Living on a Retirement Budget: My Monthly Plan
ฝัง
- เผยแพร่เมื่อ 7 ม.ค. 2025
- In this video, I breakdown my monthly retirement budget designed to support my simple, solo retirement life. I will walk you through my process of prioritizing needs, dealing with variable expenses and including some room in for fun. I hope this video contributes some helpful tips for your own retirement planning.
#soloretirement #retirement #retirementliving #retirementbudget
Videos you may enjoy:
My Home Tour - • My Small Retired Life ...
Ditch these habits - • 4 Habits you need to D...
Come say hi on Instagram:
/ smallretiredlife
This video is NOT sponsored, however some of the product links are affiliate, which means if you buy something using these links I will receive a small commission. The links below direct you to the Canadian Amazon site.
My favourite books:
The Obstacle is the Way by Ryan Holiday - amzn.to/3TKo6AJ
The Daily Stoic by Ryan Holiday - amzn.to/3zp8USB
The Wealthy Barber by David Chilton - amzn.to/3XJHNJQ
Reboot your Portfolio: 9 steps to Successful Investing with ETFs - amzn.to/3TJrH1Y
Retirement Income for Life by Frank Vettese - amzn.to/3YXlGl7
My favourite camera gear:
my camera - amzn.to/4gyU0tL
my tripod - amzn.to/3N0K0fe
my phone gimbel - amzn.to/3zCfipv
my microphone - amzn.to/3XK4j5x
Kitchen stuff:
Panang curry paste - amzn.to/3TNMy3Y
vanilla sugar - make your own but if you want to buy here is the link - amzn.to/3ZKquuL
nut mylk bags - amzn.to/3TQ6aEH
nutri bullet blender set - amzn.to/3BAQKxF
wek jar set - amzn.to/4gEqQcJ
air fryer - amzn.to/4h27Tkh
bread starter - amzn.to/3ZpJZrY
Favorite skin and body care:
CeraVe cleanser - amzn.to/4dKQklU
CeraVe moisturizer - amzn.to/4eGVEI5
Redken shampoo and condition - amzn.to/3Ns57aq
I panicked when I turned 60 and realized I had ZERO saved for retirement, no 401K or assets like a house or car either. I was $30K in debt so I got busy fixing my problem. I cut expenses to the bone, around $1800 month. and launched my own online business. 4 years later, I'm debt-free with a solid emergency fund. Between Social Security, a small pension and my side gig, I bring in $5000 month. I still live on under $2000 month and put away $3000 month into long-term savings.
Wow, I am so impressed! Good on you! You have done well for yourself girl! Thank you so much for sharing your story.
Way to go!
I would LOVE to talk with you! I was in much the same boat and have talked about lot about it on my channel. I'd love to get your input if you're interested!
Congrats!
Wow!
Good morning…I realized after retiring at 71, I needed to do something to add $$ to my SS, I’m in MD Us so I worked as a contractor for 4 yrs with the company I had retired from. As I also like to travel and no longer working the contracting job after a few years I knew I would run out of my IRA if I didn’t figure something to do. I was late 70’s by then and decided to turn my downstairs townhouse family room into a rental apt, it has a separate entrance, fortunately my family was on board and helped me. About that time a friend asked if I wanted to work a job share with her and another woman as a receptionist for a commercial insurance company. That was 6 yrs ago this month. The 3 of us are still working a day or 1.5 days a week…it’s a wonderful company, keeps me active, now 85 and not running out of $$
I enjoy all your videos🥰
Thank you so much for sharing your tips and also for supporting my channel by watching my videos and leaving such a kind comment.🙏
It's really inspiring and interesting to hear you've been able to financially problem-solve your way through the last 15 years. Thank you for sharing your experiences.
Thanks for sharing your budget.
Thank you for being generous by sharing your budget. It’s very helpful. People’s comments are helpful too. I look forward to your videos every week.
You are so welcome! 🙏
Podría poner subtítulos en español,me vendría genial, muchas gracias ❤
Hi, I actually don’t really have control over that. TH-cam add subtitles in automatically and I think sometimes it takes a few days for them to actually be available.
No sabía que lo hacía you tube, muchas gracias,un saludo desde España 😊🇪🇸
Watching this has given me a new lens through which to view success. It’s not about the quick wins, but the consistent effort over time.
Yes!! 💯
I'm in Australia where the cost of living is high. With regard to groceries, I will buy non-perishables when they're half price and buy 2 for the price of 1. It really helps. I agree with having the fun items category, it's a must. It helps to stay on track with the rest of the budget. If we're too strict, the opportunity to fail is real. For me, I love the occasional purchase of a new house plant or a bunch of fresh flowers. Sometimes it's a gift of money or an appliance that my kids (now late 20s) might need but are struggling to afford within their budgets. I love your channel Raina. I'm looking to retire in April and it's daunting BUT I know I'm making the right decision for me.
I am so impressed for your vulnerability with this topic. Money can be a difficult thing to share. Your honesty and thoughtfulness will increase your followers and grow your channel quickly. Thank you! ❤️
Thank you so much!
Today is my 76th Birthday. I am a widow with no children. I work full time and also get $2284.00 a month Social Security. I really like your budget. It makes a lot of sense. I tend to just keep running totals in my head instead of a real budget. I think I am going to try a budget so I really see where my money is going. Really enjoy your videos. You are very easy to listen to. Thank you so much.
Happy birthday 🎂🎉🎁
Happy birthday Lynda! Wishing you the very best and many trips around the sun.
@@lyndacarrow792 Happy Birthday Lynda!
@@lyndacarrow792 happy belated birthday Lynda. Working full time at 76 is a reality for many people but I hope you are doing something you enjoy.
I am very happy to have discovered your channel! A beautiful woman my age, who shares really interesting, relevant thoughts. It's inspiring to listen to you. I don't speak English well, but I wanted to thank you for this great work. -Geneviève, 55 years old, from Quebec
Awww, thank you so much, Geneviève! Welcome here.
Thanks for sharing! I love this type of content and enjoy listening to you.
You and I have very similar retirement budgets and expenses. I live in a remote area with one regular grocery store and one organic grocery store. Groceries and fuel are higher than average where I live. I budget in the organic foods and get most staples from Amazon. Recently, less expensive options for internet and mobile phone became available, and I switched. It’s nice to have options and maybe one day, you will, too. I pay my Apple Music, Amazon Prime, insurances, property taxes, and other subscriptions annually when discounts are available, and have an ongoing sinking fund for these expenses. My medical/personal care expenses are higher because I do alternative/non-insurance covered therapies for chronic autoimmune conditions, worth every penny as these therapies keep me in remission. I’m grateful to have the resources.
What a great youtube channel, thank you so much for all the information and example you're giving. I had seen the vid where you explain what happened to you and your work, you made an impact on me. Congratulations and keep it going!
Thank you so kindly for supporting my channel by watching my videos and taking the time to leave a nice comment. I really do appreciate it and it makes my day when someone enjoys my videos.
Thank you so much for your openness. It is so valuable.i am 61 from Brisbane Australia. Such an interesting comparison.
Wonderful! Glad you enjoyed the video! Thank you for watching.
I go over my money everyday. A few months ago I gave up our tv service saving me $124.99 a month. I live in the US in the southwest, so produce is easy to get year round. I'm in my mid 60s, been widowed for 16 yrs, am a Mom, and have been a homemaker for over 30 yrs. Social security is a real help, especially for the bigger annual and biannual bills that come up. I'm a home owner, debt free and thankful every day that my late husband made sure we would be well taken care of. You have a very good budget , well done ! So happy for you Canadians ( many who winter down here) that your Prime Minister is stepping down . Happy New Year !
Thank you so much for sharing and happy new year to you.🎉
Thanks for sharing! Here in New Jersey in US, our property tax is so high! Your videos are always informative and inspiring, and realistic!
Thanks for watching!
You also explained that nicely how the costs are in Canada, as I had already written before, I am from Switzerland and here everything is much more expensive compared to our neighboring countries, the wage level is a bit higher, but if everything else is very expensive, it is not of much use to you. We also have it very cold here in winter and I need a lot of costs for the heating, just like that with the tire change at the cars is also the same here. I live on the border with Germany, Germany is much cheaper, so I often go grocery shopping in Germany and can save something like that.
I’m finding the comments interesting reading about the different costs in various different places.
Thank you Raina. I found this video so helpful! I’ve struggled with putting budgets together in the past and this now gives me a great guideline to categories I should consider when budgeting ❤
I'm so glad it was helpful! I don’t budget to the penny but try to keep track of everything on a spreadsheet.
Really interesting! I live in France and I am always surprised to see the high incomes in North America. It's known that salaries are low in France compared, often half as much, but I realize that our bills are also so much lower. My phone with internet costs me €16 per month, my property tax for a big house is €125, health insurance for the two of us, retired, €87, for the heating and hot water €800 the whole year (mild climate). But inflation is also here and it is difficult to compare even between regions of the same country !
I stick to my budget for several years now and it's a great way to know where the money should go, to be aware of all expenses, to plan for a lot of things that might happen! When everything is under control, it allows to have entertainment without guilt because the budget 😀 ! Thanks for sharing and have a great day!
Yes, totally. It’s so different everywhere. I know a lot of TH-camrs actually try and live in France because the cost of living is lower. Mind you, I think the euro is actually worth more than our Canadian dollar, so there’s that.
Very interesting. I budgeted all my life and into the first few years of retirement. Since my spending is less now as I have many of the things I need., I have stopped budgeting. I know I have more than enough for the essentials and at the end of the month I put any excess into savings. It is so nice to not have to so tightly budget anymore. I guess I trained myself over the years to spend within my income so now don’t really have to think about it too much..
That is awesome! I guess in a way I’m kind of like that except that I just enjoy looking at my numbers every month, seeing what I spent and reevaluating things when things go up every year, such as my property taxes, or my insurance, etc. I guess I just love spreadsheets…. I’m definitely a spreadsheet, girl.
Great video - same for me. I enjoy the act of keeping a budget, checking it, re- evaluating etc. My husband died when I was 48 and I have bought up my daughters working full time in forestry and have decided to finish work this year at 58. Budgeting has helped me feel secure and able to cope and feel a level of confidence in myself. It has helped get me into a position to end full time work. I may do some different work. I may just volunteer in nature conservation. It will be good to have spare time for me and the pretty simple quiet life I prefer. Thankfully our climate is alot milder in the UK so heating costs are less. House and car insurance seems lower too. Thanks for the videos which are very enjoyable 🙂
Hi Raina. Thanks again for another informative video. Thanks for sharing how you approach your household budget. Your approach is very helpful to me. I retired in November. So retirement budgeting is new to me. In Seattle, WA the cost of living is very expensive too. I laughed at your comment about freezing food. I just purchased a detached freezer and placed in my garage. Took me three hours to put in vacuum storage bags! Not sure if I will ever get to that food. Hope you have a fantastic week.
Thank you so much! I just hate the way meat tastes after it’s been frozen for like two or three months. I just can’t do it. 😂
I do that too ! And yes, you will get to all that food. Just take stock of what you have regularly so that you do not forget what you have. Dating the packages help too.
I buy meat at Sam's/costco only once a month, I buy 1 pkg chicken brests (there are 6-8 to a pkg) that I vacuum package and freeze, and 2 pork tenderloins. I use what I buy every month, plus I also buy small quantities of fresh ground beef and seafood as needed from local grocery stores. I only have one main meal - I like cooking - and then salads with a little protein for lunch, as I rarely eat coldcuts. I do eat a lot of fruits and vegetables with every (small) meal. This works and nothing linger in the freezer for long
Thanks Raina for a most informative video. I find myself spending too much on my grandchildren but I love spoiling them! my biggest challenge is saving enough for my personal taxes from my monthly income (to be paid twice a year) without having to withdraw from my savings.
Yes, I love spending money on my grandchildren as well. I get taxed upfront when I withdraw my money from my RRSP, so I don’t have to put away money for taxes as it gets taken out as soon as I take income out.
Finally, after years of messy finances where I really did not know where my money went, I started using an app for every penny spent. Now I can do a monthly or annual summary and get a real good picture. And it is eye opening. Also, retirement is not cheap, even if living a very simple life. That too is eye opening. Thanks Raina.
Glad you got yourself on the right track. I was in the same boat when I was probably like in my late 30s. I almost had no idea where my money was going, and I really buckled down and started making a plan and started tracking things and it has definitely been beneficial.
Thank you for such great content about your retirement living in Canada. I live in the Midwest , USA. My total income is about $3200 a month. I know that sounds very low to many but this is it. I have made a few stumbles along the way in the last 8 years since I retired from a large manufacturing company. Our house is paid for. I do have a car payment. I need reliable transportation because my youngest son lives 5 hours away. I had to laugh when you said maybe you should work or see if you can get commissions from The Loft! I saw their sales and purchased 3 very nice sweaters. That being said, I donated more tops than I purchased. So thank you! I did take money out of my IRA to pay off a few credit cards. I know now that CC are not always the best way to purchase items. It has been a struggle but so worth it. After all how much clothing, shoes, etc. do I now need. I live in a small community. Quilting is my hobby. I have several to finish and perhaps sell, if possible. So I have to leave a little "happy" money for my hobby. As the saying goes.... Do more of what makes you happy!! Looking forward to more great content!!
Thank you so much, Raina, i really appreciate you sharing your budget with us! I'm really impressed how thorough and thoughtful your budget is. I totally understand your hesitation on putting out your investment video, there's a lot of uncertainty in the air! Thanks again 🥰❤🌸
You are so welcome! Thank you so much for watching Dana!
Thank you. Budgeting is a great tool to have and I do it as well. I am in the US and some of our costs are similar, (mobile phone and internet included). (not the hairdresse, yikes) Now, I must be more diligent to get my budget set for 2025. Thanks for sharing! Ive been retired for 13 years and absolutely enjoy my time and happy that I found your channel. Cheers
Thank you so much for watching and taking time to leave a comment. I’m so happy to hear you’re enjoying your retirement! Yes, our hairdressers are very expensive here though I would imagine there’s certain states in the US where that type of thing is also higher cost. Just like in the US where there is a variance indifference states when it comes to expenses, it’s the same here between different provinces. I actually live in a fairly low cost province because we have no sales tax.
When I am ready to let my hair go white I Will save lots of money! ha cheers and thanks for answering
@@smallretiredlife I haven't been to a hairdresser in almost twenty years. I cut my own hair and color it with catnip tea, ground up senna leaves and henna. It's super easy and I don't even have to wear gloves to apply it. It's wonderfully conditioning too.
In 2020 I started coloring my mom's hair with Rainbow Henna mixes. Last year I started cutting it too, after a hip fracture made it difficult for her to go to the salon for haircuts. She looks fantastic! She's 93 but most people think she's at least twenty years younger.
Plus we save a lot of money! :)
I am on a very fixed budget. I first pay rent and utilities, car and life insurance, some transferred to savings, then evaluate my balance. I have no car payment but that will have to change eventually. I take all the senior discounts I can. I do pet sitting in peoples homes as a side gig which adds between 300 to 700 a month. This is used to forward directly to a credit card or for a trip. Anything left at end of month gets transferred to savings.
Thank you for sharing. I think that is a reasonable way to handle finance when your expenses are set and predictable. Also it sounds like you are very aware of what your expenses are. I find it surprising that some people actually spend money and have no idea where it’s going. I have to say I used to be like that when I was younger but quickly figured out that a budget was a good thing!
Hello, Raina and thank you for sharing your monthly budget - it’s always interesting to see how other single retired women budget and achieve their financial goals. I’m 64 and have been retired for two years and live in the US on the east coast not far from DC. I keep a monthly budget and track my expenses similar to how you track, although I break down my costs a bit more detailed - I find it helpful to see where my money is going, any increase over the months/years, and this helps me trim variable costs as needed (eating out, etc.) My monthly expenses average about $3100 per month. I’ll be going on Medicare later this year so know that my medical monthly averages will increase so have planned for that. Overall, I enjoy tracking my expenses/budget and the peace of mind it gives me. Thanks again for your videos - and happy New Year!!
Thank you so much for sharing tips on how you do things. Wishing you a happy 2025 as well.
I live in east coast too but towards north , specifically in NY state where everything is expensive . If you don’t mind me asking if your monthly expenditure for one person and if it includes any mortgage payment or property tax payment ? Thank you !
@@SDB1992hello! My monthly expenses are just for myself (I’m single) and do include my property taxes. I do not have a mortgage - paid it off before I retired.
@ Thank you for replying 😊
@ sure thing!!
Thank you so much for sharing your budget. I’m 66 years old and both my husband and I are retired and living in Cape Town South Africa.
Waoh I've shared your video on my platform and you'll be seeing a lot of my followers comment on your channel. A very sincere video
Wow, thank you! That is so kind of you! Wishing you the best in 2025.
Thanks for this, budgeting is so personal and interesting. I’m 52 and shifted from a corporate role to working 2 days a week at the post office (plus more adhoc days to cover staff absences), so part time retirement perhaps. I absolutely love having all the extra time now and money wise we live off our savings for all essentials ($600 aud per week for household of 3), and then what I make at the post office is what we have for any fun/discretionary expenditure. It was super reassuring tracking our money for a while so that we knew how much our essentials cost and that our savings could cover it.
Thanks for sharing. I have to have a giggle because it’s such an Australian thing to quote things by the week. I remember when my son moved to Australia and him and his wife were looking for a house to rent and they would always talk about what the cost was per week. That’s so odd to a North American because usually we think of everything here usually per month. I love it 😆
Hi Raina, thanks for being so honest about your budget, I found this episode very interesting. (I have to catch up on a few previous ones that I missed). I have been retired for half a year now (I was "downsized" last year, fortunately that happened 5 weeks before my 65th birthday.
I have never been a huge spender (I grew up in a communist country) but about 10 years ago I decided to take things to a higher level and live really frugally. I do not really 'budget' the same way you do but I do track my expenses in an Excel spreadsheet (I try to track every single expense). At the end of each month, I make sure that all my expenses from that month have been paid for (which includes my credit cards which I pay well ahead of time). Anything that is left in my account gets moved to a different ("savings") account. Fortunately, since I have been living pretty much on half of my income for the last ten years or so, I am very used to this so it is really automatic to me.
I had a goal to be mortgage free before retiring, and I reached that goal in the fall of 2018. My monthly expenses are less than yours (but my income is also smaller than yours). I am doing ok though the current level of Cnd. economy and the inflation makes me really worried.
My advice to anyone who is struggling financially would be to track their expenses really religiously (including such little things if you buy a coffee on the way to work, etc.) because this will give you a true picture where your money is going and which expenses you can cut. Also, I have always been a fan of being on equal billing plan where possible (right now, this applies only to my water and gas - I always prefer to have my expenses on the same level each month as opposed to pay less (e.g. for gas for heating) in summer but triple that amount in winter. I have been divorced for a very long time and I live alone, so to me, this seemed to be the best strategy. But as you said, we each have to find a way/method to works for us, and this works for me just like yours works for you.
I had to chuckle when you had to explain how it works with our telecom industry - yeah, it does not matter who is your service provider, they are doing an outstanding job of fleecing their customers.
Cheers from s-w Ontario.
Thank you so much for sharing your tips. There’s some really good ones in there. I’m a spreadsheet girl too. I love tracking everything on a spreadsheet and then comparing these year to year! I actually derive a lot of enjoyment from that 😂😂. I appreciate the detailed comment and your support by watching my videos.
The saying in the US is that we can’t afford ourselves because of healthcare costs. This was really interesting. Thanks for sharing😊
Glad you enjoyed it!
Thank you for sharing your method. I started to use a similar method of tracking and about 20 years ago and it has proven invaluable. After a short amount of time a very clear picture emerges old where the money goes, which allows you to consider or reconsider other options. I now use the library and a kindle subscription for most books, rather than the $150/m I was spending at the bookstore. And building in a cushion for big unexpected expences has been a life saver and anxiety reducer.
Thank you so much for sharing. I absolutely adore Kindle unlimited. I definitely get my moneys worth on that!
Live in Toronto internet and phone big expenses. I’m 61 now looking at having to downsize from two bed condo to one due to high cost of everything. Working on becoming totally debt free then investing more to add to my pension as retirement is around the corner. Living on a fixed income will be difficult but necessary. Thanks for sharing budget very helpful..
:) each time you mention Calgary being cold I smile !!! Try Winnipeg lol - our hydro is very high but very glad our rates are reasonable. I am glad to find your channel. If you can do it it Calgary, I can do it in Winnipeg. Will be retiring in one year and am most concerned about the budget. I have always worked and saved, but will it be enough.
Thank you for commenting about investment video; I was wondering about that. I think that waiting to see how the dust settles is wise! I'm also going to wait 'till February before deploying our TFSA contributions into any investments.
Thanks for sharing your budget and insights around that - it was very helpful. I built a very granular budget in advance of retirement (my first full week of that is unfolding as I write this). Our utilities are lower (warmer being on Vancouver Island), though on the Fortis bill that I received yesterday, they 'quietly' mention that they have increased their natural gas rates 17.5%(!) for 2025. Makes it challenging to forecast a year-over-year budget using a general inflation rate, when companies like Fortis do such exorbitant increases in one fell swoop.
Yes, those utility bills! I’ve noticed mine are higher this winter and it’s so frustrating. I definitely want to be careful with investing right now due to what is going on in Canada. The markets are quite volatile.
Raina, thank you for sharing your monthly budget. It sure helps me put mine into perspective. My monthly budget is about $200 more than yours. My HOA fee is $500 that’s more than yours and my homeowners insurance is less than yours so it really evens out. I have an older car also and have had to put money into it over the last few years. My lifestyle is quiet like yours with grandchildren also. I have been divorced for over 20 years so living alone is comfortable to me. I am 76, much older than you but very settled in to the lifestyle that is comfortable for me. I live in Atlanta in Georgia USA.
I enjoy your videos and happy I found someone who is as open and sincere as you are. I give you much credit for being a TH-camr! Wishing you a wonderful healthy and happy 2025! 🎉
Aww, thank you so much for that. Lovely, absolutely lovely comment Linda. Thank you for sharing your stats. I kind of like knowing that someone else, who is kind of like me, lives on a similar budget. I really want to go to Georgia one of these years. I think the weather is quite warm there and I would love to just go for like even a month, get an Airbnb and hang out in the sun.
Hi Raina, thanks for sharing your budget, that was interesting. I've also read all the comment so far and find them interesting and often useful too. Thanks, too, for mentioning the uncertaintly about tariffs etc - definitely something to give serious consideration to.
Thanks for sharing!! I so appreciate you watching and supporting my channel and taking time to leave a comment. I love the comment section because there’s always some good tips in here.
You motivate me to sit down and figure mine out. I’m blessed and don’t have to count Pennies but I started Jan 1st keeping tract. Eating out is big for me. I agree with your concerns about investments.
Thank you so much for watching. My books are my nemesis. I really have to pay attention to how many I buy lol!
Hi, Raina - I’m so enjoying your content … and I live in the same neighborhood of Calgary (not in the condos, but in a s/f house not too far away). I, too, retired in my late 50’s and still remember the first time I actually had to take income from that long-nurtured investment “nest egg”. It actually physically hurt! Now, after more than a decade fully retired I have so much more confidence. Regular investing and prudent spending do pay off.
Like you, I’m a little nervous about the potential of a 25% tariff and the effects of tariffs in general on global markets. The last time the Americans got this aggressive on the use of tariffs (Smoot Hawley 1930) the world plunged into the Great Depression. The old saying “Those who do not learn from history are doomed to repeat it” rings true to me. But here in the land of the boom or bust energy economy, we’ve learned to celebrate the prosperous times; prepare for the downturns; and live well through both. We’ll survive the foolishness of the Trump presidency, too.
I’m so impressed with your success with this TH-cam thing. You’re rockin’ it, sistah! Who’d have thought that there were so many others out there, living our own little retired lives? Keep up the good work.
Oh my goodness! I am so happy that someone from around me is following my channel. I never mention my neighborhood, but I guess if you live here, you know what you know! Thank you so much for this lovely and kind comment. I very much appreciate it. If you ever run into me on the pathways, make yourself known 😂😂. I would love to say hi!
@@smallretiredlife. You’re gonna be a superstar girl! If you hear some gray haired lady on the Edworthy trails some afternoon yelling “Mr. Darcy… Mr. Darcy!” that’ll be me - not looking for a Jane Austen hero, but rather my little black and white Cavalier King Charles spaniel😅. You know that in our neighborhood we all enjoy a degree of anonymity. No one knows each other’s names - but we do know our dog’s. Cheers.
Hi Raina! I've never been a strict budgeter nor is my husband, but we do live within our means and know what we spend. Using our Visa card for everything and paying the balance in full each month is what we do. We also plan travel based on asking is this one big trip this year, or a few smaller trips.
Thank you for sharing. Yes I think a lot of people do exactly what you do. I think I get secret pleasure out of doing these lists and writing things down. I like to see things on paper lol.😂
@@smallretiredlife that's a good thing! Oh and I forgot to mention our water bills in Ontario are very high.
Thanks for your videos. Very interesting. Living on the east coast it is expensive but our weather has changed so much!!
I absolutely agree with you. I think the east coast is more expensive. You all have extra taxes over there. We’re so lucky not to have sales tax in Alberta.
This is so interesting to hear. It's good you mentioned the Canadian vs US dollar, as it is a big difference IMO. :) Also, when I did the conversion to us$, it actually was roughly about the same that my expenses come to. This is a good sort of template and thinking for someone like me who's not used to planning a budget. Thanks. p.s. I am of retirement age and still working part-time partly/mostly as a necessity.
Thank you so much for watching. I actually think my budget is kind of average. It’s not too low, but it’s not too high either. What helps us not having any debt. I don’t have a mortgage and that’s a huge, huge benefit.
@@smallretiredlife I really believe not having any debt is key. I've run my budget based on working with debt and retiring without debt and the bottom line is roughly the same. If I were to be able to move into subsidized housing after retirement, I would then be in a better financial situation than I am now and would probably have more space! (Live in Vancouver BC, very close to the US border, where housing prices are the highest in Canada, for both rentals and real estate.)
@@smallretiredlife I agree too re: debt! A few years ago, I acquired a chunk of money and was in a position that I could use it to pay off ALL my debt and I did. It was such a relief and I vowed, if at all possible, not to accumulate debt again. Yes, and good point re: no mortgage payment either... that's a whole other story for me.
Thanks so much for sharing. I like the idea of having a buffer for the unexpected instead of using savings! I've kept a budget for years and I hope to retire soon. I'm going to add a buffer to my budget!
Glad it was helpful! A buffer is just such a nice piece of mind and it allows you to have a little bit of money that you don’t have to kind of stress over as to how you spend it. It is just there to be spent as you wish.
Another great episode. Very helpful. Thank you Raina
Glad it was helpful! Thank you for watching!
Thank you ! this vlog is absolutely helpful! I need to revise my ledger, I am doing accounting monthly of my expenses. I often go out with friends for lunch or dinner and this though saves from groceries costs I seldom cook at home. I spend for gifts for friends and family. Thanks and Happy New Year 🩷
Glad it was helpful!
Enjoyed this. Has given me a lot to ponder.
Glad you enjoyed it! Thank you for watching!
Thank you for a great and informative video. Didn't realize that so many things are so much more in Canada than here in US. Very fortunate for you that you have the means to support yourself within, to me, quite generous budget. You have done well for your self, very admirable!
Thanks for watching! And also thank you for the nice comment 🙏
Thank you for sharing your budget, sounds like you have it dialed in correctly
I absolutely love your channel. Thank you for always sharing such wonderful tips. Happy New Year!
Happy new year! And thank you for your support!
I really enjoy your channel. I'm 65. A reseller living in Indiana USA. I'm widowed 7 years. My husband passed from pancreatic cancer at 62 years old. I have no desire to date. I'm enjoying my life as is. I also watch my 3 grandchildren once or twice a week when my daughter works.
I’m so sorry to hear about your husband’s passing. Sending you hugs! Thank you so much for watching the video and I’m glad to hear it. Seems like you have things to keep you busy…grandchildren are so precious!
Thanks for sharing your budget with us. My overall monthly budget amount is roughly the same as yours. Of course, individual categories and their amounts vary. This year I have begun re-structuring my personal checking/savings accounts. Of course, I'll maintain minimal funding in a checking account, however, the balance is being invested. I aim to pay car/home insurance, property taxes and vet bills for my lab from the interest earned. According to my financial planner, this goal is achievable. We'll see! lol
That sounds like a good plan to me! Definitely hope it works out exactly the way you wanted to. I try and stick to my budget, but I definitely have a bit of flexibility if anything horrendous happens.😂
@@smallretiredlife Just my thoughts...I never understood why personal property taxes were based on the "perceived value" of 'real' property and not a flat rate....property tax funds schools, police, and rescue squads...ie; general public governmental services (in the US)....so does that mean that the service one receives is commensurate with the amount of personal tax one pays? And what about renters....they don't pay 'property taxes' because they don't own real estate. Seems like taxation without equal repersentation/compensation.
Awesome video. Very educational. Thank you!
Glad you enjoyed it!
Thank you for all of this info, some of these things I had not considered. I am now going to write down everything I spend money on and see what I need to withdraw from my retirement investments to supplement my income from govt and private pension (which is not a lot) When I was younger I was pretty carefree about the money I spend but as I have gotten older I have become much more conscious about where it is going and have made some changes but I think I have room to make more changes. I live just outside Vancouver, right on the border to the US. So things are pretty similar to you in Calgary.
I love watching other people’s budgeting videos because I get ideas from them as well. Thank you for watching and hope you have a great new year.
Hello Raina. Thank you for speaking about your retirement budget. As a retired single person living in BC, I was curious how my monthly budget compared with others. I love my excel spreadsheets for budgeting, tracking expenses etc. as I absolutely need to know how much money I spend week to week, month to month. I am also a bit concerned about the markets this year, but if needed, there are things I can cut back on. Thankfully I don't have expensive hobbies or vices! I am grateful for my comfortable, yet low key lifestyle. Wishing you a great week ✨
Hi Sabine, hope you’re doing well. I absolutely love my spreadsheets. I get such a joy out of just watching things listed out and adding numbers…. Clearly, I’m a finance girl.
@@smallretiredlife I agree....so satisfying ☺
I read somewhere (or heard on TH-cam) that if you cover your needs with passive income, you are rich. I'm in the same boat (lucky investments, mostly), so this definition makes sense in a way. It's easy to say if you already have the money, but being -- or feeling -- rich really is not about the money after some point. We should really make a detailed budget some day......
Well said!
Also. my husband was a teacher so I get half of his pension. Also his social security. I supplement that with $500 - $ 1000 a month reselling. I love it. Also I'm frugal.
I have a friend who does reselling and does really well with it. I tried it, but it wasn’t my thing, but she actually makes really good income from it every month, kind of like you!
I agree, cable and phone plans are outrageous in Canada (Ontario)! I keep saying I will leave Rogers but I am just too lazy to shop around. Rogers is just ridiculous!!! I hope to retire on about $3500🤞🏼. Thanks for sharing❤
Thank you so much for watching and yeah it seems like that $3500 to $36 range is kind of like very comfortable and makes sense for Canada. I have to say that here in Calgary what helps a lot is no sales tax.
my costs are the same --- but spread differently... great video - - thank you for sharing
Awesome nice to hear. Thank you so much for watching.
I think you should reach out to Talbots to sponsor you. I recognize some sweaters that you wear!
I’m actually thinking about it. I have an agent that represents me so it might be something we could try.
Just thought I'd share this with you.:) I really enjoy your channel. find it very informative and relaxing.. Have a great week !!😊
Oh thank you!🙏
I need to do this. Thanks for the information. 😊
Any time!
Great video thank you for sharing I learn so much and will hopefully be prepared for retirement:)
You can do it!
Thank you for sharing your numbers. I really wish money and budget numbers was a more open subject and don’t understand why it isn’t. It’s helpful to all of us to learn from others! And as an American who’s also afraid of what the proposed tariffs and other ideas from our next admin might bring for our economy, I totally hear you on the uncertainty. Let’s hope we can still talk numbers positively in a few months! 🤞I will look forward to your investing video when you’re ready to make it.
Thank you for watching and thank you for sharing your thoughts. I have to say I love watching other people‘s budget videos. I’m kind of snoopy that way. 😂
Hello Raina🙂. Its shocking how much we all have to spend each month, even when trying to live modestly. Thank goodness for our incomes/pensions/other. Keep warm and happy x🤗x ☃️⛄
Yes, so true. Thank you for watching!
One of my goals is to have a better budget and stick to it. Thanks for sharing your budget and lifestyle.
I’m in Chesapeake beach Maryland, USA. 😊🙏🇺🇸
Also here in the USA, we have federal income taxes and depending on your state, my states does, we have state income taxes.
Death and taxes, can always count on them. Ugh! 😮
Lol yes we have provincial taxes, federal taxes, municipal taxes, and a GST tax on everything we purchase. Luckily my province does not have a sales tax!
@ wow. That’s a lot. Thanks for your reply. 😀
Another great video!
Glad you enjoyed it!
Very informative. I'm in the Essex UK and we complain when it's -3.
Lol, yes, I would wager that work colder than most areas around the world except maybe like the Arctic 😂.
@LivingonaUKStatePension here in Vancouver (on the West Coast of Canada) we also complain if it goes below freezing! Our winters mostly consist of chilly, rainy days. Snow that falls in the city and doesn't get washed away by rain within hours is highly unusual, although we're only about an hour's drive from ski hills where it does snow! I lived in Calgary though for several years when I was first married. It was unreal. Plugging your car in at night, so the engine block doesn't freeze! No thanks! (That also eliminates about 3/4 of the US too, I think.)
I am 79 and retired 13 years ago. My annual expenses average $40,000 USD, most of which is covered by Social Security, the rest from mandatory IRA withdrawals. I live alone in a house I paid off in 1990. Property tax is minimal for seniors in Texas and we have no state income tax. My main expenses are insurance policies. My homeowners insurance is $4000/yr as Houston is classified as coastal. I also have car insurance, flood insurance (although I’ve never flooded), long term care insurance, Medicare and liability coverage. I have several subscriptions including cable, high speed internet, mobile including Apple Watch cellular, Netflix, Paramount Plus/Showtime, Prime, STARZ, Costco membership. Other expenses are pet care, lawn care, utilities, repairs, dental expenses and prescription copays, gym membership.
Thank you for sharing and for watching!
I love your channel! I'm retiring later this year!!
Oooh, that is so exciting! I hope you love it as much as I do. Thank you so much for watching and supporting my channel.
Great video
I’m in Vancouver BC and our budget totals are the same, except I cut my own hair so that money goes to sporting goods, but the grand total is the same. Like you, my grand total also includes $600 per month for those future big expenses you know are gonna happen, you just don’t know when (cars, appliances, med/dental, large home repairs).
Lol, I have to say I feel somewhat better after seeing so many comments from people saying they have a similar budget to mine. I always wonder if I’m too much of a cheapskate or too much of a spendthrift 😂😂
Hello from another Vancouverite. My grocery budget is lower by approx. $100/month. I don't have/need a car so no car expenses. I live 2-3 minutes walking distance from Safeway, Whole Foods, No Frills and 7 bus lines. My home phone/cable/internet is from Shaw/Rogers for $169/month. That includes free cell phone. I'm renting a one bedroom apartment for $1,150/month and it has not changed for 14 years. I'm very lucky. Now for the same apartment in my building rent is approx. $2,400/month. The total average for my needs and wants is approx. $2,700/month. All the best😍
Thanks for being so open. It's interesting because I have been recording all of my expenditure for the last six months because I plan to stop working fulltime in 2025. I live in the UK so it is hard to make comparisons.
Your car insurance seems really low. Your mobile phone cost is very high. Internet seems quite high. Compared to the UK.
All those subscriptions add up don't they. I am in a similar position :) I think it is the new business model. When I 'retire' I may re-evaluate whether I need them all.
Yes, I agree with you. Those subscriptions are sneaky. It’s like you know $10 a month here, $10 a month there, next thing you know it’s adding up hundreds of dollars.😂😂
We in Switzerland also have such high mobile/internet/tv fees 🙈 that’s why I now only have Internet at home, no TV and telephone and as a mobile phone I use a prepaid for the cheapest Internet. But I still pay $50 at home
There’s been a few comments from folks in Switzerland, saying their Internet fees are really high!
I am not retired but I do keep a budget now. Toronto is much more expensive then Calgary in some ways but I would say our budgets are not that far off. We are hoping to discharge our mortgage this year in the fall but our Condo fees are $861/m but this includes all utilities. We don't have a car so insurance is like $38 and property taxes are about the same as what you are paying monthly $2,789 last year. For two adults we budget $700 a month for groceries. And we each get "spending money" monthly of $50 a week so in the 5 week months this maxes at $250 this is for clothing and coffee and items we want that are not shared it also includes subscriptions. To bolster that we each put in $1,000 extra for the year of fun money. We have a dog and a cat so we have pet bills there about $300-$500 a month. Our internet is with Beanfield it's a flat $50 a month and it's Fiber so it's super fast. And our cell phones are $131 for two phones on bell. We have two $55 unlimited data and Canada calling plans grandfathered from 2014 when we moved to Toronto. Because of this we buy our devices outright but it saves so much more money to just buy a new iphone and keep a grandfathered plan. We trade our old phones into getorchard.com they are a local business here in Liberty Village they sell used phones and take trade ins and I can not recommend them enough! You can save so much money this way. Household and Transportation are very minimal for us we walk everywhere since we are downtown we live a few blocks from the eaton centre and their is a grocery store in our building. We have amounts still for our mortgage and savings but we really don't spend more then that.
It’s interesting some of these Internet services that people are mentioning in their comments who live down east I don’t even think we have available here. I think you’re describing a really decent budget for Toronto. I think the expenses down east tend to be a bit higher. I would say the only thing that I think is really high that I pay are my property taxes. Essentially, I pay $3600 a year for a townhouse! It’s crazy, but the area I live in is really highly taxed for property taxes. Not sure how they do it in Toronto, but here we get taxed on the basis of our property values.
Hi Raina. Thanks for the interesting video. We live in Vancouver, so it's interesting to compare costs. Some of your costs do seem quite expensive. We pay $65 a month for internet (Oxio), and only about $25 a month for hydro, although our heat and hot water is paid for because we are in an apartment building. Your car sounds expensive, but I suppose you have to have a car in Calgary. We lived in Calgary in 2017 and it seemed a very car centric place, unless you live Downtown, or perhaps somewhere like Sunnyside. We don't have a car because we live on the edge of Downtown, with very good transit, and of course it's never gets below -10C in winter, and hasn't been below 0C this winter, so far. We also have investments and are not looking forward to what effect any tariffs will have on these. Thanks again for your openness and interesting vlogs!
lol, I would hate not having a car here in Calgary. Standing at a bus stop for half an hour in -30 is not my idea of living life. 😂😂 I absolutely adore Vancouver, but the real estate is just so prohibitive. My utility bill is both power and heat. The reason our bills are so high is because we have furnaces and even though they are natural gas furnaces, you still need electricity to run them. I live in a townhouse, so none of my utilities are covered like they would be in an apartment. It’s definitely a high bill.
@@smallretiredlife Yes, I have some 'fond' memories of expeditions on foot in the cold. I think we caught the C train to Shawnessy, only because there was a huge supermarket there. Walking from the station to the supermarket was enough to potentially kill you. We laugh about this now. It was nuts. :)
I think it's great you have a side gig. Just because you retire from a 9 to 5 job doesn't mean you can't work doing something you love.
Absolutely, so well said. Thank you for watching.
Interesting. Thank you for sharing.
Thanks for watching!
Living alone is very expensive. I have a spouse and we both share the expenses and that makes a huge difference. I do spend much less on day to day stuff and thus I have a lot left over for travel. I spend my income as I have savings for any extraordinary costs.
I totally agree! Being solo does make things a little bit more expensive because essentially some of the costs are the same whether you’re single or with someone.
Thank you and great post
Thank you so much for watching🙏
Enjoyed your video
Thank you so much for watching🙏
Hi Raina! I really enjoyed your video today on your retirement budget and spending strategies. You mentioned that you track your expenses every month - would you mind sharing some specifics on that? Do you use an app or maybe a spreadsheet? I would really appreciate your feedback!
Basically, I just use a simple spreadsheet. I don’t believe in complicating anything because when something is complicated I tend to not stick with it.😂
Very interesting to compare your budget to mine.
I'm in Toronto, we are close per month on spending - but so different per category, interesting.
I think there’s definitely things that are more expensive in Ontario and things that are more expensive here. The costs definitely vary province to province on certain things. We don’t have sales tax here and I have to say that’s a huge advantage.
Interesting video, thank you. I'd love to see a follow-on video detailing the software you use to track everything. It sounds as if you're following the categories you described -- do you carry money over from month to month, within categories, or do you roll it into a "slush fund" for emergencies?
PS. Like you, I drive an older car that takes premium gasoline, and my repairs are expensive. I'm starting to look at the math for buying a newer, used car that gets better gas mileage, is cheaper to fuel and maintain, yet won't increase my insurance payments.
Thank you for watching the video. If there’s money I do not use up in a certain category, I just roll it into the next month. That way when the category comes up such as a car repair it’s there for me to use. Yes I definitely have to look at getting a new car. I’m hoping mine lasts maybe another year or two and then I’ll have to start shopping. I also want something that’s maybe one or two years old only.
Edit: I don’t really use software per se, I just have a spreadsheet for each month and I write everything in there.
Great video! I really appreciate your practical and realistic budget. Thank you 😊
Thank you so much for watching.
Very interesting video Raina. I’m in the uk and just wondered where and how you separate your amounts for your expenditure. Do you have separate bank accounts for all of your monthly savings for each category or are you disciplined enough to record your accumulating totals for each item? Do you do your totals on a spread sheet on your iPad or manually in a notebook? Just interested.
Good question! I just have one bank account and I keep a spreadsheet where I kind of keep track of things.
Thank you really interesting from NZ
Glad you enjoyed it
Barrier reef is nice here in cairns
Great breakdown video. Question, do you have separate savings accounts for all your different buckets. (Entertainment, Travel, Home Repair etc)
Great question. No, I have two bank account only - one is a savings for holding three months worth of income and one is a checking for one month of income and used for expenses and bills.. After dealing with my parents estate a few years ago, and having to figure out the multiples of bank accounts that they had, I swore I would never do that to my children!
I was a PO for 35 years and simultaneously an Adjunct Professor for 28 years. I retired as a PO 21/2 years ago and December 31 was my last day working as a professor. Thank you for sharing. It is really a blessing to be able to hear your story, learn how you are managing things in Canada, and compare and contrast that with how I’m managing here in America. ❤
Thank you so much for watching and congratulations on your full retirement!
I live in Ontario Canada.Im 73.If you don’t have a mortgage you are laughing.Paying $1400 a month for mortgage,property taxes $$370 a month etc etc.I do have a good pension.Thank God.
I also receive my husband’s pension as he’s deceased.Rental here in Sudbury are approximately $2500 a month plus hydro and water.Budgeting is necessary.
Yes, totally agree with you. If you have a mortgage, things become so much harder. I don’t have a mortgage and although I have condo fees, they cover things that, if I had a house, I would be paying for anyways. My condo fees are a lot lower than what I used to spend when I had a detached house.
It would be very helpful if you convert ALL expenses into USDollar (just easier for US people (many of your viewers) to relate to🤑)
Where are you applying the senior discounts?
Your condo fees include what?
Congrats on having such a generous monthly budget. Also congrats on your side gig!!!
That's a BIG monthlty budget especially when your home is paid off
I personally hope I can get a housemate to share FIX-expenses
It actually wouldn't be very helpful to convert CAD to USD because the currency conversion varies from day to day! All it would give you is a snapshot of one moment in time that might be totally inaccurate by the time you watch the video. Our dollar has been at par or worth slightly more than the US$ at times during my life, and it's been as low as US$0.62, and everywhere in between. If you want a current cost for something, take the Canadian amount, google CAD to USD and put the Canadian amount in the converter where it says to. The other box will immediately give you the current value in USD. Condo fees typically include things like vacuuming the hallways, common area heating and lighting, snow removal, glass replacement, insurance that covers the exterior of the building, exterior landscaping and maintenance, along with a percentage that must be put into a contingency fund to cover big ticket items, like replacing the roof or balconies. In the building I was in, it also covered the cost of gas to the gas fireplaces in every unit. I have heard of buildings where wifi is included, although I don't think that's usual. It doesn't cover things like your personal homeowner's insurance on the interior of your unit and on your possessions, or your phone or individual utilities. If there are gas stoves, those are probably the responsibility of the individual owner. Hope that helps.
Canadian videos should be in Canadian funds in my not so humble opinion. After all, the numbers of US based videos far exceed Canadian made and we really appreciate a Canadian version that we Canadians can relate to.
What's so difficult in converting it yourself? It's no big deal, really, and as a European, who didn't have any problem whatsoever in converting CAD into EUR, I not only wonder about your request, but find it kind of annoying!
@@chaosqueen4812 ETA!
@@Jana-wz7dr I agree with you wholeheartedly!
Hi Raina. Great video! The $100 for entertainment seemed low but then I realized that you seem very content with your lifestyle and if something interesting came up you would probably be there for it. It would be very interesting to see an investment video pre-tariff and another if tariffs are implemented 😢. Lots more work I’m sure but content wise it would be enlightening.
Lol I definitely don’t deny myself if something fun comes up and I really want to participate! I get what you’re saying with the investment pre-tariff and after tariff, but honestly, I hate gambling with money. I love to invest, but I’m very conservative.😂😂
Thanks for sharing. How does paying for your federal taxes fit into your budget?
My monthly income is derived from investment income in my RRSP. I take out enough income for 2 to 3 months and each time I take money out of my RRSP, the bank withholds income taxes. At the end of the year, I file taxes and I typically get a refund because the bank always withholds more than it needs to.
Hi Raina! I live in Calgary too! It's great to see a local gal doing a TH-cam channel. I'm enjoying your videos, we seem to have a lot in common. I want to make new friends this year, so if you'd like to connect, let me know! Regards, Shelley
Awesome! Thank you for watching! So nice to have a Calgary viewer!
Hi Raina, thank you for sharing this interesting and informative video.
Here at Cyprus, the cost of living is as well high, and due to the inflation of the last years throughout Europe, someone needs to be cautious of how he spends his money.
Since years I've been following my personal budget list, as you do, and it indeed is very helpful. If I may add something, there is a factor which differs among people, and this has to do with personal preference things to buy, for example, clothing. There are people who may get the same salary, but one may like to spend on quality and brand clothing, whereas another person may be satisfied with less expensive clothes and of course this has an impact at the total saving.
Something I could not understand, if you wish to explain, what do you mean by "investment income"?
Have a lovely day.
Thank you for watching and your comment. Investment income is the dividends that I receive on shares and other investment instruments that I hold in my retirement savings account.
When you say that your investments cover your expenses do you mean the dividends?
Yes exactly!
Thank you for the video. I live in Ca. which has a high cost of living but we have hope to retire here. P.S. - I made the trail mix and it really is delicious and addicting 😂
That is awesome! So glad the granola turned out for you. Yes I’ve heard that California is one of the more expensive states. I think your real estate is as high as well.
@@smallretiredlifeyes. We are fortunate in that regard. It allows us options if need be. ❤
you ever been to Bnaff or the stampede?
Yes to both!
In Romania (E. Europe) you can pay 4 or 5 €/ month for a pre-paid mobile plan and it covers unlimited calls, 5GB Internet etc. So pretty decent
In the country where I reside (W. Europe) I pay almost 30€/ month mobile pre-paid with again unlimited calls+messages but also unlimited Internet, which I found very good
Thanks for sharing how you view your budget, Its helpful and gets me thinking. By the way, your face has such perfect, smooth skin! Is it genetics, or what do you use?
Thank you so much for the kind words… mostly genetic, I don’t smoke, I rarely drink, and I exercise regularly, which gets the blood flowing ! I do have a bit of a skin care regimen, but honestly, it’s nothing huge. I either use CeraVe products from the drugstore and for moisturizer I sometimes use good old Clinique! I will do a makeup and skincare video in about a month or so.
That's so ool. Tropical cairns here . I need to budget.