Family with six-figure income broke every month

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.

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.

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.

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.

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.

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