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SEAL

BC resident salary

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Can someone from BC shed some light on whether they find their salary as a resident adequate or not ? My understanding is that living in BC is expensive, but looking at the resident salaries in other provinces they are all higher than BC except for Quebec. If I am planning to start a family (getting married but not kids), do you think this would be a problem ?

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I am married, two kids and a mortgage and the salary is definitely no where near enough (my partner is currently not working due to medical illness).  I am continuing to use my LOC to make ends meet.  It is actually an extremely stressful way to live.  Counting the days until residency is done.

My co-residents who are single, renting an apartment, have little problems making ends meet.

 

ps.

I am at a regional site, not Vancouver.

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5 hours ago, medisforme said:

I am married, two kids and a mortgage and the salary is definitely no where near enough (my partner is currently not working due to medical illness).  I am continuing to use my LOC to make ends meet.  It is actually an extremely stressful way to live.  Counting the days until residency is done.

My co-residents who are single, renting an apartment, have little problems making ends meet.

 

ps.

I am at a regional site, not Vancouver.

How old are you?

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On 8/13/2017 at 8:34 AM, SEAL said:

Can someone from BC shed some light on whether they find their salary as a resident adequate or not ? My understanding is that living in BC is expensive, but looking at the resident salaries in other provinces they are all higher than BC except for Quebec. If I am planning to start a family (getting married but not kids), do you think this would be a problem ?

 

I think it is VERY doable to survive on a resident's salary if both of you are working. PGY-1 make around 60K/year. If you and your partner make around 60K/year each ( maybe they will be making more than you do haha).... then it shouldn't be a problem. However, if your partner is not working, then it may be quite difficult, but still doable.

Here are some factors to consider:

- is your partner working?How much income are you both making? Are you okay with that income?

- What kind of lifestyle are you okay with? What is your family's budget? 

- What kind of assets do you and your partner have? 

- What's your partner's spending habbits?

- How much savings do you have? How much savings does your partner have? How much income would you like to save as a resident? Are you a person that likes to save 10%+ or more of your income or are you a person who does not really care about saving at this point?

-What are your financial priorities? For instance, I really value living debt free within my means... but other individuals may have different priorities. Some individuals may have a high tolerance for debt.You should discuss financial priorities with your partner, and you should both be okay about each other's financial priorities.

- What are your partner's career goals? Are they still in school ? Are they working? Do they have any debt? How much debt to they have? When are they planning to pay their debt.

- What are your wedding plans? How much money would your partner like to spend on the wedding plans? I have heard of a lot of stories of individuals going in debt because of their wedding day. I am honestly not sure if it is something that is really worth it (?).

- You will probably need to spend around $6500/ month for all of your living expense in BC including mortgage/ car expenses/ groceries/ utilities etc... I don't think that is a problem if both of you work.

These are things that I am personally considering because I am also thinking about having a family one day in the future, but I am not sure if any of the things I mentioned above is useful... Best of Luck, Seal :)!!

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R1 salary is just under 51k a year in BC.

Typical costs in first year:

Rent, utilities, internet ~$1500 per month = $18k per year.

Food ~$300 per month = $3600 per year.

Phone ~$50 per month = $600 per year.

CMPA = $2200 per year.

Car insurance = $180 per month = $2160 per year.

Gas = $50 every 10 days or so, depending on how much you're driving = $1825 per year.

Membership dues to various organisations is another $200 per year.

Altogether that's around $30 000 in costs in a year, not including random stuff like paying off a car, vacation, toiletries, UBC fees, and potential LMCC part 2 fees.

 

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On 2/15/2018 at 11:46 PM, Mithril said:

R1 salary is just under 51k a year in BC.

Typical costs in first year:

Rent, utilities, internet ~$1500 per month = $18k per year.

Food ~$300 per month = $3600 per year.

Phone ~$50 per month = $600 per year.

CMPA = $2200 per year.

Car insurance = $180 per month = $2160 per year.

Gas = $50 every 10 days or so, depending on how much you're driving = $1825 per year.

Membership dues to various organisations is another $200 per year.

Altogether that's around $30 000 in costs in a year, not including random stuff like paying off a car, vacation, toiletries, UBC fees, and potential LMCC part 2 fees.

 

 

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17 hours ago, Mithril said:

R1 salary is just under 51k a year in BC.

Typical costs in first year:

Rent, utilities, internet ~$1500 per month = $18k per year.

Food ~$300 per month = $3600 per year.

Phone ~$50 per month = $600 per year.

CMPA = $2200 per year.

Car insurance = $180 per month = $2160 per year.

Gas = $50 every 10 days or so, depending on how much you're driving = $1825 per year.

Membership dues to various organisations is another $200 per year.

Altogether that's around $30 000 in costs in a year, not including random stuff like paying off a car, vacation, toiletries, UBC fees, and potential LMCC part 2 fees.

 

I guess if you eat out though that number can jump. I believe the after tax pay of residents in BC R1 is around 45k? 

Definitely, it isn't the easiest to live off of, but it is doable. The problem is most of us are graduating with student loan debt, probably have car payments and probably do want to eat out and travel and buy stuff, so that can all add up. $1500 a month in rent can get you a reasonable place but really looking at rent, downtown rent in 1 bedrooms in Vancouver are closer to $1800-2200 a month, you can get $1500 elsewhere though. 

You don't get the same kind of lifestyle or spending money you would get elsewhere for sure from what I have calculated. 

 

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