Sorry for the bump, just removing some of the more personal information.
Life Situation: Hey everyone, thanks for taking the time to read this. Single male, 24 years old.
Gross Salary/Wages: $50,000 CAD
Pre-tax deductions: $76.92 RRSP that is 100% employer matched. Max contribution is 4%, so $2000/year and my employer tops it up with another $2000.
Other Ordinary Income: None really, debating on starting to drive for Uber. I also typically receive about $2,000 at the end of the year as a bonus from my employer.
Qualified Dividends & Long Term Capital Gains: None
Rental Income, Actual Expenses, and Depreciation: None
Adjusted Gross Income: $50,000 CAD minus my RRSP deduction but adding the 2k end of year bonus
Taxes: $11,200, making my take home pay around $38,000 CAD
Current expenses:
Bill Monthly
Car Insurance 193
Car Payment 420
Car Gas 75
RRSP 50
Housing taxes 171
Condo Fee 275 (I live in a town house so technically a condo)
Heat 100
Groceries 100
Hydro 72
Internet 54 ($50 subsidized by employer)
Phone 10 ($60 subsidized by employer)
Life Insurance 45
Miscellaneous 100
Mortgage 686
Spotify 10 (thanks for those who pointed this out, it is in fact $10/month)
Student Loan 250
Water 50
Water heater/ 56
Total 2717
Total for Me $1917
Assets:
Home: Purchase price of $212,000 in Jan 2016 with 40k down payment
- Not sure if this matters but an almost identical unit in my complex sold for $240,000 two weeks ago, just nice to know I guess
RRSP: 10k
Liabilities:
Mortgage: $165,833 left, 5 year fixed, 2.69% interest rate, remaining amortization is 25 years and 10 months
Student Loans: $15,860, 5.2% floating interest rate at only $250/month I have 7.3 years left before this is paid off, would love to have this done in the next 2-3 years with such a high interest rate
Car Loan: $16,700, 1.99% interest rate 3 years left
Started my MBA in Sept 2016 approx. 3k every four months that I need to come up with. May have to delay this as I didn't realize how much trouble I was in financially to be honest.
Main question which debt should I tackle first?
From reading MMM it sounds like the most logical thing to do is sell my car. It's a 2015 model and only has 23,000 km on it (about 14500m) and I believe I could get around 20-22k for it. I would more than likely have to use the excess to buy a used vehicle, but that $400/month Im no longer putting toward a car payment could then go to my student loans or help fund my MBA. Does that make sense to the readers?
Any other glaring mistakes that I should correct? Im wondering if I should be contributing the $50/month to RRSP. I try to keep my other expenses down by working out in my basement and try to cook the majority of my lunches/dinners on Sundays for the entire week.
Any advice would be greatly appreciated.
Thanks!