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Before I state my question, I want to mention my question is mostly on the psychological side of it than the financial, but if you had any suggestions about my finance I appreciate that as well.
Here is my situation (approximations):
Monthly income (after tax and RRSP contribution to max out employer matching): $8000Mortgage, home insurance and property tax: $4000 per monthOther expenses (like grocery, bills, etc): $2000 per monthRemaining is saved in TFSA and RESP (toward retirement and college goals): $2000
Emergency fund saving: $20,000
Liabilities: Only the mortgage. Our car is paid off, and we have no other debt
Now here is my question. I know this is not exactly living paycheck-to-paycheck, but what I feel is that the day I receive my paycheck, I immediately pay off my credit card, bills, and put money toward my mortgage. As I mentioned above, I immediately also move the rest of the pay to an investment TFSA and RESP accounts. That leaves me zero dollars at the end of the pay day and then have to wait until next pay day. That is not leaving a good impression on me, wondering if I'm doing things right, or if I'm missing out on anything.
Given that I am covering the bases, like emergency fund, RRSP, credit card balance, should I not feel bad that I am only spending two days a month managing my finances? Is there anything I can do differently, e.g. contributing to RRSP instead of TFSA, or leveraging the cash flow better (other than collecting points on my credit card transactions), or even finding another source of income?
Sorry for the long-winded question and I appreciate any help in advance.
Edit:
Summarizing suggestions I have received so far:
- Reducing my goals and using that money toward something fun
- Reducing expenses
- Keeping my pay around for some weeks before moving it to my saving accounts
Edit 2: I should explain, even though Iām saving a lot each month, my saving balance is small at this point because we just bought our place last year and had a baby, so our saving was kind of reset and left me only with the emergency fund.
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