₦airaland Forum

ednut1:
Net pay in Ontario for that amount is about 5,800. Average one bed condo is 2500(studio like 2k) , car insurance 300, gas, groceries, utilities, miscellaneous etc. what about those with mortgages . Dey play 😂

seunpinky:
There’s no right or wrong assertion to the statement of making 100k and having a savings of 30k per year. A whole lot of factors comes into play in determining if one can save up to that amount.

The major criteria that would determine if you can save up to that amount are
1. The standard of life you want to live.
2. Where you live and where you work (ease of commuting).

Let’s put some figures to it using Toronto as an example:
100k per year is a net pay of 5,800 per month if you want to save 30k per year it means you are going to live off 3,300 per month which is very possible for a single living a low lifestyle in a basement with no car no eating out, hanging out, very little shopping etc

Living off 3,300 with a mortgage and a car is virtually impossible in Toronto.

Tbh, 100k seems like a lot of money until one starts making it and realize that it’s barely enough to live a luxury lifestyle (mortgage, car finance, car insurance, fuelling, bills, property tax, condo fees, eating out, hanging out with friends, once a year vacation etc).

Kenn55:
Savings is majorly a function of income, location, responsibilities and lifestyle choices.

Kenn55:
But I agree with the response you gave that person about saving to pay fees, it won't work.

NuCypher:
Couldn't have said it better. Someone can be making 200k and still not be able to save 30k in a year. Another can make 80k and still save 20k in a year. It all comes down to the choices we make. Do we go out every single night just because we feel bored? Do we immediately go take on a mortgage of a big house when we know we can't truly afford it? Do we go for that latest 2023 SUV when we know that a 2008 corolla will do the trick? It's all personal decisions. But to say one can't effectively save 30k on 100k in Canada is just a big fat lie. Me I know that because I know how much I'm earning, how much I'm saving, and what lifestyle choices I've made. So I'm even using myself as personal example here sef

NuCypher:
I still disagree politely. Mortgage is not really an expense in the truest sense. I know this could be an argument all by itself, but mortgage actually facilitates savings through building up of equity. So, at least some fraction of it has to count for savings in some way. Nether is paying out a car, if you can always sell the car in the future and recoup some money from that. So, at least a fraction of that has to count in some way. I think it's disingenuous to just rope those two under expenses like you would with hanging out or going to the movies, for example. It's not truly equivalent.

Now, having said that, even if we assume that someone is paying mortgage and a car, there should still be room for saving 30k in a year, if you keep costs down. Saving 30k a year is saving 2500 a month. Using EY calculator online, 100k a year puts it at around 6500k net income a month. Let's assume worst case of 6000k a month. That puts expenses at 3500k a month. We have to assume a single person, because, again, what is the other partner doing just sitting at home. Doesn't work that way. With a single person, 3500k expenses a month is very reasonable. You just need to make good financial decisions. Why pay mortgage on a full house while still single? To what end? There are cheaper options such as lower cost of living areas, town houses, even renting. Frankly, anyone single person expending 3500k a month on a steady on a salary of 6000k even in Canada is not making the right financial decisions.

Maybe it comes down to making the right financial decisions to start with, and not down to the expenses themselves. But what do I know!

House34:
Sometimes, what many Nigerians call saving money feels more like living in deprivation. They can't buy good clothes, go on holidays, or even enjoy decent food, often living in poor conditions. It makes me wonder if life is just about saving and living like a slave in bondage. I know many Nigerians with Canadian passports who have never even stepped out of Toronto, all in the name of saving.
I remember stopping by a store to buy meat, and my friend suggested that chicken is cheaper, so he switched from eating meat to pork or chicken. I just shook my head. If I can live well and eat well in Nigeria, what's the point of coming here and living like a cockroach just to save money?I visited a man once and noticed the living room light was off, and the children were using the TV's light as their source of illumination. When I asked why we were in darkness, he said they were practicing the culture of saving electricity. But inside, I thought, "This is practicing the culture of a poverty mindset. These are the same people who, back in Lagos, would drink beer and wine, but once they get to Canada, they can't even sit in a bar for a day to enjoy a drink. People are going to extremes all in the name of saving. It's so sad!

House34:
Sometimes, what many Nigerians call saving money feels more like living in deprivation.

House34:
Sometimes, what many Nigerians call saving money feels more like living in deprivation. They can't buy good clothes, go on holidays, or even enjoy decent food, often living in poor conditions. It makes me wonder if life is just about saving and living like a slave in bondage. I know many Nigerians with Canadian passports who have never even stepped out of Toronto, all in the name of saving.
I remember stopping by a store to buy meat, and my friend suggested that chicken is cheaper, so he switched from eating meat to pork or chicken. I just shook my head. If I can live well and eat well in Nigeria, what's the point of coming here and living like a cockroach just to save money?I visited a man once and noticed the living room light was off, and the children were using the TV's light as their source of illumination. When I asked why we were in darkness, he said they were practicing the culture of saving electricity. But inside, I thought, "This is practicing the culture of a poverty mindset. These are the same people who, back in Lagos, would drink beer and wine, but once they get to Canada, they can't even sit in a bar for a day to enjoy a drink. People are going to extremes all in the name of saving. It's so sad!

House34:
Sometimes, what many Nigerians call saving money feels more like living in deprivation. They can't buy good clothes, go on holidays, or even enjoy decent food, often living in poor conditions. It makes me wonder if life is just about saving and living like a slave in bondage. I know many Nigerians with Canadian passports who have never even stepped out of Toronto, all in the name of saving.
I remember stopping by a store to buy meat, and my friend suggested that chicken is cheaper, so he switched from eating meat to pork or chicken. I just shook my head. If I can live well and eat well in Nigeria, what's the point of coming here and living like a cockroach just to save money?I visited a man once and noticed the living room light was off, and the children were using the TV's light as their source of illumination. When I asked why we were in darkness, he said they were practicing the culture of saving electricity. But inside, I thought, "This is practicing the culture of a poverty mindset. These are the same people who, back in Lagos, would drink beer and wine, but once they get to Canada, they can't even sit in a bar for a day to enjoy a drink. People are going to extremes all in the name of saving. It's so sad!

House34:
Sometimes, what many Nigerians call saving money feels more like living in deprivation. They can't buy good clothes, go on holidays, or even enjoy decent food, often living in poor conditions. It makes me wonder if life is just about saving and living like a slave in bondage. I know many Nigerians with Canadian passports who have never even stepped out of Toronto, all in the name of saving.
I remember stopping by a store to buy meat, and my friend suggested that chicken is cheaper, so he switched from eating meat to pork or chicken. I just shook my head. If I can live well and eat well in Nigeria, what's the point of coming here and living like a cockroach just to save money?I visited a man once and noticed the living room light was off, and the children were using the TV's light as their source of illumination. When I asked why we were in darkness, he said they were practicing the culture of saving electricity. But inside, I thought, "This is practicing the culture of a poverty mindset. These are the same people who, back in Lagos, would drink beer and wine, but once they get to Canada, they can't even sit in a bar for a day to enjoy a drink. People are going to extremes all in the name of saving. It's so sad!

Kenn55:
You have a point. However, location matters too. If you don't live in Toronto or GTA, you have no business paying 2500 for 1 bed condo and paying 300 for car insurance except you are a brand new driver. I insure 2 cars for less than that amount.

Savings is majorly a function of income, location, responsibilities and lifestyle choices. There is a difference between living in those sweet serviced condos where you have gym, in door swimming pool, conference room etc and living in basic apartments There is a difference between living in Toronto and living in London

At the end of the day, the country favors married people with children more than single person except you are willing to live in shared apartments outside the GTA

But I agree with the response you gave that person about saving to pay fees, it won't work.

stevolinkon40:
Which auto insurance company do you use?
I’m getting 5,500-7000 annual quotes for a Ford fusion hybrid 2016. I am new in Canada but I had driving experience and no claim insurance certificate from the uk. Only one that is a bit reasonable which I am thinking of paying for in the next 48hrs is Aviva but without comprehensive or collusion included I will be paying 275/month.
Is there any company that takes into consideration previous driving experience from other countries?

NuCypher:
If a person is PR and is earning over 100k in a year and cannot have saved 30k this year, then there's a big problem wrong with that person. That person needs a very strong lecture on financial management. I know this is besides the point made in your post, but it needs to get out there regardless.

ednut1:
Net pay in Ontario for that amount is about 5,800. Average one bed condo is 2500(studio like 2k) , car insurance 300, gas, groceries, utilities, miscellaneous etc. what about those with mortgages . Dey play 😂

JIREN01:
Its not even up to 5800 per month.

ednut1:
it is. I used to audit taxes in my previous job . 😉

JIREN01:
Hello, does anyone know about how realistic Jaguar F-pace model is? Or Jaguar cars generally? Is it a good buy?

JIREN01:
Hello, does anyone know about how realistic Jaguar F-pace model is? Or Jaguar cars generally? Is it a good buy?

MayorOfEdmonton:
Is it new or used?
Check Reddit for undiluted reviews from prev&current owners.

AirBay:
I'd rather go for a Toyota, if you want a bit of luxury.. still go for toyota luxury #lexus. E get why Benz dy there too for rich people..lol

I loved the Fpace model but before e reach 100k mikeage you go spend on service wella

MayorOfEdmonton:
Is it new or used?
Check Reddit for undiluted reviews from prev&current owners.

JIREN01:
I considered Toyota Lexus but it's up in the list of the most stolen cars in Canada; I need to sleep with both eyes closed abeg

ednut1:
it is. I used to audit Canadian taxes in my previous job . 😉

AirBay:
True, but people drive their lexus cars steady, as long as you have a comprehensive insurance, all should be fine. The Toyota Highlander is also among the list of stolen vehicles but have been seeing lots in calgary recently.

Na Ontario people dy steal vehicles,we be Jesus pikin for Alberta

sirabbey:
Lol, don't sleep on a bicycle. While I concede that the percentage of car theft is much higher in Ontario than in any other province in Canada (but that is to be expected as more than 30% of Canadians (approx 16M) live in Ontario) however, car theft is also rife in Alberta. I know of three people whose cars were stolen in Calgary NW in a space of three months this year.

House34:
Sometimes, what many Nigerians call saving money feels more like living in deprivation...
People are going to extremes all in the name of saving. It's so sad!