My mom and I have decided that we're going to be signing the agreement to a pre-construction condo (occupancy in summer of 2016) for 380k. She will be covering 80k which covers all but 15k of the amount owed from the deposit structure which I will be saving now to cover and as well as the entire mortgage which will be 285k. I want to save for a 20% downpayment but don't know how feasible that will be. Any and all advice is appreciated!
Income: $2866/month after tax
Monthly Expenses
Car insurance: $266
Gym: $75 (sister and I)
Rent (I live at home): $500
Everyday Expenses:
Groceries+Restaurants: $370
Gas: $200
Entertainment: $100
Clothing: $75
Total: $1586/month
Rainy day funds: $100
Savings for condo: $600
Savings for car replacement: $200
Savings for vacation + emergency fund: $130
Total: $1030/month
I know there's still ~$200 remaining but I've left that in misc expenses for now but I do roll it over to savings if unused.
TFSA: 1.5k invested in equity growth funds. 29k in contribution room
RRSP: 2k. Deducts $100 from pay and company matches
Trading account: 1.5k
I don't have any other savings as it all went towards paying off my student loans which ended last month.
Income: $2866/month after tax
Monthly Expenses
Car insurance: $266
Gym: $75 (sister and I)
Rent (I live at home): $500
Everyday Expenses:
Groceries+Restaurants: $370
Gas: $200
Entertainment: $100
Clothing: $75
Total: $1586/month
Rainy day funds: $100
Savings for condo: $600
Savings for car replacement: $200
Savings for vacation + emergency fund: $130
Total: $1030/month
I know there's still ~$200 remaining but I've left that in misc expenses for now but I do roll it over to savings if unused.
TFSA: 1.5k invested in equity growth funds. 29k in contribution room
RRSP: 2k. Deducts $100 from pay and company matches
Trading account: 1.5k
I don't have any other savings as it all went towards paying off my student loans which ended last month.