Many people have money borrowed on credit cards and are paying huge interest rates while they still sock money into investments such as RSPs and RESPs. These are important and should not be forgotten, but if you're paying 28% interest you are seriously jeopardizing your future!
Scale way back on those investments until the highest interest rate cards are paid off! You've made a big mistake with that debt and it will really impact your future well being. The interest you are making on the investments are being eaten up by the interest you have to pay on the credit cards!
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Every month we set aside cash for groceries, entertainment, and basic expenses, all in seperate envelopes. We budget so that we can ONLY spend each month what is in those envelopes for those expenses. When we break a dollar, the change goes into a jar. At the end of the month, any bills leftover and all the change in the jar goes into savings!
To make expenses fit our income, I go through everything occasionally, make two list, necessities and luxuries. First I review the necessities and reduce all as low as possible, then I work on the other list. prioritizing. This gives us a good life, and all we need, and want on a low income.
Some of the things I have done to keep our necessities low are to line dry or bar dry clothes instead of a dryer. Our house is well ventilated, so we open windows and use fans instead of air conditioner. We recently gave up our house phone, just use cell phone. All these little things add up.
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