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2021 MONTHLY ESTIMATE
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Bare Neccessities
 $ (2,000)
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Utilities / House Insurance / Prop. Tax
 $ (750)
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Car Insurance / Gas / Maint.
 $ (300)
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Food & Household Supplies for 2
 $ (650)
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Medical Insurance $ (300)
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Mortgage
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Essentials
 $ (350)
<-- In a pinch, can skip or use backup A or B
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Home Maintenance (~1% = $3000 / yr)
 $ (250)
<-- Best practice is to budget 1% of your house value to yearly maintenance
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Misc (fees, fines, haircuts, unexpected etc)
 $ (100)
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Savings
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% of Income Expenses
 $ (355)
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Tax / CPP Contributions
 $ (80)
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Tithe (~10% of total income)
$ (275)
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Passive Income
 $ 1,805
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Rental Income $ 1,200
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TFSA Interest Income @4.5%**
 $ 605
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Amount to Earn per month per Person
 $ 450
<-- Anything earned above this becomes our "Fun Money"
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** Conservative estimate - Still investing in med-risk (so hopefully higher than 4%) but aim is to take the interest & leave the principle untouched
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Additional Household Income after 65
 $ 3,500
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Cnd Pension Plan (CPP) @65 = $650 x 2pp
 $ 1,300
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Old Age Security (OAS) @65 = $600 x 2pp
 $ 1,200
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Defined Benefit Pension
 $ 1,000
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Backup Plans
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AEmergency Fund
(Suggest $20k - $50k)		This fund will cover any temporary shortfalls in the event that we can't make enough to cover our spending. (ex. sudden emergency, vehicle accident / illness where we can't work, etc)
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B.TFSA AccountSince the interest earned is really just supplementing our income, I can draw down on the principle if needed
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C.
Sell the Rental Property
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