This mortgage broker makes $240,000 a year. How does he spend it?

This mortgage broker makes $240,000 a year. How does he spend it?

“I cut out the LCBO, restaurants and bars to save money”

Who: Zac Lofeudo, 29
What he does: Mortgage broker
What he makes: $240,000
Where he lives: A three-bedroom condo at College and Spadina

Regular Expenses

Mortgage and property taxes: $3,350 a month. “I bought my condo for $850,000 in June 2022. Now, I’m planning to sell it and purchase a detached home.”

Condo fees: $735 a month. “My building has a gym, a theatre room, a party room and 24/7 security.”

Phone, internet and TV: $150 a month. “I have a basic plan with Bell for high-speed internet and unlimited phone data. I got a good deal for switching over from Rogers.”

More Toronto Budgets

Groceries: $350 a month. “I buy lots of meat and vegetables, and cauliflower rice is one of my go-tos. I also enjoy hosting friends and making something more exciting, like a roast or a lasagna from scratch. I mostly shop at FreshCo and T&T.”

Eating out: $100.“I recently made a lifestyle change and dramatically cut my going-out budget. Before, I was spending close to $1,800 a month at the LCBO, restaurants and bars. Now, I drink about once a month for special occasions, like friends’ birthdays.”

Gym membership: $150 a month. “I go to Altea Active by Fort York. I do weight training, running, cycling and swimming. My long-term goal is to run a half-marathon.”

Car: $1,500 a month for loan payments, insurance and gas. “I have an Audi A5 Coupé that I use for meetings with business partners or to see family and friends.”

Charity: $300 a month. “I organize fundraisers with a colleague once every four months. We’ll host comedy shows, donation drives and kids’ singalongs. The proceeds go to charities like Feed Scarborough and the Red Door Family Shelter.”

Savings: $3,000 a month. “I invest via the S&P 500. It’s pretty safe and yields more than the interest from a savings account.”

Recent Splurges

Down payment: $65,000. “I bought a duplex on the outskirts of Sudbury with a business partner. I provided the down payment, and they’re handling the mortgage and reno. We’ll sell it or rent it out.”

Travel: $4,000. “I recently took a five-day trip to Las Vegas with a friend for her birthday. We stayed at The Venetian, took a helicopter ride and rented a car to drive to the Grand Canyon.”

Dress shoes: $350. “I really like John Fluevogs. I’ve got three or four styles. They have very non-traditional shoes in funky patterns and colours.”