We Need Your Help [VIDEO]
Posted on 12-Jan-2012 to Debt Reduction
We need your help. I just recorded this important 2 min video that explains everything.
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Your Comments
Love the idea of this program!
This sounds great – for me my 2 biggest debt issues are:
1. My interest rate continues to go up and the minimum payment grows. Do I move my debt to another lower interest rate?? I know some bank will lower the rate if they think you will move the debt.
2. After the holiday spending I’m realizing without a budget I spent waaaay to much on gifts..with my credit cards. I need a plan to stop living paycheck to paycheck and get a handle on my debt. I can’t seem to set aside the money necessary to save each month.
Because housing prices are so expensive so much of my income goes towards the mortgage, leaving precious little left over for life. How can I change this and have more money for the things I enjoy like travel and furnishing my home.
1. Extra money to pay debt
2. Extra money to pay debt
3. Extra money to pay debt
1.) Staying focused and on track
2.) Not budgeting the every so often day-to-day things like purchasing clothes, buying gifts, etc.
Interest rate is for sure huge. And trying to keep up with life and still pay down debt.
My biggest concern is that I’m building a business as a single mom but still have $30k in student loans; currently in deferment. I’ve been doing great on living on cash only the past few years but I have little to no savings (personally or professionally) and that causes some stress – not to mention the fact that I’m really not addressing the student loans at this stage.
I spent way too much on Christmas, but my biggest challenge is not being able to save money for spending at Christmas. I mKe enough money but can’t seem to get a balance or get ahead to formulate a small nest egg. I have created small loans with high interest rates which Re killing me each paycheck. HELP!
My husband always pays off our credit card in full every month so that we don’t uncur the high interest rates. We have our cars and our home to pay off- those are our major debts.
However, we don’t really save money.
Recently, I asked my bank to withdraw $200
from every paycheck into a savings account .
I don’t even know how much is in that account as if now.
I have heard that we should create a budget and then, only use cash to pay for weekly expenses. What do you think? I think we are all over the place! Help!
1. Figuring out how to start digging out of the hole we are in. With our salaries we should be fine and when we figured out the monthly budget to know how much to transfer it makes sense but we still seem to be dipping into overdraft most months and our credit card is maxed and the line of credit is nearly maxed too. We are one crisis away from true financial crisis but with 2 kids under the age of 4 (ie no sleep!) and full time jobs we are struggling to find the time and energy to figure it out.
2. My family lives in the maritimes and we live in the prairies. We try to fly home 2x per year. Is it better to pay off our travel points credit card or to keep using it since the interest payments are still less annually than the cost of a flight to NB? Our annual fee is waived so that is not a factor. Being at the max all the time feels uncomfortable.
Help!
1. I made the stupid mistake of trying to help someone else, and in turn put myself into worse credit card debt because of it.
2. I own a condo that got a special assessment this past year of almost $30k. So I maxed out a line of credit and any cash I had, then had nothing more to live on…causing more dependacy on my credit cards.
Help!
1. I don’t have a steady income. I have changed career paths, and am coming from a long period without work, which is when I recently accumulated the debt (almost fully over night!) I am chipping away on a low interest rate, but I have a few large expenses (such as educational courses Ive added to help move me towards a new career), that won’t last forever, but the bills add up. I’ve even had to move in with family to help. This leads to my number 2. Which at the moment my spending is greater than my income, and not even with frivolous items! 3. Paying down my debt and trying to save at the same time so not only can I retire one day, but I can enjoy things in life before then too! Travel is very important to me, I’d love to be able to by a house (at least rent my own apartment!)
I actually feel like I can be decent enough with money, but need guidance and direction to help budget and plan, so it doesn’t become such a stressful burden in my life. ‘nothing stifles creativity like poverty’
Paying off credit cards once they have gone to a collection agency. Ever since my divorce I can’t seem to get a handle on any finances since I live paycheck to paycheck :-/
My 2 biggest debt issue are:
1.) me and my husband are living pay check to pay check eventhough we both have 2jobs each. Can’t afford to pay extra to pay our debts faster
2.) i buy everything i see on sale and this adds up. Thinking i ‘ll be saving just to stock up.
3.) having a hard time budgeting for our monthly expenses. Dont’t know where to start.
My biggest debt issues are….
Impulse buying i.e. clothing
buying gifts for others!
restaurants
entertainment
My 3biggest debt issue are:
1.) me and my husband are living pay check to pay check eventhough we both have 2jobs each. Can’t afford to pay extra to pay our debts faster
2.) i buy everything i see on sale and this adds up. Thinking i ‘ll be saving just to stock up.
3.) having a hard time budgeting for our monthly expenses. Dont’t know where to start.
I am a single Mom w/4 Daughters’. My biggest challenges are:
1. Setting money aside for my retirement.
2. Having money left after paying all the bills every month.
3. Finding creative ways to make extra money to cover expenses.
I am soooo exciting to hear more about this.
My biggest issues are:
1-I’m paying extra on my car loan to get it paid up sooner, but it means I can only afford to pay little more than minimum on my credit card. The issue is with the interest rate of the card, I can’t seem to get anywhere with paying it down.
2-Do I get another loan to pay off the credit card at a lower interest rate? But than I’m locked into that loan for another 5 years.
3-I have a budget and a plan to get my debit down. I will have my car paid off in 3 1/2 years instead of 5 years by paying the extra on it monthly. However, I feel like I’m spread to thin with paying the car off, my credit card and still trying to build an emergency fund. I feel like I get a little ahead on the emergency fund, and than because I’m spreading my budget so thin, some months I have to use my savings. Do I forget about saving until I get all my debt paid off or continue to try to do everything all at once?
1.We live very modestly with no extras. At this point we are paying as much in property taxes as we are living on. We have a dairy farm and need the land. This one thing pretty much keeps us strapped and can’t use the money for other things. Is there any thing to change this?
2. My husband had open heart surgery so we had to stop paying credit cards, now we can’t get out from under it as they want full payment. It is a struggle.
1.My biggest challenge is deciding on what ratio I should be saving and paying down debt. I don’t have any high interest debt (credit cards etc they get payed off every month) but most of debt is in student loans and line of credit that is low interest. Im young and want to save as time is on my side with the returns of those investments. I can pay my debt faster if I didn’t save.
2. Latte factor, I’ve tried to cut back on all those little expenses successfully, but I still want to budget better for impulsive things like coffee with a friend or lunch. I feel guilty everytime I’m out and not sticking to my budget. It is not helping me feel great about my finances as I feel they are taking over every decision. I have no fun factor built into my budget.
Biggest challenges – Getting husband on board with the budget, having a mortgage for more than our house is worth (bought in a boom, but now with a recession our home is worth less than we paid for it), eating out (seems there’s no time to cook so we end up eating out a lot)
One of my biggest hurdles in earning extra income to pay off my student loans is having a child with a disability, which makes finding childcare difficult. I work as a school social worker. I’m hoping that once I reach my next level of licensure that I am able to pick up contract work during the summers.
my husband works full time, i am part time with side jobs from home. we recently paid off almost all of our debt thru manulife and find that this was a good way to pay off our mtg, 2 vehicle payments, line of credit, credit cards, still have one line and one vehicle payment left to pay on. we hope this was the right choice, my husband can retire in 1 1/2 year but not sure if we will have enough with his pension and our meager retirement fund. we also loaned my son in law money to start a business which he has yet to pay anything on. i really don’t know what changes we can make, we don’t go out, we don’t even go on vacations, last one we went on was about 17 years ago.
My problem is my continuing shrinking income. My employers have cut my pay by 20% then cut my hours by 33% and the prices of everything is going up like real estate taxes, they have doubled the tolls and state income tax. I am getting squished from all sides so in a nutshell
1. smaller income
2. higher static expenses
When I was married and there were two incomes (yes we were fondly known as “dinks” double income no kids), I paid all the bills and we were morgage free, had zero debt, and we both had savings accounts.
My debt issues are related to a divorce and having to “buy” my ex-husband out. My entire savings was used on lawyers and related expenses. While I am much happier on a personal level, I now have a morgage, one income, zero savings, and credit card debt.
Besides the embarassment of having debt and the anxiety it is causing me, my issues are:
1. I have two credit cards with balances owing (approx 9k total). How do I pay them down asap while still saving for life events?
2. How to get cheaper insurance (house and car)?
3. How to ignore people who say “you only live once” and “you can’t take it with you”.
2 Biggest Challenges:
1. Sticking with a budget and living in the real world.
2. Knowing where the money went at the end of the month. (Fixed Income)
1. Sticking to a budget.
2. Spend money now, think later. (In other words…I’ll worry
About HOW I will make up this money later.)
3. Learning how to eat this debt elephant!
My husband and I signed a 5 year fixed mortgage in 2008 with interest rates a lot higher than what they are now. Every time we hear that interest rates are dropping we cringe. To get out of our current mortgage is over $20,000 in penalties. We now make payments every week just to get the principle down faster. Plus we have monthly payments on a line of credit.
Well I have credit card debt and I am getting laid off at the end of March? What can I do?
I am a single Mom and live paycheque to paycheque….I currently hold two part-time jobs and one of them is ending in March…I am so freaked as I have a mortgage of $900/month and I don’t know if I am going to make it…Is there a creative way to earn extra money to at least pay my mortgage every month?
Top two challenges for me:
1. Don’t run my credit cards up past my ability to pay them off monthly and in full.
2. Plan for my retirement and my needed housing when I do retire.
The savings part is what we need some help with. We are paying our debts month to month, but we had some unforeseen expenses last year and we need to get back on track with our emergency backup.
My biggest challenges are:
1) Being able to continue to live my life while paying off my debt…aka not being a slave to it! I want to pay off my debt but I also don’t want to have to give up all social activities and fun life experiences in order to do it. I need a plan that allows me to do both at the same time.
2) I’m impatient. Because of high interest rates I don’t see any progress even after making a large payment toward my credit cards. This is very discouraging.
3) I feel that I will have to rent forever! The thought of being able to save up for a home is overwhelming…it would take me years and years!
I can’t wait to hear what you have in store!!
- unexpected vet bills or car repair bills
- love to shop, especially at thrift stores or the dollar stores, just have to buy something
- relatives willing to loan me money when I overspend
1) Being able to budget – having a good salary, but while living in a major city. Cities are expensive!
2) Paying down CC debt., I wish I could consolidate all my debt into one place andf make one payment (thus avoiding multiple interest charges or late payment fees from forgetting about whe one is due). But because my debt is high and my credit rating is just ‘good’ it’s tough to find something that could consolidate everything.
Looking forward to this new plan!!
My issues are like the previous post:
- Impulse buying
- Restaurants (Difficult to stick to our meal plan when we’re tired from work or running from running errands all day!)
- Not having a steady income
1. How do I ask my creditors to lower my interest rate? Who should I speak to? How hard do I push them? Do I have any bargaining points?
2. Should I borrow from my 401k to pay off my debt?
1. Making more money to pay down debt.
2. Paying less for what I need. Groceries are outrageous here( when the cost of diesel goes up, the cost of EVERYTHING goes up)
I helped out a family member by using my personal property as collateral. I have since had to take out a personal line of credit to pay off that debt BUT no payments have been made to me. I make the interest payments each month but need to find a way to pay the PLC off. So I have a large loan ($100K) and nothing to show for it. YIKES!!
1. Savings, savings, savings. I want to be able to save for a house since the housing market is great for a buyer, however, I moved back home and now have to help pay the mortgage in this house since my parent went into financial distress.
2. Students loans and some small credit cards need to be paid off.
Wow – thank you all so much for your feedback! I’m so excited for this program because we’ve designed it to help, step by step with all of the issues we face when it comes to debt. Sounds like interest rates, minimum payments and finding extra money to pay your debt off faster are all big issues. We’ll be covering all of that in this program! Is there anything else that would help you?
Keep the comments coming!
Sandra
My 3 challenges are: 1: saving money 2) paying off my Dell account 3). I retire at 65 in less than 10 years and am on long term disability.
The banks wouldn’t help me anymore, so put cc in Consumer Proposal. Now worried how long will it take to get my credit back. I would like to sell my home in a few years, by then I will be living in it 6 yrs and get something smaller. What is the best decision?
My challenge is working three sometimes four jobs and still not being able to have enough money to pay debt.
My 3 biggest debt issue are:
1.) me and my husband are living pay check to pay check eventhough we both have 2jobs each. Can’t afford to pay extra to pay our debts faster
2.) I can not pay my line of credit
3.) I can not pay my master card
My top 3 are:
1- stick to a realistic budget
2- pay off my debts
3- save up and budget for my dream to take a 1 year sabbatical and travel the world!
1) Inheriting bad debt from my ex husband: my debt load has now increased.
2) High interest rate: considering a consolidation but terrified this will ruin my excellent credit.
My two challenges are:
1.Staying Focused on Debt Reduction
2.Stop impluse Shopping
1. Paying down student loans
2. Paying down credit cards
3. Not having enough income to pay down debt. My husband has been trying to find a job but in this economy its been a struggle.
1. I didn’t save enough to pay for my daughter to attend college, because the cost increases so much the past few years. I don’t have any debt except a car payment and don’t want to have to take out student loans.
2. Lost retirement in divorce settlement and only have 8 years worth saved. I am 50.
1. Credit card/student line of credit- interest rates go up. I had my credit card paid off last fall but there have been some emergencies since.
2. Grocery bills – Trying to eat healthy. I coupon, watch flyers, try to buy in season, we just started to try a butcher instead of grocery store but it still seems we are still spending way too much.
Challenge #1 – I have 3 jobs and have an average of $7000 per year in special levies for my two apartments that I own so I had to take out a line of credit. One apartment is rented out, but it just covers the mortgage and strata fees.
Challenge #2 – I don’t drive anymore, I use coupons, I do so much to save money, but getting the basics for less would really help. I don’t live in the USA where doubled up coupons can make purchases for free.
Thank you for all you do Smart Cookies!
1) Too much debt load caused by big mortgage.
2) Lack of a unified plan between spouses
3) Joint bank account with too many income/cost variables and huge LOC.
My debt is the result of some real doozy decision-making when I was younger and it’s all on my credit card. I have student loan debt but that’s not my concern. I’d like to finally make some good hacks at my debt and at the same time get smarter with saving for my future. Simple things, but why are they so darn hard?
My budget challenges are:
1. Digging myself out of some debt that I’ve carried for years (almost got it paid off!!)
2. Trying to save up for a September wedding
3. Saving money for life in general
How do I do all of these at the same time. I’m of the opinion that I should pay like crazy on my debt…..then start putting money away for the wedding. I should have my loans paid off by the end of March.
Not staying on track day to day and getting sucked in by impulse buys. Which is mainly
Not budgeting and planning for all purchases.
#1 – my husband and I impulse buy making payments on our cars and credit card high (we pay as much in car payments each month as our mortgage)
#2 – I don’t know how to save, anytime I get a little extra money I spend it on something that realistically I didn’t need
My biggest challenge is staying focused and not getting discouraged
We are always told to have our company pull the most possible (they match up to a certain point) for our – this sounds awful, but I am not sure of the term. . maybe 401K???) retirement. We do that, but our statements show we are losing money each year. . They invest it for us. This is happening with both my job and my husband’s. It doesn’t make any sense. What should we know about or do about this?
My biggest issues with debt are:
1) having the time to get an organized plan, to read info from banks, pension plans, etc. How do you keep on top of all this?
2) my kids are at the age where they can live on their own so I would like to know how to better teach them about money so they can move out on their own and succeed.
3) putting a child through university and the most cost efficient way to do that.
A consolidation loan makes so much sense to me; however, I couldn’t get one from the bank (where I have been a customer for several years, and am in good standing), because my debt ratio is just a bit too high. Even with a track record that shows that I pay ‘everything’ on-time, and I pay more than the minimum, I was refused a consolidation loan. The loans officer who tried to help me was very understanding, and stated I was being responsible in getting the consolidation loan; but unfortunately, the formula they use to determine suitability did not come out in my favour.
cost of insurance. and is it true that life insurance usually is used to pay for the funeral costs and then it’s gone. how does someone take care of that ahead of time and still be debt free? my husband an I are in our mid fifties and it’s something we think about. I think a lot of us assume that insurance money will help us stay on our feet for a bit while we regroup after losing a spouse, but don’t realize the cost of funeral and burial. Is there a good plan for that?
Top challenge is budgeting with a fluctuating income due to being paid on commission. What are your suggestions for this situation?
we don’t have cable, we have the least expensive internet connection, one old car, no boat or fun ride like a motorcycle or 4-wheeler, we get our movies from the library . . but our groceries and ATT phone plan are killing us. I have tried couponing, but I don’t seem to make much difference and our phones – my husband, myself and our grown children is astronomical. Our son pays us his share, my husband and I just have old phones with tape on them (we don’t want to renew a 2 year commitment) and we don’t have data or anything, just texting so we can reach our children. It’s still crazy… after the basic costs there are all kinds of taxes, etc. Is there some info on finding a good inexpensive phone plan, or a good plan for groceries?
I would like to know where to invest my money for growth.I am just turning 50 and I keep hear not to invest in rrsp’s anymore especially if you will get a pension plan from work.
Also,.how do you know if you have enough for your retirement?
I would like to know where to invest my money for growth.I am just turning 50 and I keep hear not to invest in rrsp’s anymore especially if you will get a pension plan from work.
Also,.how do you know if you have enough for your retirement?
sherri
I have no debt. We paid off our mortgage in 7 years. We stayed at home and watched as our friends went on trips to tropical countries, bought expensive toys, home decor and clothes they couldn’t afford. Our oldest daughter is graduating from high school this year and needs $20,000 each year for the next 4 years. We even saved for that and for our son who will be graduating in two years. My biggest challenge is continuing to maintain my debt-free strategy and instill that upon my daughter. She sees her friends going on tropical family vacations while we stay home, buy expensive clothes, etc. and so she spends all her part-time earnings to keep up with them. Many times I want to just be financially irresponsible just like everyone else. How can I continue to keep on track?
I have credit card debt that I am trying to pay off.
My car is a 1996 Geo and it is time to trade up…. before it dies on me. I do baby her… but it is time. I need transportation to get to work and such… not much transit here.
Do I continue to pay off the debt or save for the car?
Only one income in my house,… just me.
And I only have about 8 years to retirement.
My challenge is once the bills are paid having money for the life in between pay cheques. I put money away in RRSPs and have no actually savings. I can’t even help my daughter with her tuition for college.
I wish that I had learned to budget my money not just spend my money
My family and I have managed to start using a budget just recently. We are however in the early stages with hitting a couple of goals. How do we reach repaying debt and getting started back into contributing to savings. Living the most on the least is our goal and mantra.
Looking forward to your upcoming program!!
my challenge is: retirement planning. i’m 46 years old and have no pension. i do have some money in RRSPs. are RRSPs really the way to go?
thank you
Interesting!
My two biggest challenges are:
1) husband’s lofty spending (he can’t seem to adjust his lifestyle to current situation) + rapidly growing child (age 2.5 yrs)
2) getting re-established (income) after move from Vancouver to Toronto in Sept 2010 to find steady employment (neither of us has had FT work since 2008). Savings are gone now and debt is soaring. That said I still put aside Child Tax Benefits into an RESP for out daughter each month.
we have no other debt than our mortgage. our challenge is that we really do not have money to go around, mostly because we make sure we are not carrying any debt… how do we save for future events?
My husband’s business failed, he became ill, and I’d been a stay at home mom with three children (one with special needs) After the dust settled, we had to start over but we’re always playing catch up.
I budget but then emergencies come up ($1000 house insurance deductible) or the refrigerator can’t be repaired. When there finally is money, it’s really hard to say no to the school New York trip or the guitar lessons.
My struggle is to set a reasonable budget for home and business and keep up with it. Most months I set a budget and when I see I can’t keep up with it, and I’m over the budget on necessary item; I just ignore the budget completely for the rest of the month.
1)Will need to expand Home Equity Line of Credit as entire condo complex will be undergoing remediation requiring upt to 150,000 per tenant.Prefer not to sell off other investment and property assets .Is that smart?
2)I”m thinking of paying off interest charges monthly on above loan, not the principal and repaying that when unit sells, 10 or more years from now.Is that smart?Presently only outstanding debit is home equity 30.000 for car purchase, paying off interest only. Assets presently worth 900,000.
How do you bounce back from really hard times? I had to file bankruptcy to become a caregiver. Now, I am able to work but how do you find jobs that don’t start just above minimum wage that can lead to self-sustaining life?
Credit card debt that has built up over several years while I worked toward getting full time work.
Living single rent and expenses are so high.
The things I struggle with the most are sticking to my budget, needing to make extra money to pay off more debt in a rural area, and reaching goals that my husband and I have set when we can’t seem to make it out of the debt we currently have.
I can’t wait for help!
1. Managing money – making a budget, staying out of overdraft, missing bill payments.
2. I coupon, shop sales, rarely impulse buy, where does the money go?
3. Our mortgage is up in July. Should we sell and make a profit to pay down debts and have a down payment on another house, or remortgage with a lower rate and stay put.
My biggest challenges are:
1) Impulse spending, especially when it is a ‘good deal’. The traps include thrift stores, groupons and clearance racks. Getting much better around choosing to not buy but still an issue. I will use credit card if I don’t have cash on hand or in account.
2) Setting a good example for my daughter with regard to spending. I buy too many things for her, let her talk me into purchases and let her order whatever she wants when we go to restaurants. She’s pretty good with her own money at this time but I fear that will change as she gets older.
3) This one in huge – I will rack up huge credit card debt through incremental purchases of $100 here, $200 there. I will eventually fess up to my husband, we will address that debt and then within a year or two I have accumulated another $10,000. This causes me significant anxiety and affects the trust my husband feels.
4) Paying off my credit cards.
After groceries, gas, bills, student loan payments and credit card payments, I have $22 left over every month for the rest of my life (makeup, haircuts, gifts, clothes etc). I still have two and a half years left to pay my student loan. I had a second job, but ended up paying almost all of my wages in extra taxes. How do I keep away from the cycle of putting everything on my credit card and then paying it off the next paycheque?
PROBLEMS I Have: Need Help !!!
1:”HOW “Do I Pay Off My Canada & BC Student Loans With Such A Limited Income As A Single Mom Whom @ The Moment Is On Disability??
2.How Do I keep a Written Budget When On Limited & Not Always Consistent Income ??
3.How Do I Build A Savings & Emergency Fund??
My debt problems lie in my budget.I don’t plan things well and I always go over! How the heck!! Also extra money would be nice. Where do I find this??
My issues are: 1.) paying off the credit card & keeping it at a zero balance @ the end of each month 2.) paying off the bank loan 3.) paying off that 10%/year on the mortgage, I suppose that would entail SAVING that 10% in the year 4.) learning to say NO to my only child, who is now an adult
I shop at consignment & thrift shops these days…not at Holt Renfrew as in the days of old; I read the sales fllyers & plan healthy, affordable meals; ….well, you get the picture.
This sounds like a great program!
Challenge #1: What is the most important debt item to start paying off first down to the least important?
Challenge #2: How do you raise your credit score?
Challenge #3: What is the best way to remove items from your credit report that are paid off?
My two biggest issues are paying down my debt and saving. I can only afford barely over the minimum payment on my debt each month, but since the balance is so high (stupid choices when I was younger), it doesn’t even make a dent
I’d also really like to be able to put money aside monthly for savings, but it feels like after everything is paid there’s barely anything left 
It just feels like expenses keep going up, and there’s always something you need money for…
My biggest is getting my husband on board.
Not buying anything else
My son just finished college and can’t find a job
So paying for him and my mother plus my family
1. Cash flow / budgeting
2. Borderline bankruptcy
I’m currently on maternity leave and receive only 55% of my salary….with the same amount of debts and payments as before.
1. Making what is a realistic budget and staying within it. What should I be able to live on if I live in an expensive city like Vancouver. What should I be able to save? etc.
2. Spending too much.
3. Balancing what i need to save for short term, long term, spend, and pay down.
Our biggest challenge is that we are approaching retirement and still have debt. We want to pay it down before we retire, but there never seems to be enough money to do that. Secondly, we seem to be unable to put aside money for any major purchases we make (everything from insurance to new appliances or vehicles), so again we incur more debt. Round and round we go…..
As a single parent with kids in college it is always a challenge to make it to the end of the week before the paycheque runs out, would love to hear what you have in store for us.
1) being recently single and in huge debt – how do I pay it off AND save for retirement.
2) when and how to invest money wisely
3) how to build a wealth portfolio
Getting extra money to pay down debt.
Getting extra money to pay down debt.
I want to pay down/eliminate my debt to get ready for retirement.
First of all, I have to say I’ve been a HUGE fan for a really long time. My debt issues are:
1) Figuring out when more (and what kind of) debt is ok. For example, my car has 200,000 miles on it and while it still runs, it’s starting to have its problems. My credit isn’t great, so I know if I get a loan, the interest is going to be high. On the other hand, if my car needs a big repair, I will max out my credit cards. Currently, I have 3 cards. I max out 2 each month, and pay off the entire balance each month (they happen to equal exactly the same amount as the fixed part of my income). My third card I use just for dire emergencies, and pay off with whatever other income I have each month. But, combined I don’t even have $1,000 in credit.
2) My business is in the start up stage. I’m a caterer/personal chef, so when I need equipment it’s expensive, but I usually only ever have to buy it one time. I know as my business grows, my income grows. But in the meantime, how much debt is reasonable to accumulate when you know you’re going to get a good ROI?
3) Figuring out how much debt you have. I look at my credit report on a regular basis, and I track my credit score. But sometimes, there are things that just don’t show up on my credit report. I don’t know how or why, but it seems like every time I know EXACTLY how much debt I have, something pops up randomly somewhere else.
4) Figuring out what to pay off first. Is it more important to pay off my credit cards first? Medical bills? Myself? And how do I figure out the priority? Should I pay off the $1000 debt with 7% interest, or the $100 with 15% interest?
5) How do I stay disciplined enough to stay out of debt once I’m out, and what do I do with the money I was using to pay off the debt once its gone?
My two biggest challenges when it comes to dealing with my debt are:
1. Saying “NO” to putting things on the line of credit. I started using my bank’s line of credit last year to pay for some supplemental training for work, and since I tapped into it I can’t seem to stop using it. I find myself spending money I don’t have, putting holidays and clothing on the line of credit because it’s just so easy.
2. Seeing the light at the end of the tunnel and having a clear, achievable way to get there from here. It would feel so good to be out from under my debt, and I know it’s a matter of making more and spending less, but somehow it doesn’t seem that simple when I’m caught-up in day-to-day life.
1. contributing more to a REAL SAVINGS and not just a monthly 25.00 .
2. paying off my credit cards so that I can just have it for emergencies and not to survive on.
3.spending cash on little things, food, drinks, movies.
My biggest challenge is maintaining the discipline to follow a budget
My spouse not taking an active part in our finances leaving me with the burden but him still spending the money on his hobbies
Unemployment Insurance has ended and don’t have a job or cash flow but still have some credit card debt and rent and living expenses to pay but don’t want to cash in invested money or keep jacking up credit cards but want to pay off credit card debt.. how to do it?
My house is in foreclosureand the papers were filed, because I haven’t got enough income to afford the payments..The problem is the taxes are very high. I need $220,000 to pay off the mortgage and 3 equity loans. I seriously doubty you can help me. Here’s a nice challeng for you.
1. Need more income to cover bills, debt and have something left to live on; however current job schedule makes it difficult to commit to a second job.
2. Paying off my debt.
staying focussed
creating a budget and following a budget
using a credit card – I pay off my balance each month, but it’s always such a high bill
saving enough for the future
I am a stay at home mom with two small children under 3.
My challenges are:
1. Budgeting monthly expenses, always trying but never succeeding. How does one find the time, and also track everything successfully?
2. How can we lower our interest rate on our home without paying an outrageous amount of money in the process?
Where to find extra money to pay debt off?
And to stop living from pay check to pay check? And how can I repair my credit, from having to much debt?
I can’t wait for your plan….. I need to get out of debt….
I know I should be making a long term plan and sticking to it. I know I should be taking money out of my account before I spend it in order to save for the future. It is just so hard to do this when I always feel like I won’t have enough for this month if I take it out before hand. I know I need to be totally committed to my goals and dreams but it is hard to cut back when I always feel like I’m running on empty.
How to pay down students loans faster. I got rid of my other debyt by filing Chapter 7.
My two biggest challenges:
1. Maintain my debt free life
2. How to find more $$ and save
My 2 debt challenges:
1. How to pay of my debt which is about 20,000
2. And how to save for a downpayment for a place. I am still renting and I can not figure out how to get at least that 5% downpayment for a place that costs now approximately $350,00 K and still be debt free.
1. Paying off the line off the $70,000 line of credit we have without having to dip into it severy time a household emergency crops up (ie. We just had to replace 2 windows, now the garage door opener isn’t working and the hot water tank is on its last leg, our son has decided to go to university in the fall and while we have some money set aside for this, no doubt extra hidden costs will crop up for him throughout the year.)
2. Pay down the $323,000 mortgage we have (We just bought a house in October so we are just starting our 5 year mortgage agreement with 25 year amortization.
I can relate to most of the posting here, my heart goes out to the person whose home is up for foreclosure. Suze Orman offers some real good advice for Americans facing forclosure; could be some tips here for Canadians also. She also has some interesting financial tools on her site you may want to check out. There is one call “Expense Tracker” that may help get a handle on what money is coming in and what is going out. Hope this tid-bit helps.
My biggest challenge is putting aside money to pay off debt and hopefully put some cash into savings while still being able to survive. The past three years I’ve been living on such a tight budget to pay down moving and brief unemployment debt. Things that need to get done aren’t happening because they’ll just rack up more minute debt and things that are important to me are left unfinished. I don’t splurge. Ever. I don’t “treat myself” to a coffee, I don’t go to movies, I don’t have cable. My biggest splurge is Internet access and fresh vegetables. I. Am. So. Bored.
I should add that I am 52 and by this time in my life I really need to be coming to the end of my debt yet between the mortgage and the line of credit we are $392,000 in debt still! Am I going to afford to retire by 60 at this rate???
1. Maintaining the discipline to stick to a budget
2. Managing the rising cost of groceries and gas
3. Walking away from a purchase instead of convincing myself “I deserve it” or “I’ll pay for it later but for now, why not?”
4. Making paying off debt the priority — in my head I know it should be but I can often forget when there is something I really would like to have or do.
1 Getting rid of $70,000 line of credit. We need to come up with a way to cover “emergency” household costs (ie. we just had to replace 2 windows, the garage door and opener are broken (and living where it is 30 below right now means we really NEED the garage and opener, the hot water tank is on its last leg and our son has decided to go to university in the fall-while we have some money set aside for this-there will no doubt, be some hidden school costs that will pop up this year…) And our car is 12 years old and is starting to costs thousands a year in repairs to keep running. How are we ever going to afford a new one???
2. Paying our mortgage off faster. We just bought a house in Oct so we are just starting our 5 year 323,000 mortgage at 25 year amortization.
I should add that I am 52 and by this time in my life I really expected to be coming to the end of my debt yet between the mortgage and the line of credit we are $392,000 in debt still! Am I going to afford to retire by 60 at this rate??? So sad…..
1. Money to pay bills & debt.
2. Spouse to be on same page
1. Staying focused on a budget.
2. Living paycheck to paycheck
My #1 biggest challenge is that I’m both a contractor and an employee so the amount of money I make differs every month – it’s really hard to make a budget that works and have room left over to pay down debt!
My biggest challenge is people offering to help get me out of debt if and only if i pay a fee
My biggest challenge is that my wage has not gone up since April of 2009, yet everything else has. My pay cheque keeps getting smaller and smaller. I actually made more 8 years ago than I do today – at the same job! If I didn’t my loan payment or daycare fees, I think I’d be ok. When something in my budget increases, I end up having to take it out of the food budget. A year ago my budget for food was at $150 per week. It’s now down to $140 per week. For example, it will be going down again as strata is going up at the end if the month 5.33%. And still no wage increase for this year or next apparently. So no extra $$ anywhere to pay down debt any further.
Which debt to pay off first?
What kind of debt is “good” debt?
Maximize for retirement
I would love to have a easy program I can follow to get out of debt and stay out of debt.
We consolidated our debts this fall but then racked up our credit card over Christmas. My other problem is spending so much money on groceries. I know I have spending issues and I am trying real hard to get it under control. It would be great if there was a structured budgeting program (which included how to plan a month worth of menus with a corresponding shopping list) that I could follow. This way I could stick to the list and not deviate.
what I read here is real people with real debt issues…they aren’t looking for glamour and small time debt reduction/savings/living expenses solutions…what they are looking for is real solutions…ones that relate to them and not the greatness of being a smart cookie or the groups brand or profit margin or popularity….can you come up with a ‘free’ plan that is realistic, actually works and really helps canadians?
6 weeks debt free for life? why promise that ~ its not realistic for most people ~ most people aren’t looking for the “oprah’ show to take them global…they are looking for real information and help and a real plan that relates to them and their debt issues and dependancies.
1. I want to figure out a way to make my own spending money, so I don’t have to ask my husband if there’s money available in the budget.
2. What’s the best way to budget for the unexpected; like medical, home repair, emergencies?
My biggest challenge is to pay off debt so i can stay home with my special needs daughter. My husband and I both work full time and most of the debt we accumulated was from when he was working for himself and not making enough money for us to maintain.
make more money to be able to finally take a vacation
debt repayment,
and travel
this program sounds amazing!! cant wait to hear more!
-build up my savings account and pay for wedding
-pay off all debt on credit cards and line of credit
-limit impulse buying i.e. clothing
1) saving money every month while still being able to pay monthly bills
2) paying down debt
1. Planning for emergencies: the car broke down, the furnace needs to be replaced, or any other unexpected expense, which I’m not prepared for gets thrown on my credit card… which expands my debt burden.
2. Getting discouraged by overly ambitious goals: Last week I reviewed the January-March budget I put together in December. Clearly I was on drugs when I put this together because I left myself $50 for food, gas, entertainment, and incidentals for 12-weeks. I’m not very realistic.
(1) Trying to chip away at debt now that we’re living on 1 income. My hubby is now a FT stay-at-home dad to our two kids (would have worked out to pretty much the same if he worked and we paid for FT daycare).
(2) Options for tax rebates/incentives for families in our situation
(3) Options for earning extra income from home to put towards our debt
Definitely not having a budget for every day expenses, buying clothes, dry cleaning, etc. I always just spend because I see these as necessities….
Also not sure what to do about a purchasing a new vehicle…we desperately need a new one because we are spending more in repairs than what it worth but we’re so in debt with credit cards and lines of credit that I’m afraid to ask the bank for anything more
1) How do you raise a credit score after paying out a consumer proposal?
2)Planning for retirement (still 20 years away) while choosing to rent.
Pension, RRSP’s or other investments?
3)How do you find a good financial planner, that is trustworthy in the
Vancouver area?
1. developing successful debt payment plan
2. funding emergency Fund
My biggest challenge – My husband and I earn more than enough money every month, but our adult kids sometimes need help with $$ on a monthly basis, which really eats in to our $$.
Plus, there is always so MUCH to spend money on. Our house is always needing small renovations, we need to save for emergencies, our vehicles (2) always seem to need some repair…every time a person turns around, it costs money!
My biggest problem is credit card debt and any help with that would be amazing. I only have one but I am not able to pay that down and it seems like it just gets bigger and bigger.
1. Finding extra money to pay off my debt.
2. Controlling my impulse buying
1. Pay down debt while saving for future: RRSP, TFSA… what should come first?
2. While I’ve gotten around to tracking my spending about 85% of the time, I’m still not disciplined enough to really stick to a budget. If I go over in one area (e.g. restaurants) I tell myself that’s ok because I didn’t spend as much on clothes. If I had more discipline, I would stop when I reached my restaurant max, and SAVE (or pay down debt!!) my unspent clothing budget. That I find really hard to do.
1) dont have enough discretionary Income to pay towards debt
2) spouse isnt on board with paying off debt
I’m 2 years out of University but only just managed to get a fulltime job a few months ago. I can’t ask for a raise. I live alone in a tiny 1 bedroom condo. I had to use $10,000 from my RRSPs to pay for school, plus had to take out student loans on top of that. Money is super tight to say the least. The top things for me would be:
1. Paying down my debt/paying back my RRSP while still having money leftover to buy groceries
2. Being able to get extra money so I can treat myself to something nice every once in a while like going to the movies or buying some new clothes.
Not enough income for the family
Not saving enough, my line of credit is expanding!!
1. Working at a good job but have purchased a house and also have my retirement home as well. Living from pay check to pay check paying all the bills which include mortgages, line of credit, 2 credit cards that are almost maxed out. Used to have money going into Rrsp and tax free account but now it is all going to bills.
2. How to attack my debit of credit cards and line of credit when the interest rates go up increasing my payments as well. Trying to put a bit more than just the minumum when paying. Dream of the day of having no debt, but not sure if it will ever come. I feel like a failure with my financial mistakes. New year to make an improvement in this area of my life!!! I am also doing at least one course part time as well. Look to your group for guidance, but also scared of how much it is going to cost.
1. Working in a contract capacity and never having a “predictable” amount of income/month has really created some stress in my life. Some months I feel as if I have sufficient $ in my account and other months before the end of the month I am using my credit card to cover general expenses such as groceries. I do pay my credit cards off every month so do not incur the interest charges, but still feel nervous about my income.
2. We have alot of assets, but not alot of easy accessible cash….for things that we enjoy doing such as travel or recreational activities.
How to you go about pay your pass bank bill so that it can clear up your past credit report. Does a bill from sevenytears ago still affect your present credit rating , but I still will like to pay my past bill because that the right thing to do. the only thing i dont like is how the bank in the past just for 3.00 0r 5.00 dallor over draft turn into two hundred ordeal which is extortion to me, even in the bible it speaks against practice like this, unfair interest. This bank are worse than loan sharks when comes to their overdraft charges.
Your program sounds very promising & exciting! My two biggest challenges are:
1. Getting Hubby to stick with the budget
2. Best plan for paying down student loans, credit card & regular monthly bills. I’m feeling our money is spread so thin there’s no room for impromptu purchases like lunch out or popcorn at the movies once in awhile.
1. Managing Credit card spend (clothes/home decor) – paying bills but not keeping track of how much I’m spending vs saving for a new home/car and education
2.How to prepare for unplanned expenses e.g. urgent home repairs
My wife was out of work for the past year. We didn’t have enough emergency money aside to cover for all the expenses during this period and started accumulating debt. Now we have credit card and line of credit pending to pay. She recently got a job an we will stop increasing our debt and would like to start paying back as faster a we could; therefore:
1. We don’t have enough money to start paying off the debt
2. My wife still shopping and increasing out debt.
Need advise.
should i pay student loans off agressively as my other consumer debt?
1 main worry is paying off debt that incurred from both husband and myself losing our jobs over 5 yrs ago.. we went from having an excellent credit rating to a poor rating cause there was no jobs and we werent eligible for assistance- we fell through the govt cracks so to speak.. we collected bottles to get by and have lived on our bank acct over draft.. we had over 70 thous in credit debt and loans when we lost our jobs.. just 2 yrs after we built a replacement house as he hosue we had lived in was condemned
husband just got a job yr ago and we have put as much as we can on the debt.
2- we desperately need a used car as our 2001 car has been breaking down on a monthy basis..
ive been -paying gown debt starting with smallest first and then minimum on all others.
3 husband is 64 and i am 48 and we are not able to even think of him retiring because of being in so much debt..
I struggle sticking to a budget for the long term and tend to run up my credit card after months of paying it down. I am not sure if it is better to use cash for everything as it is the most tangible or if using debit/credit are better so long as Ilearn how to be more responsible when paying with plastic. My bank has great financial tracking tools but they are only useful if you use debit and credit cards so you can track your purchases. How can I break this cycle?
I am paying off $45k student loans, about 4 more years to go from 10. I have next to nothing in savings and my extra money goes to my credit card payments. I am 33 and have no idea what I should be saving for retirement or how I can manage it as I don’t even have a savings/emergency fund. I am working full time as well as a second job on weekends. Starting a family and purchasing a home seem like pipe dreams.
1. not enough income. My husband had to take a 10% pay cut to keep his job.
2. Not being able to save enough money for Holiday spending and putting everything on credit cards
1. Although this should be an easy no brainer….I have a difficult time deciding between NEEDS and WANTS.
2. Trying to find the extra money to pay off the debt.
1) not enough money to pay off current debt load
2) extra money to pay apply to home credit loan
3) extra money to save for retirement
1. Balancing the finances with small children in tow. Ie Paying for daycare. It is such a huge expense it eats up ANY and ALL of the disposable income we have month to month
2. How to put aside money in order to do something for myself. I feel guilty for spending money on things for myself, like a class or a night out
3. Where I should be putting my money. I have RRSP, RESP’s, savings, life/critical illness insurance, bonds and Debt. How much should be going where every month.
paying down on debt
No going overboard during Christmas on gifts and food
I’m paying the monthly payment for your budgetting tips .do we get thiis next 6week program for free or is there a cost when we register ?????
is this 6 week course free ?????
Paying down debt, not incurring more and investing advice.
1. We did not anticipate the huge expense of our first child. I was breastfeeding every 2-3 hours and were too tired to cook (our takeout bill was enormous). We also spent a lot on furniture and baby gear. I had postpartum so I could not go back to work soon enough and lost my job. I was out of work for 2 years.
2. We are too susceptible to high pressure sales and wasted money on timeshares, full price on both vehicles and purchased our home during the sellers market in 2001. We also sold our home last year below our purchase price.
hi smart cookies! you’re the best!!! i LOVE your book. i’ve come a long way since reading it, however i still have a long way to go. so, my biggest challenges…i’m a single mom with next to no support from my ex. i’m not earning enough in my current profession. and i’m not passionate about my job; hence i’m reluctant to work more hours (i’m currently working just over half time. obviously not enough). my education has been in studio arts. so i am trying to figure out how to get back into an art related job that gives me enough income. and lastly, without sufficient income, my debts are on on the back burner. i would just love to get them out of the way! thank-you for everything! : )
1. Need help finding money to pay down debt.
2. Help finding money to start a college fund.
3. Help finding money to have a little fun.
Hi I am debt free, house is being paid off, cars are pd off, we are doing OK.
When I got married my husband was in debt, but we fixed that ASAP!
What I notice is that people I know are anywhere from 23-55 years old, a big portion of them don’t even know what or how to have RRSP’S or mutual funds, or savings for their future.
Some have a bit, but not enough to live off of later.
Trying to create a budget when both my husband and I have jobs
with greatly fluctuating incomes depending on the month, as well
my bills change constantly.
Understanding how to organize my family income.
My husband is retiring therefore his salary will be half of what we’ve been living on until now.
We have some savings, but I would like to pay off our mortgage before I retire which I anticipate will be in 8 – 10 years.
We also have some short term debts and we are very good at taking care that we do not overspend on one credit card which we pay off everyone month.
We’re going to one car soon which will safe us a lot.
After putting our 4 children through secondary education, helping with used cars, home renovations and life we seem to be have accumulated alot on line of credit so…
1) get rid of debt
2) put more into retirement
3) have a holiday
1. Recovering financially from taking the last year off to be with our daughter – paying off credit card purchases and building savings back up
2. Ensuring savings for an emergency fund AND for eventually buying a house
3. Determining the best plan to contribute to for my retirement and ensuring we’re allocating an appropriate amount to my husband’s.
My concerns for this year is:
1) To pay off our credit cards… we have a total of around 8000 and need to get these paid off A.S.A.P
2) Student loans…. my balance is 21,000 and I make my first set of payments in April this year.
3) Emergency & savings accounts…. We keep all of our bills paid on time and our credit scores are in the middle 700′s but we can’t seem to save any money. All of these are top concerns for me. I am starting to stress with the student loans approaching soon. I want out of debt so bad I can taste it. I have tried budgeting and re-budgeting and maybe I am missing something that can help us. I am looking forward to a new start with our finances……What can you suggest for us to do to get out of debt sooner? Any advise would be greatly appreciated!!!
I anwered a question (want to get out of debt) in an email this morning this morning and while online i came upon your site. Thank GOD for answering my prayers.
I am a single working parent with a child in their last year of high school with tuition, I also have an adult child that lost their job and moved back home (now working again over 6mths). I will lose the support I receive for child in HS, I live paycheck to paycheck, have very little saved in 401K, have a car payment (car less than 1 yr into pymts now not working), have a second vehicle 9Paid for) which needs major repair, filed BK and lost home to foreclosure approx. 3 years ago, I have a credit card ($500, pay off monthly), IRS and state tax debt acquired when employer cut our wages (reason for lost home and filing BK).
Scared how to make ends meet with rent ($1450), dental (braces), and other everyday expenses, need for automobile, etc.
1. Would like to save more for retirement, employer matches (?), I pay $200 monthly.
2. Get our of debt, taxes and all other debt.
3. Find a way to make extra $$.
4. Would like to go back and finish college with a dgree to assist me with working (parttime) after retirement. What would be a good field? or Something working from home.
5. I have no emergency savings.
6. Is it crazy to think about purchasing a home for a 52 yr old that wants to retire but can’t.
7. Life insurance, whats best? Non-drinker or smoker.
HELP!!!
d find h
1) find ways to make more money (my husband is not working)
2) get rid of debt
3) save for retirement
1. Income isn’t where it needs to be to pay them off fast enough.
2. Saving enough to keep getting back in debt when I need to make another car purchase.
My two major concerns are:
1) paying off my Visa and then using it wisely to gain a healthy credit history
2) paying off a loan provided by a dear friend… I know YIKES!
Teacher On Call, no job security, student loan payments way too high and I cannot seem to save any money
My biggest challenge is my husband’s job is not consistant, so his pay cheque flucutates from great to 0 from pay day to pay day. very hard to budget, when it is 0 we end up using the credit cards and trying to pay them off when he gets a good cheque, this is not working we are going backward.
My next biggest challenge is the Mortgage – we got some bad advise from our lending institution about 3 yrs ago and our mortgage and car loan were blended into a line of credit. now that amount never seems to go down.
Also our home is getting older and in need of some maintenance, new roof, windows etc, and I don’t know where that money will come from.
1) How to pay off debt on credit cards and save money. I want to be able to put money into savings for those rainy days needs.
2) Budgeting those everyday expenses when the money is very, very tight because I am trying to pay off my credit cards.
3) How to pay off my debt and have money available to do the things that I want like travel, send my children to private school and be able to buy something without thinking I won’t be able to pay my bills.
Hi there! I am out of debt except for my monthly charges, which I pay off at the end of the month. Now the question is how to stay out of debt, expecially since my debt cycle has been ongoing for at least 26 years. How do I stop the madness of this cycle? I have also had a couple of salary increases and have automatically deposited them into separate savings accounts (both earning next to nothing in interest). Should I chance it and combine the savings accounts and invest the money or leave it as is? Or, should I put the money or a part of that money into my ira or roth account? This is where things get dodgy for me. Thanks!
My husband and 8 month old daughter currently rent . We both work full time ( however I am currently on mat leave). It seems like we are living paycheck to paycheck. We want our own home and to be able to live comfortably but it seems impossible. We would love some guidance and ideas to get out of debt and actually be able to save!
1. How to get extra money to pay my debts
2. Student loans
Paying off my mortgage quicker & saving money!
1 groceries
2 credit card debt
I love smart cookies I always follow your suggestions.. but I live way outside of the greater van… Hope.. so groceries are hard to get deals on unless I travel for 45-50 minutes .. savings? perhaps.. I am skeptical.. I have seen lots of different programs that suggest they will do just what you have promised.. but end up being some scheme that costs money and are not what they promise,,, I have never seen the smart cookies do that so I’m praying this is a real answer.
thanks
Others have mentioned coming up with the money to pay down debt is a big challenge; but do not
forget it is also an opportunity to do something different to increase your income. I think it is
important to be proactive and creative, starting Today.
My two major concerns: medical bills and student loans. I just feel overwhelmed. I am on the only one working in the home so I’m responsible for just about everything and then some. Feeling overwhelmed, I sometimes spend out of anxiety. Not nearly as often as I used to because I can at least catch myself now. But I want that to be gone completely. Any help will be greatly appreciated. Thank you.
My biggest challenge is the new baby. I’m a single mom who would like to figure out how to continue investing in my RRSP’s and TFSA will ensuring my daughter has everything (and every opportunity) I can offer her including and RESP.
1. Medical debt (as well as accruing costs)
2. Back taxes
1) Establishing an income while recovering from a sexual assault and a mental breakdown. Mental capacity is diminished.
2) Ensuring I am able to afford food at reasonable expense while paying attention to special dietary needs. Living in Northeastern BC makes the cost of living higher. The wages for women are significantly less than that of male counterparts.
3) Planning for unexpected financial expenses.
4) Building up my RRSP’s and investments again after an illness.