- January 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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****** just grabbed a
I know this doesnÔÇÖt answer your question but it seems like you budget tremendously well
I agree you have to pick one. But maybe you could also find a roommate that isn’t a disgusting pig? I know the roommates struggle all too well as I lived with one for many years in order to save for my down payment.
Skip the car. I have a nice car and it’s literally worthless because I never drive anyways (I use it like 2x month? ). The TTC is just too convenient.
If I were you, I’d do no roommates first, then save for buying a place later when you’ve got a higher income.
Your math is right. Under 100k in Toronto is tight. Unfortunately you have to pick one.
you are a sophisticated planner. you will reach 100k in no time
edit:typo
OP – first of all kudos for being a financially responsible adult. ItÔÇÖs sad how difficult this country has become for people who try to do everything right (study hard, get a job and grind it out) and just know youÔÇÖre not alone feeling like a lot of fairly attainable goals for previous generations feel near impossible now.
A few opinions:
– FHSA/RRSP could make sense if you donÔÇÖt want to give up owning a condo eventually. However all your savings that donÔÇÖt go into those should be going into a TFSA. Whether a high interest savings account, GIC or investments itÔÇÖs a no brainer to use the TFSA form of it. It may seem intimidating but an evening reading into it will be well worth your time, I doubt it will be too complicated for you.
– Skip the driving and car. It sounds like something you want to do out of pride but vehicle ownership is expensive and doesnÔÇÖt sound like it will materially improve your life.
– Skip the dog as well for the time being, it sounds like your mobility issues may not be the best fit as walking a dog daily is not optional (what if you need to be off your feet for a couple days?). At 29 itÔÇÖs worth still trying for whatever longshot you have at a relationship or even a close social group that works for you.. explore new hobbies where you can meet people with similar interests. May or may not lead anywhere but if you get some luck there it could materially improve your quality of life in many ways. The dog will still be an option later on
– Keep minimizing rent costs for as long as you can. If you took a fraction of the budget of renting alone and applied it to trying new hobbies and social activities youÔÇÖll also be out of the house more evenings and weekends, making it more tolerable. Try it out first before permanently increasing rent costs.
– Finish your BA while you have momentum, if you put it on hold itÔÇÖs never going to happen later.
In general, keep grinding youÔÇÖre doing well with the cards youÔÇÖve been dealt. DonÔÇÖt give up on all the hopes yet, keep saving+investing and maybe you catch a lucky break somewhere along the way – even if you donÔÇÖt attain condo ownership but youÔÇÖll still have savings to give you more optionality as circumstances change.
I did most of my savings for a home when I was making $70k and splitting $1295 in rent with a roommate. I wouldn’t give that up yet if you can mentally hang on. You will be able to get to a down payment quickly.┬á
I had a car in Toronto for 3 years and realized I didn’t really need the added expenses for the convenience. For the 1-2x a week I would use it instead of walking or taking the bus, it wasn’t adding enough value for me to keep it. I have been car free for 3 years now.┬á
Perhaps my advice is: sometimes getting to your number 1 goal doesn’t have to be a sprint, it can be a long game. Eg., if you can afford a healthy down payment in 4 years, why not take 5 and pad your entertainment and fun as you have mentioned above?
 None of us get any younger. 
I was grinding most of my 20s and skipped out on doing any travel or adventure in the pursuit of the same: buying a condo. Heck, I wasn’t even on a plane until I went on a work trip in my mid-20s.┬á
Once I hit my financial goals, I calmed down a bit and began to have a little more fun. In hindsight, there are some things I skipped out on that I wish I was more balanced in my approach to living for the now versus for the long term.  
While I feel I’m making up for it in my 30s, many of my friends are settling down and entering the next phase of adulthood and I feel like I am still learning myself: hobbies, activities, trips when I can, etc. since I’m giving myself the space and budget to explore.┬á
You’re on a great path. Enjoy the ride :)┬á
Depending on your field of work, youÔÇÖll make more in a few years. DonÔÇÖt think about home ownership right now (Single person home ownership is anyway extremely hard and rare), IÔÇÖd say max out your TFSA first, sounds like you have a lot of room there. I wouldnÔÇÖt worry about a house until youÔÇÖre 100k+ at the minimum.
Condo prices will for sure go up, but so will your salary and itÔÇÖll hover around the same range anyway. What you invest might help you in the future too, so thereÔÇÖs that.
Best of luck 🙂
I don’t have any advice. Just wanted to say you seem terrifically self-aware. I applaud your successes and hope for the best in your future
Similar situation.
I would say prioritize your mental well being, a dog has a cost of about $1500/year unless they have medical conditions. This includes $60/year licensing the pet, $900/year pet insurance with trupanion, $200/year for vaccinations that are mostly optional and $300/year for food if youÔÇÖre feeding openfarm which is arguably more expensive but way better than other dry food. However having a dog especially as a single parent is a LOT of responsibility especially with separation if you donÔÇÖt wfh. The few days a week we leave our dog home alone while weÔÇÖre both in office are days we cannot afford to go out in the evening as it would be unfair to the pet.
Living alone is a huge jump over your current arrangement but if your mental health is suffering then it makes sense. I would definitely consider first trying to find a new roommate or place before choosing to live alone. Studios are usually bare minimum $1400 in Toronto right now for crappy ones and then you add insurance, internet,hydro which easily comes to around another $150-200/month.
Additionally if you enjoy traveling then a pet is a huge additional cost since boarding or travel with them is usually inconvenient. I love dogs and have had one of my own for more than 50% of my life, but as a single pet parent life is a LOT more difficult to be spontaneous.
The one thing IÔÇÖd say is driving isnÔÇÖt worth it. The amount of car theft going on + ridiculous traffic etc. if you live in Downtown and choose to pay a premium to live closer to work it would be a lot better than having a car. I had to legitimately deal with someone vandalizing my car while living in DT over the last 6 months and it cost me $800 in repairs before I finally moved out to avoid the problem. Car insurance alone comes to at bare minimum $200/month. Add in fuel and car payments on a depreciating asset vs the time you could be spending reading a book listening to a podcast or generally relaxing in the back of an Uber and itÔÇÖs tough to justify car ownership. $20/one way for 12kms, 6 trips a week for me working from office 3 days a week. Uber cost wouldÔÇÖve been $480/month or just under $6K a year. vs my car which is $2000/year maintenance, $2400/year parking. That ÔÇ£potentialÔÇØ $1600/year savings gets eaten up by the time I spend in the cold scraping snow off, fueling gas, buying new tires, etc. I donÔÇÖt find a car worth it anymore. Especially since hertz Avis etc now have regular economy car rentals available at like $50/day and most cards will have rental insurance covered as a perk with certain brands.
Whatever you decide you seem to be very smart and willing, even if that 700K condo seems stupidly far away, maxing out your TFSAs and FHSAÔÇÖs is not a bad idea to be prepared should home ownership become a LOT more financially feasible for us in the future. IÔÇÖm a fellow 29 y/o in a similar range and situation, just got married a few weeks ago. My biggest regret is buying the car which adds to quality of life but with all the delivery applications, offers and availability of transport with Uber Lyft etc. plus the huge paranoia of vehicles being stolen everywhere at present isnÔÇÖt a good feeling. I do drive a stick which if I didnÔÇÖt, I would genuinely consider not having a car anymore.
You’re correct, that’s just modern reality and not a Toronto thing, a normal life thing in almost any city because wages are often related (make more in Toronto, spend more in Toronto)
Do the math
$150k household can’t really save up to buy a Toronto detached house at the current rates of growth, comparing real estate to wages.
You’ll never save enough for the down payment.
So at $75k you’re right about choosing one of those things.
With the way you budget & some aggressive apartment shopping I think you could live on your own + save a reasonable amount.
You can still find basement apartments in the mid $1000s range, if you look outward to the Kipling end of Line 2. It won’t be the most glamorous arrangement, but it sounds like it’ll be a lot better than what you’ve got now.
$1600/mo + ~$50 for utilities would add $1000/mo to your existing budget & allow you to save $800/mo. At 6% you would have $130k by 40. This is all assuming that you never make more than $70k which in all likelihood will not be the case. If you make enough to increase your contribution by $100/mo every year you’ll end up with almost $200k. You could reasonably become a millionaire by 60.
Lastly, don’t buy a car. Between financing/insurance/gas/maintenance/parking space you’re going to absolutely nuke your budget
With the way the rental market is, I would say that you have to pick one.
Personally, I would move to a smaller studio in a neighborhood that is close to downtown but not downtown.
Your budget and thinking is pretty solid. Having a roommate and cutting down on rent are pretty critical, but living by yourself is big on quality of life.
A car in Toronto doesnÔÇÖt work for most people. The auto loan payments, gas, parking, insurance and possible repairs all add up quickly. Taking TTC and Ubers are way cheaper. It might even be cheaper for you to Uber everywhere than owning a car. With your driving history, it sounds like a huge a hassle.
In the not so financial advice part, not sure you should consider yourself to be single forever. Perhaps spend more money on the dating part and see how that goes? YouÔÇÖre not even thirty. Living with your partner is different too. Having dual income would change things quite a bit for you.
I think a lot of your financial goals are unrealistic on a single income unfortunately. Maybe reconsider about finding a similar financially driven partner in life.
Definitely donÔÇÖt rush anything and make sure you guys are compatible and vibe with each other
I think youÔÇÖre great at budgeting and wonderfully articulate, not much advice to offer there.
I am worried that you give too much credence to your ADHD holding you back and are crippling yourself as a result. I can only offer anecdotally that I know many people with ADHD who are able to secure higher paying jobs, because many of those jobs do not actually have proportionately higher demands. Yes you sound like youÔÇÖve had some bad luck, but many people do, you canÔÇÖt let that hold you back from pursuing higher paying opportunities.
However, I realize that it would take more than Reddit strangers to help you break that belief. Does your work offer EAP? Could be worth trying to speak to a councillor about your ADHD.
You’re doing great!
Consider opening an FHSA account and contribute to it monthly. Maybe $500 if you can swing it. You can use it to reduce your taxes ( perhaps getting a tax refund) annually. If you are someday in a position to buy a home, great. If not, you can roll it into an rrsp for your retirement.
Other than that, apartment and pet. Enjoy your life.
It’s unbelievable to me as someone who’s unemployed and has never been salaried since I’m still a student,
How a $70K job only gets you $40K????
So does that mean you were making $30K on a $60K salary?
A few things
​
-look into first home buyer incentive, in short for a condo you can have the government cover 5% of your downpayement of 20% meaning you put 15% they put 5% and you get to 20%. That helps you alot.
​
– I get you roomate is getting on your nerves but the price you are paying for rent is great, financially it makes sense to stay atleast 2 more years there to save up, that means being an adult even if she is not. Do more around the appartement so you can both live more nicely, talk to her and be reasonable open and nice, chances are she will change for the better.
​
– You need to be realistic if you plan to stay on single income and have no other support from family for example than all your goals are in the impossible zone (especially the retiring at 60), you can’t have it all without an extra high salary on single income.
​
– I don’t know the prices in Toronto but is 700k really the lower end of condos, your plan would be achievable in 2-3 years time but at around 500k
Your hypothetical $700,000 condo will cost $1.4M in 11 years.
I wanted to know how you carry groceries to your place?
I know some people take the subway, of walk a cart or in bags, but with slippery surfaces, u ckeared sidewalks, filled buses and heavy loads on either shoulder, how does one carry groceries if they live in an apartment?
Or do you have them delivered?
Nope. Pick whatÔÇÖs most important. The way I viewed it was that I have lots of earning potential so IÔÇÖll take no roommates, then when I moved in with my wife we saved for a down payment. That also included significant raises, but you have to decide what your priorities are. For me it was finding the right partner, so I lived alone. If you want to go solo, maybe itÔÇÖs deal with a roommate but save for the down payment. Again, future earnings also ways in.
This sounds more like my budget and savings too! I would put my emergency/uninvested money into wealthsimple cash account to earn 4% which ain’t bad as you get your interest monthly and at the end of the year you would probably have $300-$400 extras.
Secondly, start putting money into an FHSA account, this will not only reduce your taxes but also will help you to start saving for your future home.
I’m sure your income will gradually increase over the years so try keeping 6-8 months of your monthly expenses as an emergency money and invest or put in a high interest account and build your TFSA simultaneously.
I recently explored ETFs and it’s a great way to invest if you’re not good with individual stocks.
Keep atleast 6k in your checking account as it will help you to save money on banking and credit card charges.
Wishing you luck and lots of money in future! You’re doing good.
Firstly I want to say well done. You have a good budget and you are being intentional. This will lead you to success.
Firstly in your income you mentioned your RRSP was matched. Does that mean you put in 3.5% and they put in 3.5% or you put 7% and they put 7%. If its the first you are calculating your net wrong and there should be an extra 2450 a year in your budget.
Secondly you have done a great job of recognizing your goals. But now you need to build a plan to get there.
You mentioned a condo near you costs 700k. But what about one a bit smaller a bit further out? The minimum down payment is only a little over 5% so that’s not your issue. Keeping your mortgage payment affordable is the hard part.
You have done an amazing job budgeting and defining your goals. Those are both very very hard.
Now you just need to find out what your options truly are.
What does a condo that you want to live in actually cost?
Are there places to rent solo?
What ways can you grow your income over the next 5 years?
With the effort you put into this post I have no doubt you will be just fine.
You might have miscalculated your income taxes or are just using old tax brackets (the brackets move in accordance with inflation). Putting $70k for Ontario in this [tax calculator](https://www.wealthsimple.com/en-ca/tool/tax-calculator/ontario) gives a total of $17,090 in taxes owed (including federal, provincial, CPP, and EI).
Accounting for your pension match, this should put your take-home pay of $48,000 instead of $44,400.