Hi Gail - I transferred outstanding cc balances to new card as no interest is charged for one year on balance transfers. Does the bank have the right to amend this within the year and start charging me interest?

Thanks!

Hi Gail, I am in the mist of dissolving a 5 year common law relationship. The soon to be ex-significant other has been chronically unemployed during that time and his contribution to the household income has been minimal. I bought a house ( in my name only) in 2005 and have also maximized my RRSPs. Do I have any financial obligations towards him? Thanks,

PS: In case I decide to do this common law thing again, is there a legal document, similar to a pre-nuptial, that I need to complete to protect myself? Or do I see a lawyer?

My husband and I have consolidated our debt on our mortgage and then were surprised to find I was pregnant. The year of maternity leave put us in the hole about 20k, which upon my return to work was to be paid off immediately. However, we grossly underestimated the costs associated with our son, travelling to an new office (my company was bought out during my mat leave and relocated over 50kms one way). Ultimately we have run the debt up again and are still paying on the original consolidation loan and our mortgage. We have reviewed our budget but our variables seem very tight and we cannot find significant room to trim from our expenses. We have 50% of the value in our home in equity but we do not want to make the same mistake again. What should we do to try to get out of this mess? Thanks Michele

Once we have paid off all those nasty credit cards/loc etc, should we take the amt set aside for debt repayment and split it - part to savings/rrsp's and part to double up the mortgage payments or should we refinace with a shorter amortization? Already have the accelerated weekly pay mortgage - also have the option of 'double-up the payments'.

Thanks Gail!

Hi Gail (and Monty)!

How would you invest a small income tax 'win fall' ($3500-$5000) in general (if you had no financial issues and if you do have financial issues)? How would you invest it if you were buying a house in 10-15 years or planning on having a baby in 5? Please include how much you would put aside for 'mad money'!!

Thanks,

Jac

I have approx $5K in Credit Card debt that I would like to have paid off by this summer. My carrying cost, thanks to a balance transfer, is only 2%. I did the same last year, however two things happened: I had an unplanned $2.5K (carried at 3%) expense after I had taken out an RRSP loan for $5K (at 6%). I am contemplating taking out another RRSP loan this year, but I'm also trying to save up for a trip to NYC in June and to Spain in July, and I want to have my CC totally paid off by then. I have also been contributing $125/month into my RRSP for the last year.

What would be my best course of action from now until Summer?

Thanks for your help! :)

Over the past year or two I've been reading about personal finance almost daily. I want to start an investment plan, pay off our mortgage in a single digit number of years and live below our means. My spouse has recently become an aesthetician which needs her to have an excellent outward appearance, and making money off of the excess unneeded spending of others. How can you balance these two extremes to maintain the relationship with the opposing thoughts on success?

How do I set up an "investment loan" at my bank? What conditions should I anticipate?

How can I change from credit card debt to something less onerous?

Gail how much do I have to save for retirement and how can I do it quickly starting at the age 51