How is everyone dealing with their finances in this economy?

[Zary's-Mustache]

I will just lay everything on the table. I have no idea how people are surviving out there. I am married with 2 kids and make approx 90k after taxes. Wife doesn't work.

My mortgage is pretty low at 150k. I can't seem to save any money at the end of each year. Feels like I'm working just to stay afloat. I do save some but it definitely isn't enough for any kind of retirement. I don't have any benefits or a pension plan.

Having said all that I know lots of people are even in worse situations making less and it always boggles my mind how people can even afford these big mortgages. I have a friend who makes as much as me but his mortage is 3 times mine. I really don't understand how he does it.

Inflation is insane. Grocery shopping is insane. Feels like everything is over priced. I counted 12 strawberries the other day for $7. My kids eat 12 strawberries a day.

This is more of a rant and don't really know the point other than how are people getting by out there?

[btimbit]

I feel you. I know this site skews older and higher income, but Christ, if I didn't have a dual income and already owned a home, we'd be screwed. Lots of guys I worked with, so knowing what they make (decent money), are SOL. Single and trying to set money aside for a home, and being farther from their goal than when they started, is ridiculous

I don't know how anyone under 30 is gonna make it work going forward. Our country is ####ed

[Delthefunky]

I don't know how how lower income families can possibly be coping. Something has to give here...

[calgarygeologist]

My biggest impact thing is checking grocery flyers every week and buying items on sale. If pantry items go on deep discount I stock up on those things. I don't buy meat unless it is on sale now with the exception of brisket when I need it for a smoke.

Some things I've switched from fresh to frozen like strawberries and blueberries.

I've done things like switching to a hybrid to lower fuel costs and installing solar to lower electricity spending but those things come with a pretty hefty upfront cost and it generates savings down the road instead of right away.


Zary, if your kid likes strawberries hit up Save On Foods today as they have one pound clamshells for $1.49. It is a steal and I bought a bunch for my kids.

[Sliver]

Yeah it's insane out there. I don't get how people are doing it.

[photon]

I really don't know how younger families can do it, at least not in a major city.

But I contributed to my family by eating a lot less food!

[PaperBagger'14]

I lucked into a well paying job and I work a a ton of extra hours. Wife works and does pretty well herself but she’s been off almost a year.

Got into the housing market at a great time, have a mortgage that based on our household income I am not worried about. We have some aspirations for the future about our retirement and our son that puts us in a fortunate position. Honestly though if you’re a 15-25 year old with little to no family wealth it is a damn slog out there to own a home. I do feel awful for those who are struggling to put food on the table as there are lots of skilled and educated workers that are being significantly underpaid. I’m also grateful for where we are financially and the security that comes with it. It’s a rare thing in these times and I feel fortunate for that.

[puffnstuff]

I wonder if record grocery store profits are affecting the cost of food...

[btimbit]

Originally Posted by puffnstuff

I wonder if record grocery store profits are affecting the cost of food...

Yeah, what a wacky coincidence

[Sainters7]

Yeah it's nuts. Just got back from Paris and grocery stores were eye-opening out there: most items are noticeably cheaper (even after the conversion). Even brands I get back here. Really made it stand out for me about how expensive life is in these parts. Why?

[puffnstuff]

Originally Posted by Sainters7

Yeah it's nuts. Just got back from Paris and grocery stores were eye-opening out there: most items are noticeably cheaper (even after the conversion). Even brands I get back here. Really made it stand out for me about how expensive life is in these parts. Why?

Profit$

Someone posted a leaked Loblaws cost-pricing-profit listing on twitter the other day. They make huge margins, roughly 40% on nearly everything. The whole 'its the supply chain' bs needs to end.

[Dion]

I feel for the younger generation who is struggling to make ends meet. With sky high rents and housing prices going through the roof, it's a wonder that anyone can stay above water.

I know a single mother who is raising 2 teenage boys and struggles to put food on the table. Every so often I take her grocery shopping to fill up up her fridge and freezer. She's proud and doesn't accept my offers easily but appreciates what I do for her and her boys. You have to help others when you can.

[Zary's-Mustache]

Originally Posted by photon

I really don't know how younger families can do it, at least not in a major city.

But I contributed to my family by eating a lot less food!

My plan is to eat more, i have a pretty good life insurance plan.

[malcolmk14]

Originally Posted by Zary's-Mustache

I will just lay everything on the table. I have no idea how people are surviving out there. I am married with 2 kids and make approx 90k after taxes. Wife doesn't work.

My mortgage is pretty low at 150k. I can't seem to save any money at the end of each year. Feels like I'm working just to stay afloat. I do save some but it definitely isn't enough for any kind of retirement. I don't have any benefits or a pension plan.

Having said all that I know lots of people are even in worse situations making less and it always boggles my mind how people can even afford these big mortgages. I have a friend who makes as much as me but his mortage is 3 times mine. I really don't understand how he does it.

Inflation is insane. Grocery shopping is insane. Feels like everything is over priced. I counted 12 strawberries the other day for $7. My kids eat 12 strawberries a day.

This is more of a rant and don't really know the point other than how are people getting by out there?

Can your wife work? Single income families have it really tough... Even if she picks up like 3 days a week, 6 hours a day, at barely above minimum wage, that's an extra $1,500 a month to take the edge off.

[bluejays]

Fair post. I live in the GTA and pricing on housing is crazy. Add in those extra costs and food and higher taxes and not much comes in cash savings at year end. I fortune to be in the housing market but don't have kids and don't know how people with kids do it. I've not been into politics but it's been pretty apparent stock market-wise that food monopolies have been outright lying as their financial statements are killing it. During the later half of the pandemic everything went up IMO because it was a convenient excuse where people were willing to pay more for everything and every company put up their prices because they could. Salaries didn't go up that much so most of it I'm convinced, was bull####. Add to that this carbon tax which I'm not sure what it truly is, and governments getting into the marketing game on this nonsense.

https://www.thestar.com/politics/fed...8fa42a8e2.html


I'm not a doomsday person but there are some really stupid things this government has done. It starts with housing and no matter Liberal or Conservative, I don't think anyone is looking out for the little guy with rocking the cart to get housing back to normal levels.

[Johnny Makarov]

Originally Posted by malcolmk14

Can your wife work? Single income families have it really tough... Even if she picks up like 3 days a week, 6 hours a day, at barely above minimum wage, that's an extra $1,500 a month to take the edge off.

My wife hasn't worked since 2008 and she is an accountant.... If i didn't have my 2nd gig and only depended on my full time job, I don't know where we would be.

[Muta]

I live on my own in a condo, doing it alone... it ain't easy that for sure. Way more difficult than even four years ago. But peace of mind living on my own with no kids is something I'd still have a very hard time giving up. Although dual income sounds more appealing by the day...

[puffnstuff]

Originally Posted by bluejays

Fair post. I live in the GTA and pricing on housing is crazy. Add in those extra costs and food and higher taxes and not much comes in cash savings at year end. I fortune to be in the housing market but don't have kids and don't know how people with kids do it. I've not been into politics but it's been pretty apparent stock market-wise that food monopolies have been outright lying as their financial statements are killing it. During the later half of the pandemic everything went up IMO because it was a convenient excuse where people were willing to pay more for everything and every company put up their prices because they could. Salaries didn't go up that much so most of it I'm convinced, was bull####. Add to that this carbon tax which I'm not sure what it truly is, and governments getting into the marketing game on this nonsense.

https://www.thestar.com/politics/fed...8fa42a8e2.html


I'm not a doomsday person but there are some really stupid things this government has done. It starts with housing and no matter Liberal or Conservative, I don't think anyone is looking out for the little guy with rocking the cart to get housing back to normal levels.

Its not the carbon tax.

[Paulie Walnuts]

Yeah it’s ridiculous. Groceries are out of control. Gas prices.

I’m sure the new 60k hbp will make it easier to get home, if anyone has been able to save up for that. Don’t forget you have to pay it back, with mortgage rates and home prices it will be almost impossible to have enough to pay that back and save.

But hey as long as oil company ceo, Galen Weston, and the big 5 banks can turn record profits and the ceos of those companies can eat who cares right?

[chemgear]

Originally Posted by bluejays

I'm not a doomsday person but there are some really stupid things this government has done. It starts with housing and no matter Liberal or Conservative, I don't think anyone is looking out for the little guy with rocking the cart to get housing back to normal levels.

It's going to take years/a solid decade to try to fix the affordability situation of housing and basic costs along with the sheer weight of adding a million+ people per year every year.