How is everyone dealing with their finances in this economy?

[Freeway]

Wife and I both work, and we're slowly reaching the conclusion that we can either buy a house or live comfortably, but not both. That seems like an insane situation.

[btimbit]

Originally Posted by GordonBlue

So yeah I hope people are willing to do a little mental gymnastics to not care about a little theft from the companies making record profits in the food business. beats being told I could be ok if I did a better budget or just "cut back"

At least people who are centre or lean left have a little compassion and decency. Everyone I meet on the right does not give a crap, as long as they get theirs.

Some people here really seem to need a reality check with how bad the situation is.

This isn't just lower class, low earners that are struggling. It's people with good, decent paying full time jobs. I don't see how people are doing it if they don't have dual income in the household.

Like I've said, my wife and I are doing fine for now. Doesn't mean I can't have empathy and be a little upset with how bad it's gotten. Lots of people here need to look outside their own situation

[blankall]

Originally Posted by Sliver

A caveat on the whole spending-too-much-on-vehicles thing is for the people who have a passion/interest in cars that go beyond just using them as transportation. To me, cars are marvels. They're fun, they can be beautiful, the engineering is incredible...they're my thing. Some people are travellers, some people like big houses, some people like fancy clothes, some people like art, some people collect stuff, some people spend tons of money on grooming, some people treat themselves to fancy meals, etc. etc.

We've always run a pretty tight ship as far as budgeting goes, but I've rarely been without a cool car. They bring me a lot of joy, so I do allocate funds in my budget to ensure I get to drive something that puts a smile on my face or lets me experience something automotive that I haven't before.

Getting easier now that I'm older (47), but back when we didn't have much money I definitely sacrificed travel, nice clothes, etc. to be in a car that made me feel good and proud.

If you're not a car guy, though, overspending on a vehicle seems super dumb to me, too. Lots of great vehicles will get you safely from A to B that don't cost an arm and a leg.

Also, I get that having the ability to allocate money toward a car is a luxury and privilege in and of itself. I understand there are people who aren't choosing between different cars, but are stressing about the fact that carrots aren't on sale when they get to Safeway.

As you say, you're talking about a different scenario. A car guy, is spending the money on a luxury they appreciate and enjoy and cutting the budget on other luxuries. At the end of the day, if you do have the money for luxuries then go for it, you can't bring the money with you.

The complaints are more about the people overspending on a new car for the brand and options they don't need. For example, my sister's baby daddy bought a $100k pickup truck, as he could afford the monthly payments at the time. He didn't bother to think about future expenses for their two kids or what would happen when his oil patch job wasn't consistent. He also didn't need a pick up truck.

You see lots of people buying the trucks or the Mercedes SUV, when the Honda or Toyota subcompact SUV would serve all of their needs. Chasing status symbols is a good way to guarantee you will never be financially secure.

[Muta]

I'm of the opinion that generational housing is the way of the future; it's done successfully in other parts of the world. I also won't be surprised if more young people band together (3+ people) and buy a house collectively and live in it all together; would be cheaper for all versus renting, everyone gets some equity out of it, and best of all, you get a place to live.

[CliffFletcher]

Originally Posted by Paulie Walnuts

Here is the Canadian food guide.

https://food-guide.canada.ca/en/

Everything on that dish is expensive, so unless you are eating just celery and spinach the cost of food is high.

Not really.

Bag of carrots $8
Bag of rice $12
Bag of potatoes $9
Bag of apples $10
Can of lentils $3
Package of pasta $5

Most of those will last you weeks.

The meat and things like almonds are more expensive, granted. But you can get a package of pork tenderloin that will cover three meals for a family for $30.

Food is expensive when you buy it processed or pre-made. Basic food staples for making your own meals are quite cheap. And they’re healthier. Bunch of bananas for $4 vs a bag of doritos.

[Calgary14]

Single person with two kids here - and yeah it's tough

[blankall]

Originally Posted by Muta

I'm of the opinion that generational housing is the way of the future; it's done successfully in other parts of the world. I also won't be surprised if more young people band together (3+ people) and buy a house collectively and live in it all together; would be cheaper for all versus renting, everyone gets some equity out of it, and best of all, you get a place to live.

Basically, means the "American Dream" is dead. Having to rely on being born into a family that can play their part in the generational housing scheme, in order to have a decent place to live, signifies a major failure in our society.

[bizaro86]

Originally Posted by Sliver

A caveat on the whole spending-too-much-on-vehicles thing is for the people who have a passion/interest in cars that go beyond just using them as transportation. To me, cars are marvels. They're fun, they can be beautiful, the engineering is incredible...they're my thing. Some people are travellers, some people like big houses, some people like fancy clothes, some people like art, some people collect stuff, some people spend tons of money on grooming, some people treat themselves to fancy meals, etc. etc.

We've always run a pretty tight ship as far as budgeting goes, but I've rarely been without a cool car. They bring me a lot of joy, so I do allocate funds in my budget to ensure I get to drive something that puts a smile on my face or lets me experience something automotive that I haven't before.

Getting easier now that I'm older (47), but back when we didn't have much money I definitely sacrificed travel, nice clothes, etc. to be in a car that made me feel good and proud.

If you're not a car guy, though, overspending on a vehicle seems super dumb to me, too. Lots of great vehicles will get you safely from A to B that don't cost an arm and a leg.

Also, I get that having the ability to allocate money toward a car is a luxury and privilege in and of itself. I understand there are people who aren't choosing between different cars, but are stressing about the fact that carrots aren't on sale when they get to Safeway.

Yeah. I think ideally those with strong incomes would do well to pick one luxury, not all the luxuries.

My wife and I were married a long time before we had kids, and we had one korean-made vehicle between the two of us the whole time. That saved us a ton of money. We also rarely ate out, bought Starbucks, etc. But we did travel. We spent extra on the one thing that gave us joy, but not being car people we economized a lot there. Now with kids we've gone to 2 vehicles, but they're both pretty standard makes and we will keep them 12-15 years.

That's not going to fix things for everyone, and we had dual professional incomes plus side hustle which helped a lot on the income side.

[Paulie Walnuts]

Originally Posted by CliffFletcher

Not really.

Bag of carrots $8
Bag of rice $12
Bag of potatoes $9
Bag of apples $10
Can of lentils $3
Package of pasta $5

Most of those will last you weeks.

The meat and things like almonds are more expensive, granted. But you can get a package of pork tenderloin that will cover three meals for a family for $30.

Food is expensive when you buy it processed or pre-made. Basic food staples for making your own meals are quite cheap. And they’re healthier. Bunch of bananas for $4 vs a bag of doritos.

Not sure what kind of rice you buy, but its not 12 dollars. A package of pasta will make a family of 4 maybe a meal and lunch.

8 dollars for a bag of carrots is a rip off.

Not everyone eats pork. A package of chicken breast at Costco now runs you over 30 bucks easily. Even cheaper cuts of chicken are expensive now.

[3thirty]

It's going to get even worse when no one is saving enough (or able to) for retirement as they're just trying to stay afloat now.

[TheIronMaiden]

Originally Posted by 3thirty

It's going to get even worse when no one is saving enough (or able to) for retirement as they're just trying to stay afloat now.

It is especially terrifying to me because the Alberta GOV wants to #### with my pension. Not only can I not save for retirement but the security that a pension gives you is in flux.

[Igottago]

Originally Posted by Mr.Coffee

I hope everyone realizes this is inning #1? Like, #### is going to get wild here. We want carbon tax at $170/T right? Isn’t that what all the smart politics threads tell us? Don’t we want taxes higher? Don’t we want higher service levels? Don’t we want this and that?

Can’t have everything. Have to have an economy, and sorry, that means yes resources need to be extracted and we can’t have the BC gov and 5 FN bands ####ing over industry left right and centre with their incompetence.

People want more money they need to support / get into the things that, ya know, make ####ing money. Wild concept, I know.

What industries pay like oil and gas? I’ll wait. Yet oil and gas are the ones #### all over all day by everyone.

Post of the thread.
Yeah, things are expensive, but Canadians don't want opportunities to actually make money.
People in Vancouver oppose every industrial project ever proposed and somehow think they should be able to work as a barista and buy a detached home. Insane expectations.
The challenges of inflation and interest rates are real, but at the same time we've done everything possible to stall the engine of our economy, stagnated upward mobility, and halted growth and investment.
This is a country of 40M people that is situated next to the biggest economy on earth. It shouldn't be this way. We've definitley gone wrong with our economics.

[Paulie Walnuts]

Kind of strange that Canada feels like a scary place to be at the moment, with no fix in sight especially with the garbage UCP running our province into the toilet.

[blankall]

Originally Posted by 3thirty

It's going to get even worse when no one is saving enough (or able to) for retirement as they're just trying to stay afloat now.

Once the federal government loosens money supply, there's a strong possibility of another run up in prices, most notably on housing. High interest rates are putting the squeeze on a lot of businesses though....it's a rock and a hard place.

[MoneyGuy]

Originally Posted by Sliver

OMG I'd rather starve than pig out on radishes. That's a nasty-ass vegetable. Perhaps the worst of them all.

I buy bags of those delicious things. Two bags in my fridge now.

[The Big Chill]

We’ve had to cut back on a few niceties, and we still need to cut back on a few more to get back to saving some money. We have to two young kids, so it is hard to get ahead.

Some of the extra stuff like a summer vacation in BC has gotten so expensive that it has pretty much priced us out unless we plan way in advance.

Cars are an annoying one. Wife and I both drive older, reliable cars that we bought used and paid in full up front. The used market is so crazy now that I’m not sure how I’ll get my next car. To get a small SUV to haul kids around that is in decent shape with low-ish KMs is like 25k.

[MoneyGuy]

Originally Posted by Muta

I'm of the opinion that generational housing is the way of the future; it's done successfully in other parts of the world. I also won't be surprised if more young people band together (3+ people) and buy a house collectively and live in it all together; would be cheaper for all versus renting, everyone gets some equity out of it, and best of all, you get a place to live.

My brother and his wife have three generations living in one massive acreage house. They’re native Canadians but the son-in-law is from El Salvador where it’s common. Their daughter is age 36 or so and has never lived away from her parents. I think it’s nuts but to each their own.

[Paulie Walnuts]

Originally Posted by MoneyGuy

My brother and his wife have three generations living in one massive acreage house. They’re native Canadians but the son-in-law is from El Salvador where it’s common. Their daughter is age 36 or so and has never lived away from her parents. I think it’s nuts but to each their own.

It's not nuts, when you see renting a tiny 2 bedroom apartment is almost 2500 a month, and buying a home is out of the question.

I guess everyone needs to get jobs in OIl and Gas and stop striving to be an Starbucks barista.

[Sylvanfan]

Originally Posted by CliffFletcher

Food is expensive when you buy it processed or pre-made. Basic food staples for making your own meals are quite cheap. And they’re healthier. Bunch of bananas for $4 vs a bag of doritos.

I am that guy who sees the massive amount of pork tenderloin or striploin roast on sale, buys it, than plays amateur butcher to portion it out and freeze it. If I splurge for a rotisserie chicken I boil the carcus after we eat most of the meat to make soup out of it.

Pretty soon I'll try and add a cold room for food storage and start canning things in the fall. In short...I'm going to have to learn to live how my grandparents did in the 50's.

[Muta]

Originally Posted by MoneyGuy

My brother and his wife have three generations living in one massive acreage house. They’re native Canadians but the son-in-law is from El Salvador where it’s common. Their daughter is age 36 or so and has never lived away from her parents. I think it’s nuts but to each their own.

I agree, it's not for me, but a) generational housing is common outside of Canada (hell, I'd be open to it if there were separate entrances per living space), and b) the world and economic structures are changing and these generational housing / co-ownership models may be the only realistic way forward for many.

When more and more wealthy people and corporations are owning a limited supply of property (and it's ever increasing value), people have to start looking at alternative options.