I want to save up for stuff but haven't been taught?
I'm still job searching, but I'm getting there.
I want to both move out, and save for a car. I'm thinking of just a ford focus, nothing expensive and difficult.
My girlfriend wants to move too, and she's looking for a second job so moving isn't going to be impossible.
Out of a paycheck for full time minimum wage Canada Ontario, how much should I set aside for a car? I'm not sure how much to set aside each pay.
Also probably going to want to set money aside for a house, how much per pay should I set aside for that as well?
There's so much I want to do, and my parents and school have not taught me this.
I appreciate the help. Any tips would be great.
Minimum wage is $11.25 an hour. Full time, that is only about $1800 a month or more likely about $1,400 after taxes, EI, and CPP. That is barely enough money to live on… Let alone worry about a car. Rent is likely $800 a month, food $400, hydro/heating $200, phone/cable/internet/cell $200, clothing $100, transportation (bus) $150, dental $50, entertainment $100, etc. And you are looking at nearly $2,000 a month. Even with two of you living together, that is still likely in the $2,500 per month living costs. Two part time salaries would barely get you to $3,000 a month.
Any money you can save on minimum wage would need to be going into savings. If any of you loose your job (common in minimum wage jobs) you could go through a year's savings in a few months. Spending money on a car isn't practical at those wage levels. A car is going to run $600 a month in gas, insurance, and maintenance, plus at least a couple of years trying to save up.
Skip it simple.
Move out when you educated, got good paying jobs, learn what actually is required to get apartment, Girlfriend has the same.
Doing so will save you 20 - 25 yrs of child support payments and near minimum wage jobs.
You don't need to be taught how to save.
When you get paid, you simply put all your disposable income (ie the money left after you've paid for rent, bills. Food etc) into a savings account.
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