Budgeting Advice for a mid 30 who only wants to work another 20 years?
This post was deleted from Personal Finance Canada, so hopefully I can get some better advice from this subreddit.
I'm a mid 30s male and on paper I am rich but my lifestyle doesn't feel that way. Does anyone have any suggestions for what I am doing wrong or what I can improve in my budget?
My long term goals are to buy a home and eventually retire.
Income: 170k gross. Approximately 7500 a month (includes deductions for CPP, Pension, health care, dental, etc).
Monthly Budget:
*Mortgage basic (1 bedroom condo in Toronto): 2700 (I have essentially zero equity in my condo since similar units are selling for 150k less than I purchased 6 or 6 years ago).
*Condo Fees: 770
*Food: 400-500$ (incl Uber eats)
*Going Out/Dates: 250-300$
*Insurance: $250
*Car Payment: 0 currently (was 600)
*Gas: 250-300 (need to drive to see family and care for them plus I like having a car for road trips, convenience when leaving Toronto)
*Clothes: around 2000 a year (so I'd say $200 per month - includes shirts for work, suits, dry cleaning, etc).
*Internet: 60
*Streaming: 50
*Phone: 40
*Barber: 80$ (haircut twice a month - need to look professional)
*Miscellaneous: 200 (deodorant, random purchases, etc)
*Travel: 4000 per year - 350 per month (what I've got planned and booked currently, two trips, economy flights, hostels, food, etc).
Quick math: I spend around $6000 per month. Leaving me with approximately 1500 a month to save for retirement and invest.
I have just over 120k saved and invested (EDIT: In my TFSA). 10-15k in my bank account. 8k in CC debit, but it's 0% interest until December.
My life consists of me working from 8:30 to 6:30-7. Going to sleep and repeating. Luckily weekends are a little better.
It's tough for me to ask these questions to my friends group, as they can barely afford to travel. I know I can save a lot by cutting out Uber eats, travel, but honestly when I'm not at work I'm too exhausted to do anything and my kitchen is small so cooking isn't too convenient. Travel is my reprieve and keeps me sane.
It feels like unless I get married, home ownership is basically out of the picture.
What an I doing wrong?