Where We Began

I've decided to start this blog to help stay motivated in eliminating debt, save for a house and I'm also hoping that sharing this experience will help others along the way. My boyfriend, Mr. K, and I are both 29, quickly approaching 30. I'm living with my parents and he rents an apartment with two roommates. We are anxious to get out of debt and buy our own house. Unfortunately, our combined debts don't give us the option of having our own place at this time. We both make good money, Mr. K. works seasonally which is challenging and requires planning. Our future mortgage will likely range between $300,000- $350,000 (yikes!)

Our finances in a snapshot:

Debts:

Taxes Owing- $10,200.00 interest 9%
Visa 1- $2000.00 interest 19.5%
Visa 2- $12,000.00 interest 11.5%
Student Loan- $2906.96 interest 7.75% (tax deductible)
Credit Line- $30,000.00 interest 7.5% (varies with prime)
Accord- $28,273
CSX- $22,036
TOTAL DEBT- $107,416

Savings:

Emergency Fund- $500.00
RRSP 1- $7500.00
RRSP 2- $3500.00
RRSP 3- $500.00
Accord- $28,273
TOTAL ASSETS- $40,273

NET WORTH $(67,143)


**NOTE- at one point the CRA debt was $28,000, but we managed with a lot of hard work to have some of the penalties and interest forgiven and paid a few thousand before starting this blog.