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#Binfer salary how to

Ontario, Family Finding a Minimum Wage Job

Other than that, we want to live a quiet, comfortable life away from the city’s noise. We’re looking more for tips based on your personal experience paying off your mortgage so early with Mrs.

How do we sustain being debt-free minimum wage earners once we achieve it?.

What ways can you suggest for us to save more money to pay off our debt and mortgage faster?.

Our savings account has 6 months of emergency money like you suggested that we do not touch unless needed.īoth of us still have 25 years until we retire, so we have time to spare but want to stay as far away from debt as possible. The way we budget is similar to using the envelope system, where we track bills that aren’t auto-debited from our account. She has been working evenings and on weekends to save money to lessen the costs of her education. We have one child at home who will be off to University in less than two years to study physiotherapy. The mortgage costs us $875.35 a month, and our utilities come to around $840, including property taxes. It needs fixing up, but we plan to do some updates as soon as we pay our mortgage and save a bit. We lived in a small town in Ontario and bought our 2 bedroom bungalow shortly after getting married. Our only debt is the credit card, and we have 5 years left to pay off our small mortgage. Healthwise, we are both in great shape and have never been in the hospital for anything other than giving birth to our daughter.

Working in customer service, we both earn a minimum wage of $14.25 and $14/hr full-time, 37.5 hours a week or around $28,000/yr. We mean that there will never be a mansion, chef, gardener, fancy cars or zero’s in our bank account. Here’s the catch though, our rich has nothing to do with zero’s and more to do with staying debt-free in a time when everyone seems to be struggling.īoth my husband and I have confessed that for us to be rich, living on minimum wage.

#Binfer salary how to

Our 2020 mindset has changed, and we want to learn how to get rich, but there’s only one problem, we both earn minimum wage. We owe $3339.88 on our Costco MasterCard and want to pay it off as fast as possible. Moving forward, I’m married with one child, and we’ve created more debt but not near as bad. They were right, and because I was too busy trying to look rich spending money I didn’t have, I lost myself. My parents at the time thought that I had a spending problem, and I denied it repeatedly.Įventually, they bailed me out, and I could pay off my debt and then my parents. Becoming Minimum Wage Salary RichĪbout 10 years ago, I almost had to file for bankruptcy because I was in debt, which was embarrassing.

In some cases like the one below, you may even find that your pot of gold may grow in several directions. That get-rich mission taps into a frugal living lifestyle and not for the short-term but the long-haul. Living on a minimum wage salary means you don’t always get what you want, but it doesn’t mean you can’t want what you can get.īy this I mean, increasing the chances of debt freedom and knowing that you owe nothing to anyone. This is not the first time I’ve received an email from someone with grand visions of becoming rich while earning little money. Quebec increased its minimum wage rate by 70 cents, and all other provinces hiked by between 10 cents and 30 cents.Įven then, living on a minimum wage salary before the hike was a slippery slope of making ends meet. In 2018, all provinces increased their minimum wage, with Ontario going up by $2.40, Alberta $1.40 and B.C $1.30. How To Get Rich On A Minimum Wage Salary Build Life Around Reality And Your Dreams Will Follow

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