How do people live on 50k a year?

Do the math. It's completely doable. OPs taking the bus and probably living with a roommate on $50k (they're 21 so this is what they should be doing anyway), but once you get closer to $80k you can afford the $2k in rent by yourself if you're not spending atrociously.

For my partner and I living in Kelowna where my rent is $2k/m for a 2 bed (which is the average in halifax and montreal) we have to make $80,250/yr gross to afford a comfortable life. And that's two mouths to feed, generous discretionary spending for two people, factoring ownership of 1 vehicle. If we choose live more frugally, we can save $1000/m on this amount of money.

Now, if you have a bunch of debt obviously this changes things. But if you make smart financial decisions, this is plenty to live off of.

/r/PersonalFinanceCanada Thread Parent