is 5000 c$ per month Gross (no Tax deductions) good enough for family 4 persons to live in Calgary, Canada?

Question

Kindly break down the expenses like
1-apartment rent
2-Accommodation running cost like electricity/ air conditioning…etc.
3-food
4-income tax
5-Insurance
6-Transportation.
7-Other expenses
Please add any other expenses might not mention above.

Thank you in advance for your cooperations.

Regards
bond

Answer 1

At a gross income of (12*5k = 60k), you'll probably be paying about 35 percent in taxes. So you'll have approximately 3250 per month to pay everything off.

With two kids, I'd be willing to bet you want at least 2 bedrooms ... and in Calgary, that will run you 1000-1500 per month.

That will be the biggest 'hit' on your budget, unless perhaps you're buying a vehicle and insuring it. If you are, expect to add another 500-800 for those costs.

Best case (you get an apartment and buy a car and insure it) = almost half your net income. Worst case = you're at 70 percent.

Food will be around 100/week , so add another 400 into the equation. Renter's insurance (which I stonrgly suggest you obtain) is a relative pittance ... a couple hundred per year (we'll be real rough and assume you've got several hundred thousand dollars' worth of furniture and mementos, and it'll cost around $75/month). Monthly bills for electricity, etc will be a couple of hundred.

Can you do it? Depends on what other things you think you'll want/need to spend money on. Your savings won't be anything to write home about ... not with two kids and school-related costs (perhaps sports, perhaps music, etc) and occasional expenses like clothing and cleaning supplies.

If you can find something at the lower end of the price range for apartments, you'll probably be okay. If you have to go to the upper end, it's going to be a real squeeze.

Answer 2

Im not sure but i have been told that prices are virtually the same for cost of living in Edmonton as in calgary so heres what i know for costs in Edmonton
3 bedroom town house 1300.00/month
elec,gas,cable, phone water approx $800
food budget for about $125 per person=475.00/mnth
income tax expect about a $800/yr pay in depending couldnt say without more info
Insurance depends on how old you are and how long you have been an insured driver I pay about $120/mnth
Transportaion Bus Pass cost around 70/ mnth but for a vehicle that gets well driven budget for about $80/week depending on what you drive etc
Other expenses I would try to keep aside around 300-500/month for savings and birthdays holidays etc.
I hope that this has helped good luck

Answer 3

You will probably need to find a room-mate. Rent is very expensive in Calgary, and you need to budget at least $200/mo on food, and probably another $200/mo on other expenses (clothes, entertainment, etc) - leaving only $800/mo for rent. You're not going to find a decent apartment for $800/mo including utilities.

Answer 4

It can be done but then again it depends on what type of person you (and your family) are there are lots of things you can do to save money and even live off less then that. My family does.

Answer 5

$ 60,000 is a good wage and after deducting all expenses you/ll still safe money for your RRSP and that makes money too.

Answer 6

I live off a quarter of that, and have just as many bills, if you can't do it, there's something wrong.