I 24M will be going from ~32k (minimum wage) to ~74k.
I recently secured a government job as a IT-02 and will be making more money. I’m just wondering what is the best course of action for it. I’m lucky enough to be living at home still without rent.
I invest 400$/month into a TFSA managed by Wealthsimple and it’s currently at 15k (14 k net deposit and 6.84% return) another 400$ goes to a savings account to build up a emergency fund. I have around 800$ in monthly expenses. So that leaves me with roughly 400 in spending money a month.
I have no debt at all.
Im just curious what to do with the surplus of money? Do I contribute more to my TFSA or do I open a FHSA since the plan is to purchase a home?
Edit: From Ottawa, Ontario area (figured a general location would help for COL)
Edit 2: correct it’s not 52k it’s 74k I guess looked at after tax salary
I recently secured a government job as a IT-02 and will be making more money. I’m just wondering what is the best course of action for it. I’m lucky enough to be living at home still without rent.
I invest 400$/month into a TFSA managed by Wealthsimple and it’s currently at 15k (14 k net deposit and 6.84% return) another 400$ goes to a savings account to build up a emergency fund. I have around 800$ in monthly expenses. So that leaves me with roughly 400 in spending money a month.
I have no debt at all.
Im just curious what to do with the surplus of money? Do I contribute more to my TFSA or do I open a FHSA since the plan is to purchase a home?
Edit: From Ottawa, Ontario area (figured a general location would help for COL)
Edit 2: correct it’s not 52k it’s 74k I guess looked at after tax salary