jericho

We're moving to Edmonton in the next couple of months, and are likely to be renting.
My salary is $70k, we'll be debt free when we arrive, but we'll probably need 2 cars (one runaround for the missus, and one reasonably priced family car- we have 2 young girls).

In terms of a rental budget, we were looking at around $1800 ish (based on the fact that the mortgage we originally planned on had that level of repayments).

Based on my salary, does that sound affordable?

Twink001

Hi,

I have no idea as to rental costs but you sound much like my family and I.
2 young girls, needing 2 cars etc.......we will be in the same boat soon enough (God willing!!).

Someone will be along shortly to I expect, who can give you some idea of rental costs.
Anyway good luck with everything, hope it all comes good for you and your family.

Sue

Alberta_Rose

This is from Homerent.ca, and should give an idea of what you can get for your money ..... you can do your own search to be more specific...

http://www.homerent.ca/search/?urlna...rch+Conditions

Hmmm... looking at that selection, I'd say you might need to put your limit a little higher!

jericho

Erm, thanks but doesnt really answer my question. We've found plenty of nice houses in our budget. What I want to know is if we're over stretching ourselves when you factor in all other other bills/expenses etc.

Judy in Calgary

You should be okay on that income. You won't be skint. On the other hand, you won't be able to throw money around. I think it would be a good idea to track how much money you spend for several months. A pattern will emerge, and you'll see where the money is going. Then you can decide whether or not to tighten your belt in this area or loosen it in that area.

The reason I'm saying that is that, if you want to have some money left over for an annual vacation (holiday) trip, savings for the future, and things of that nature, you'll need to be somewhat disciplined.
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Alberta_Rose

Well I should imagine you might find things a bit tight, especially running two cars and if yours is the only income.

We live in Calgary and I don't think the cost of living is much less in Edmonton. Maybe somebody who is more organised than I am will come along and give you a breakdown in normal monthly expenditure.

Car insurance is expensive, gas is on the rise. Food is about the same or more than in the UK (we've found), and it'll depend how much utilities you use of course. Water, gas and electrics tend to be billed separately, on top of rental.

How old are the girls?

Judy in Calgary

Following on from what Morwenna said, there would be merit in buying one car to start with and seeing if you can manage with it. I mean leave that car with your wife most days, so that she can do stuff with the kids, and try using transit for your commute to and from work. This also will give you a couple of months to see how other expenses are panning out. Then, if the transit thing is just too hellish, you may have to give in and buy another car.

I would say that your income is around the break even point where it's possible to live on one income, if you manage your money well.

When I've made statements like this in the past, I've been branded as the princess who can feel a pea through twenty mattresses. My position is that I know that one can live on less, and many families do live on less, but there comes a point where you haven't gained anything by crossing the pond.
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Judy in Calgary

Postscript. I think Rae has posted information about monthly expenses in Edmonton on the Police forum.
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ann m

Hubby has been on $75k for the last 10 months, we have two kids, 2 cars and no mortgage - and things can still be a bit snug! What the hell do we do with our money? I blame the kids

Like Judy says - yes, you can live on that salary, but will this bring a big improvement to your lives, either financially or in other respects? Only you can answer that. Would you anticipate your partner being able to bring in any additional income (no matter how small) in the future?

Judy in Calgary

See post #100 by rae in the thread entitled Canada or UK more expensive for....
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Alberta_Rose

Joking aside, that's why I asked how old the girls were.

If they are very young they probably won't cost you as much! ... but when they get to school age and want to join clubs and teams, go skating and skiing and have dancing/piano lessons etc etc etc they do start to eat up the funds! All extra-curricular activities cost $$$ !!!

Alberta_Rose

A girl I work with has two (young teenage) kids, and they are Canadians, but recently returned from living in China. They don't have a car, the whole family apparently walks runs or cycles everywhere!! If they need a car for an occasion they rent one. They don't watch TV*. They are into whole-food and organic stuff and competitive sports.

I'm sure they live very simple, healthy, wholesome and less expensive lives than we do in our family. They seems very happy on it, and it shows that it comes down to lifestyle choices as much as income earned as to whether you can afford to live or not!

edit: correction: *they don't have a TV!