Hey everyone,

My situation:-

I immigrated to Canada 4 years back, 42 y married with 3 kids, single earner and work in IT making 130k. My youngest kid is 1.5 yr and my wife can look for entry level jobs after 2 yrs or so. I can't afford daycare. I bought my 1st house in GTA in Oct 2020 after losing many bids and 60+ showings. I had to put a bully offer and was able to buy a house. This is my first experience of living in an independent house and the costs that come with it. I put my whole savings towards down-payment (back home savings, RRSP, TFSA).

Expenses:-

House (mortgage, taxes, utilities, maintenance) – 60%

Groceries – 30%

Bills/Misc – 10%

In a nut shell I'm hardly able to save anything for past 1 year after all the expenses (groceries, insurance etc. etc.) and my current savings is < 2k

I'm stressed about unable:-

– save for retirement (RRSP/TFSA – 1-2 K total)

– an emergency fund in case of job loss

– living pay-check to pay-check

Are others also facing a similar situation?

I need guidance on what can/should I do (other than getting a higher salary). I tried few side hustles but with big family it is not working out.

FYI – I'm already looking for changing my job that can increase the salary but that will come with additional taxation so in the end might get $200-250/m increase.