I messed up and I need advice on what to focus on moving forward. I feel like I will be taking on expenses beyond what I can manage and I am actually not prepared. I over looked a lot of context before purchasing. I take possession November 1. What can I do in my situation to make it more manageable?
For context, I make roughly $103,000 a year cumulatively from my job and side gig. I used the HBP to put down my initial deposit so I basically gutted my RRSP and TFSA. So for simplicity let’s assume that they don’t exist.
My mortgage payment ~$2435 + life and disability insurance ~$86 brings monthly payments to $2521. Property tax in the area is around $400 a month and utilities from a neighbour is around $380. I’ve been quoted home insurance for ~$200 a month. This brings cumulative housing costs to ~$3500.
Debt:
student loans ~$540 a month
Subscriptions (gym, phone, internet, streaming) ~$236 a month
No CC debt.
I have $10k set aside to purchase a car in cash in the next month because I need it for work. I anticipate car insurance and gas will probably be another $400 - $500 a month.
Through work I can contribute to an RRSP and a TFSA. The best I could do to optimize it is contributing $475 semi monthly to the RRSP and $179 semi monthly to the TFSA so that with the Company match, I save about 20k a year. That leaves my monthly take home at around $5,000 a month. Basically I don’t think this will be sustainable because with groceries I am operating at zero or in the negatives.
I need advice on what to do. Any thoughts on how to survive this and what to prioritize moving forward?