The article copied below by Kerrisa got me thinking about budgets and thinking how far I could stretch mine. To me budgets are like an elastic band, they can only be stretched so far before they snap. How far can people stretch their budgets in Vancouver until it snaps? But to me budgets are not just about money and finances, it includes budgeting time for the people that mean the most to me as well as budgeting time for myself to exercise and for personal growth.
So, I ask you how far can you stretch your time budget before it snaps?
In my opinion people in Vancouver are being forced to sacrifice time for money. People are searching for more affordable homes with a yard which has them looking to areas in the Fraser Valley, where financially they can afford to buy a home and raise a family. But at what cost? What are your alternatives?
“Newtons Third Law of physics: for every action, there is an equal and opposite reaction.” Applying this law to everyday decisions, people are choosing to commute over 2 hours unpaid to and from work every day to be able to pay bills. Turning an 8-hour work day to a 10-hour work day, reducing the actual wage being earned. For example if someone earns $25/hour and work 8 hours a day they would earn $200/day, factoring in the commute time with wage earned, they are now only earning $20/hour not including the additional costs of the commute (fuel, maintenance, public transportation) The choice to sacrifice time for money, reduces the overall wage earned and reduces the time a person has to do other things they may enjoy doing.
Everyone is budgeted the same 86,400 seconds in a day. How far will people stretch their time budget before it snaps? Not only are they stretching their financial budget to buy a home, they are stretching their time budget to buy that same home. Without finding a balance, one of these budgets may snap.
What alternatives do people have? They could take a lower paying job closer to home, weighing the cost/time balance in the example above as long as it is above $20/hour they would be coming out ahead.
Other options might be to work from a satellite office, become self-employed, work from home or choose to move to an area with less of a commute.
This is why I choose Kelowna, you are able to get a good-sized home with the good-sized yard, without stretching either budget as far as you might have otherwise stretched it.
What do you think? Do you feel the same as I do? Or do you have a differing view?
Link to the article: https://www.livabl.com/2018/07/nearly-half-vancouver-home-purchasers-overshooting-home-buying-budget.html?utm_source=Weekly%20BuzzBuzzReport