Long time lurker, I learned a lot on this forum. Here is my situation:
- 29yo Engineer
- Live with girlfriend; future plans (in the next 5 years): marriage, house, kids.
Expenses (average monthly expenses over last year):
- Rent: $600 (my half).
- Bills: $370 (cell phone, hydro, gas, etc).
- Groceries: $300
- Gas: $140
- Leisure/vacations: $650
- Clothes: $100
Main Income (pre-tax):
- $70k + ~$10k overtime + ~$5k bonus
Other Income (estimated, no tax):
- Cashback on ~$50-60k travel expenses = $2k/year (TD First Class), Saved Per Diems = ~$2k/year.
- Cash: $14,000 (USD + CAD)
- TFSA: $22,150 (I think I have about $8k contribution room left). Consists of mostly TD e-Series, and stock.
- RRSP: $23,000 (=$15k in TD Comfort Mutual Fund, $8k in work matched (2%) RBC Mutual fund. Both high MERs...)
- TD Waterhouse Stocks: $41,100 (Energy, REIT, Banks)
- Mutual Funds: $1,800 (TD Comfort from long time ago)
- Pension: $550 (from part time job 12 years ago...)
- Loan: $6200 (to girlfriend, interest free to help with student loans).
- I want to avoid putting too much in RRSP, to keep my options flexible when buying a house (max. $25k HBP).
- I have a lot of cash, but that swings since I need to pay expenses for work before they are reimbursed at times.
- Marriage means merging finances with girlfriend; she makes $43k, and has about $20k loans (including the $6200 loan from me).
- I have much to do in optimizing my investments, add more to TFSA, get rid of high MER mutual funds.
Any advice or comments would be much appreciated!