Since 2010 things have gone south financially for my family. As a combination of loosing our jobs, wrong decisions (trusting the wrong people) and perhaps the economy we lost pretty much most of our invested money. I try to look back to this period without emotions but that is hard because financially we had almost reached the point that we could feel confident we could retire. But, we lost it all.
First of all, I read about people that have been in similar situations like this and I'm wondering how they picked up their lives again.
Currently we have LOC of $ 47,000, mortgage $ 147,000.00 (refinanced 1 year ago, 26 years to go), a DRIP and RESP for our 3 children. Income is monthly $2,800. My spouse and I just took the jobs we could find and no we try to manoeuvre around our kids school & daycare schedule. We try to be as frugal as we can by eliminating costs of cable television, drive one car, etc. Questrade TFSA $1,600.
The car that we have is lease that ends 01/2013. Obviously we need a new car but we don't want to take out a new lease. We can raise the LOC instead of taking on a car loan although a car loan would give us the car in the end.
We can sell the house and see if we can find jobs in Alberta, make more money there but the house we live in is perfect and we prefer not to do that.
Second, what would you do in a situation like this? Would you end the RESP and put that money towards LOC or use money to buy a car?
What other suggestions would you have? I would love some feedback.