Hmmm... I want to point out a few things before discussing a good course of action...
"I wanted to be with him too, but it's not a good time due to many other obligations I have in life."
If you let it be understood that your life is not exactly in order, that shouldn't be a big enough problem... but you did then state "My view is if I can't give it my all, I'd rather wait for a better time when I have other areas of life sorted out first." Which makes sense, and could have been enough if you told him that... and that alone... but then you said "It wouldn't be fair to make him wait, which I mentioned." The mere fact that you mentioned that to him, hurt him more than you probably know. Here's why.
When someone has feelings for someone they generally don't say anything immediately. Reasons may vary but the fact is that not telling your crush you like them invokes 2 emotions. Fear, and hope. Fear obviously of being rejected, but the failure to move on is due to the hope. You aren't yet sure there won't be anything turning your way, but hope lets you think there's a chance. Then when you say something along the lines, "It wouldn't be fair to make you wait," is heart breaking because it is a manner of telling them to move on.
Hope is lost.
It is always a mistake to tell someone what isn't fair to them. If he wanted to wait, you should have left that option. It's his choice, not yours, but you saying what you did made it seem that if he made that choice, it would be troubling you. I am not sure if he thought things through like this, but it's all possible.
As for your course of action... be selfish. If you want to help him, then do so. Don't think about how you may not be in a good position or not. If you don't do anything, one of 2 things will happen, one he'll get over you and all will be fine, or 2 (the more common one, he'll feel like you are no longer there for him, get over you and stop being your friend. I don't know the guy, I don't know what will happen.
But it doesn't hurt to be a little selfish when it comes to being selfless. "I want to help him through the bad times but I'm not in the proper position to do that in this situation. What's the best I cam do for him besides leaving him alone?" The best thing? Be there for him. It's what both of you want, even if he's questioning that now. He simply feels hurt.
This is just a suggestion. I don't know you or him or your exact situation, so I'm basing this on what I would like if I were in his situation. Which I was once.