We Are Living in British Columbia with 2 Young Kids and Earn $48,000 CAD/Year

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Welcome to YNAB Money Snapshots–in which you find a real image of somebody else’s budget and financing. They are all anonymous, since sharing cash remains a squirrelly issue for quite a few, but we believe airing them out at the open makes you better with your money narrative. 

As you browse these budgets, remember that a number of people today earn a great deal of cash and a few people today earn just a bit of cash, but we know that it’s exactly what you perform with this money and the way you sense about that cash that means over any annual salary. 

Notice the way the stay-at-home mother and building worker in British Columbia earning $48,000 CAD annually spent his money in April.

All dollar amounts are in Canadian dollars (exchange rate: 1 Canadian dollar=approximately. 75 US dollars. Salary will be approximately $36,000 at USD).

Around

  • Title: Momma L & Papa L
  • Ages: 32 & 32
  • Location: Fraser Valley, British Columbia
  • Jobs: Stay-at-home mother and construction employee
  • Living scenario: Married with two young children (4 Decades and 11 weeks )

earnings: $48,000/year

Savings: $32,000

  • Registered Retirement Savings Plan (RRSP): $12,000
  • Registered Education Savings Plan (RESP): $8,000
  • Tax-Free Savings Account (TFSA): $12,000

Funding: $40,650

  • Automobile loan: $15,400
  • Student loan: $25,250

April Inflows: $4,618

  • Brother’s loan repayment: $200
  • Authorities: $1,734
  • Medical benefits reimbursement: $67
  • Payroll: $2,615
  • Bank curiosity: $2 

My April Budget

My Savings Groups

At the moment my best savings targets are:

  1. Saving to purchase a larger home (a lawn with a backyard! We would prefer a house nearer to family along with also a workshop for my spouse )
  2. Trip to Disney in five years

We have a very long list within our savings which are not revealed in the budget over. We conserve for deductibles if something important happen (such as the automobile accident lately we thankfully had cash for, therefore no new debt) . We’ve got savings if our utilities receive a major hit, saving for Christmas, family, all our women, and we all have our own pleasure cash class and a class for birthday parties for our children.

My Month

We didn’t have college or gymnastics prices for our kid (which stored $205 total). The additional money was put towards future weeks.

My Story

I used to deal using a spreadsheet but once I had my first daughter it was too time consuming. We could not keep up with the receipts and stopped keeping track. We built to market prior to our second was born and we all invested a lot of. We’d expected to sell in the summit and reside with household until the marketplace dropped and make our investment up together with the sale. If that plan fell through and we had been unexpectedly carrying credit card debt, I began budgeting again. This was when I discovered YNAB. 

It was simple to continue with, it required three restarts, however we managed to eliminate our credit card debt (after a great deal of overtime work for my spouse ), we’re saving towards our future and our children’s futuresas well as enjoying routine trips to see family (we reside 4-6 hours from any household ). We’d like to visit Disneyland when our children are old, and we’ve only begun economy towards this whenever we’ve got a little extra cash in the budget.

My Financial Goals

  • Budget three weeks beforehand (now a complete month beforehand!)
  • Reduce debt (if there’s additional cash I prioritize debt repayment over pleasure (mainly ) and repay mortgage because it’s a high interest rate).

I’d rate my present financial situation: 4/5

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