Quote:
Originally Posted by Sylvanfan
For all the flack my generation gets for spending...I really don't know where I can cut my current spending.
I mean I make a decent wage, the only debt I have is 3 more vehicle payments, after which I won't even have that. I don't own a house because the prices in the Okanagan are crazy. I might eat out twice a week, and often thats lunch for my wife and I at a place like Tim's coming to under $15. But seriously I can't come up with the $2000 a month after taxes that I'll require to have enough money saved to comfortable retire 35 years from now for my wife and I. By the time I pay rent and utilities, insure one vehicle for us to drive and feed my family, as well as maintain some of the stuff we own, I don't have that much left over. Since I was 20 years old I put away anywhere between $5000 and $15,000 towards retirement every year until last year, and I'm still short of a retirement goal of stopping work at 60, and having an inflation adusted income of $35000 a year for 30 years.
I mean I guess I could give up my two dogs and save like $150 a month, but that extra $1800 a year in RRSP savings truely represents so little, it's not worth it for me. I don't see the point of living like a poverty level lifestyle so I can save enough to retire at 60. I'll take my chances that I have to work till I'm 75 and at least eat three meals a day, and enjoy the odd thing while I'm still able to.
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I think this illustrates the point very well.
I think most of the consumers other posters are referring to are single peopel who don't have children or mortgages.
Essentially what is happening is that the idea of owning a home or havign kids is becomming totally out of sight. They push back the deadline for these things further and further until they just say screw it and go out and buy a pair of 200 dollar jeans instead.
The logic behind that might seem a little fuzzy, but the reality of the situation produces these results. Saving 150 dollars on jeans is not giong to get you anywhere closer to buying a 500k townhome or even a 400k condo.