[Newsbot]

Title: Family with six-figure income broke every month
Category: Business
Posted By: kitty
Date: 2012-12-02 08:59:07
Canadian

[martin14]

Nice pension.

Though I wonder how Canadians have a pension like that.

The rest of the math is just .. stupid.

Start with carrying $2300 in credit cards, and $6800 in the bank.

It goes downhill from there, I think they are in the position
to have some of that OAS money clawed back as well.

[andyt]

With pension splitting, they won't have much clawed back at alll. You only lose all your OAS at >100k.

They owe 132,000 on their line of credit - wonder where that money went.

And, the story doesn't mention their mortgage costs. In Vancouver, that's the killer, Kelowna has a pretty hot housing market too.

[bootlegga]

I'm guessing they used the line of credit to pay off their mortgage - but why are they paying credit card interest when they have savings in the bank? That's just poor financial management.

In general, the family simply spends too much money - they need to learn the difference between needs and wants. I don't know about most people, but I don't buy clothes every month, I don't spend nearly that much on food and I don't spend anywhere near that amount on my vehicles.

The striking thing I see is that 'Ted' is 53 and only has $83k in his RRSP. He should have six figures by now. That would go a long way to providing a financial cushion when he retires.

[BartSimpson]

No sympathy from me. Lisa and I managed to save money back when we only made $900 per month between the two of us. That these folks can't get by on 100k is their problem.

[peck420]

Food: $1,450/month

??

Wtf?

How much does food in Kelowna cost?

My personal info (family of 5):
Food: $800/month.

And, I could probably get that a lot lower if I took the non essential food stuffs out.

[OnTheIce]

They're just poor money managers. 'tis all I see.