Wow that's a big amount.
To replenish what you would lose, even for a initial 6 month job search period, would take a long time.
For example if it takes 6 months to find a job it will it be straight +-25,000 out of your savings.
Then say after 6 months you find a 80K job which is equivalent to 6.6K a month before taxes or 4.95K after taxes(approx).
Your monthly expenses after you have started working will most probably go up by at least 15% ( commute, lunch, dresses, eating out more frequently, etc). So if your expenses were 4.16K per month it will be now 4.6K a month.
This leaves you with a saving of around $400 a month. At this rate it will take you at least 62.5 months to recover the 25,000 that you lost in the first 6 months. Also don't forget the monthly expense of your kids education. This is very important and very expensive for some people.
Don't forget there will be occasional huge expenses like your car breaking down, kid's birthday parties, home country visits, parents coming over etc and these burn a big hole into your pocket.
Things would be slightly better if you can find a job sooner but even then it would not drastically change the monthly savings figure of around $500.
Also, did you guys think of retirement? whatever you save is what you will have at retirement. Also, don't forget that the buying power of any currency depreciates year over year. So what 10 dollars can buy today will not be the same 30-40 years on.
You need a way higher paying job and your spouse needs to work as well to live a good life before and after retirement.
vinisha09 said:
50,000 CAD is FOR ONE YEAR for living in major cities like Toronto,Montreal etc for a family of 5 - husband, wife and 3 children.
This figure quoted is for living a pleasant and enjoyable life without any job for both husband and wife