I had an interesting conversation with a friend over whether we can live off a $15 per hour wage in Vancouver, BC. $15 per hour equates to $30,000 annually if you work 40 hours a week for 50 weeks (assuming you take 2 weeks off for vacation). This equates to a monthly income of $2071.09.
Her answer was: No, I cannot live on $15 / hour wage.
The reason she said it is not possible because of her lifestyle: she smokes, she drinks and she loves her starbucks. If she changed her lifestyle a bit, I am pretty positive, she would have no problem living off a $15 / hour wage in Vancouver.
I said it is possible to live off a monthly income of $2071.09 with the following breakdown:
|Rent Basement Suite (utilities included)||$700|
|Transit (2 zones)||$124|
|Cell Phone (250 mins + 6 Gigs Data)||$68|
With such an income, I would pretty much live bare bones minimum. I can always find a cheap place to rent such as a basement suite. A basement suite with 1 bedroom in Vancouver or in the suburbs can range between $600 – $900 dollars a month. Some may include utilities.
The basement suite I found for the purpose of this post is located in Vancouver. It is a 1 bedroom place and it includes all utilities. Since you can watch almost everything online, there is no need for cable. The cell-phone cost is actually the cost of my phone cell-phone bill: I have 250 minutes daytime minutes with unlimited evening and weekends and 6 GB of data with fido. I put down 2 zones for a transit pass because I need to travel farther to get to my work place.
At the end of the day, I think anyone can live off a $15 per hour job ($30K income) if you can adjust your lifestyle.
What do you think? Will you be able to live off $15 per hour job?
~The Money Pincher ~