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.”
Andrea Yu is a freelance journalist based in Toronto. She reports on a wide variety of topics including business, real estate, culture, design, health, food, drink and travel. Aside from Toronto Life, her writing has appeared in the Globe and Mail, Chatelaine and Cottage Life.
