Household makeover: a financial success story to show how you can live within your means via financialpost
Play Video. During the holidays, I’d much rather spread some cheer and bring hope to people who may not think this is the best time of the year. So instead of another “how to fix your finances” piece, I’ll share a financial success story instead.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
I first met Bob and Suzie when they were stressed about their finances and struggling to make ends meet. This stress was having a detrimental effect on their health and relationship. They were also starting to fall behind on their minimum payments and were running short of money to cover basic necessities such as food and utility bills.Article content
Their debts had accumulated from very normal life circumstances that many of us can relate to: reduced family income during a first and second maternity leave; a decade of child-care expenses straining an already tight budget; buying a home and using credit to buy furniture and appliances; upgrading vehicles to make them more suitable for family life; and relying on credit to cover budgetary shortfalls.at their bank.
After we made sure their budget was balanced, we reviewed all their available options. Bob and Suzie had lived in their house for a while and had managed to build up some equity, which is the difference between the value of a house and how much is owed against it. Unfortunately, they did not have enough equity to pay offtheir debts, but there was enough available to pay off the two vehicle loans. This eliminated almost $1,000 in monthly payments.
Once we freed up that money in their budget, Bob and Suzie had the cash flow to afford debt repayments. They chose to participate in a
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