23 Year Old Making 3000 a Month

Investing

Hi all, I’ve been a long time reader so I think I follow most of the good advice I’ve seen from this job. I thought I would post my income and spending habits to see if anyone had any additional tips or advice.

I currently make $3,000 a month after tax, (I live in a place with high income tax). My company has great benefits and healthcare, I get 11% of my pay going towards RRSP (6% by company, 5% of my own). My rent is $950 a month, I pay 320 a month for a new car I bought since I moved out— I struggle with buying used vehicles as I’m always worried something will happen, it gives me peace of mine to buy new. Other than that I pay $150 on phone bills for myself and my parents, $60 a month on gym membership, $15 for Apple Music. I meal prep lunch and dinner every week, this comes to about $40-$60 a week?

Currently I think I’d be able to save about $500 a month but I got my own place in July and this full time salary position, I’ve been a little irresponsible getting expensive shoes, a Nintendo switch, flights for a vacation since. I’ve been able to break even and I plan to start saving in January. I expect for my salary to rise to $80,000-$100,000 within 3-4 years. I have no debt.

I plan to save enough to put down a payment for a condo in 5 years as I’d like to have my own place, after that i plan to start saving to be able to start something where I can have secondary income.

Thank you for any advice provided.

Posted Dec 6, 2018, 1:04 AM UTC

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