you have a bank, you can rob everyone.
- Bill Maher
Location: British Columbia
Posted on: 22-07-08 23:08:53
Quote:
Originally posted by blorean
I think TK means well.
But I am with morning_rain in that TK's statements here are skewed or just plain WRONG.
CPP is bull-friggin-shit. You can't buy senior diapers with that dude. You have to not only save now but INVEST and ensure your money grows above and beyond the rate of inflation and then some more.
On a single income, I save a little over 30% per month after taxes. It is almost imperative I do...at least IMHO.
The intention may be above board but there is sarcasm and/or bitterness in his post.
My understanding is that the CPP payments that you and I make now, pay the CPP benefits for the current seniors. As the population of Canada ages as a whole, (and when I will be over 65 the majority of Canadians will be too) young workers who will pay into the benefit fund will be a lot less. Either benefits could decrease or this could cease all together. Not surprisingly the government is developing other savings such as those new retirement savings accounts.
Today - 1 in 5 canadians cannot find a family doctor. This was based on a news article/study done recently. What will the ratio be in a few decades when more people retire and aging brings increased health problems.
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~ Morning rain
How much tax is he paying? Do you have any idea ........ Then you add the cost of car ... the cost of children's education .... entertainment .... electrical bills ..esp if you have AC's, telephone bills.
Just for you info for a yearly income of 24 lakhs, the tax would work out to about 7 lakhs a year !!!!!
Quote:
Originally posted by tamilkuravan
Quote:
In India also the situation is changing. When people cook their own food and stay in a modest place, many save 50% of their gross income with 35% or so going to taxes. Just to give an example, my classmate in Hyderabad is getting Rs. 2 lakhs a month as an Architect. He pays just Rs.9000 for a 3 bed apartment. Food expenses will not be more than Rs. 5000 a month if you cook at home. He has a Car but uses it seldomly.
Hope this helps.
Peace
Quote:
Originally posted by new york
One thing i noticed in my case, the higher our income the more expenses arise. Before me and my hubby earned $1500 dollar (combined pay) back home - That small amt is enough to run our house and save some money and here in Canada our combined income is over $80,000 and we cant save one cent- But i have make up my mind to start saving for rainy days at least 20% of our post tax paycheck by using only one car and cutting all extra expenses.
I hear you new york. Expenses are usually in proportion with our Income and saving more by keeping same lifestyle calls for more self-control which IMO is difficult to excercise!
