💰 Income

Monthly Gross - $10,000

Monthly Net after deductions and tax - $6700

🏡 Monthly Fixed Expenses

Housing

Mortgage + Building Management + Property tax + Home Insurance : $2,800

Electricity: $40

Internet: $90

Transport: $150 (Doesn't have a car)

Subscription - $50

Cell phone: $60

Gym - $50

🛒 Monthly Variable Expenses

Groceries: $250

Weekend : $400 (Eating out/Entertainment/Nature Stuff)

Miscellanous: $400(Clothing/Vanity/Household stuff/Shoes/Gifts/Books/Amazon)

Total Expenses - $4,290

💸 Monthly Savings and Investments

Total Savings - $2,410

Money Reflections

1. How much does tracking your personal finances influence your spending, saving, and investing habits?

I started tracking when I moved to Canada and fell on the wrong side of variable interest cycle on home mortage. Tracking helps me keep an eye on spending and contribute to the principle of home mortage till the rates are high.

2. Is there anything you wish you would spend less money on?

Housing expense

3. What do you consider important to spend money on?

Books, Movies, Entertainment, Education, Fitness and quality groceries (I mostly eat at home)

4. Do you have any short-term or long-term financial goals?

Short-term: Keep lowering my monthly Housing spend.

Long-term: Enough savings build up that taking few months break from job to pursue different things isn't gonna dent much

5. Are there any specific saving or investment strategies you follow?

Nothing much apart from money tied up in real estate.

6. What was your relationship with money like growing up? Did you talk about it with your parents/caregivers?

I was middle class growing up and had a very humble lifestyle choosen by my parents. There was always money for important things like education and good financial security but my parents never spent on travel, entertainment and experiences.

7. Did you receive any formal or informal financial education growing up? If yes, where did you learn to manage your personal finances?

No. I studied in a good college in India and landed in a high paying job. Finances weren't much of a consideration as day to day. I had enough as cost of living is way lower there. When I moved to Canada 3.5 years back, I had to start again from scratch with no financial backing of family or friends. I was lucky to land a good job of same level I was working in India but had to pay in terms of starting salary as I didnt have canadian experience. This is when I started paying attention to my personal finances.

8. Do you feel well-versed in personal finance? What resources have you used to educate yourself?

Not as much as I’d like to be. I am learning through books, podcasts and other fin influencers.

💡 Ask the community

1. I am entering in the job market now to look for a higher paying job and that is one of the hard criteria for me. Any tips and advice for the negotiations in the current market? I dont want my current base to affect that.

2. Investment advice for the Canadian market for a beginner?

Thanks for reading and thanks in advance for the responses.