Toyin and Josh are a remarkably frugal couple who once experienced the stress of being in debt but now vow to never spend more than they earn. As a debt counselor, Toyin spreads their gospel: only buy something new if you can afford three of them. Now, Toyin and Josh want to buy a custom-built house. How can they do that without going into debt?
Another couple, Ben and Chantale, are just managing to balance their budget. They both earn a decent wage and have a solid nest egg of savings. Childcare is their biggest expense and with a second baby due soon, they worry that will tip the balance. Will they manage to still enjoy the occasional special night out? Or will a second child mean they incur more debt than they can manage?
Finally, Jessi and Tahza both earn a good wage, but spend beyond their means. In order to bring in some extra cash, they have a rental property, but the cost of fixing it up is higher than they expected. They are running out of time and money and are drowning in debt.
FAST STATS ABOUT SAVINGS AND DEBT IN CANADA
- The average Canadian saves 5% of their income.
- 48% of Canadians were never taught money management as children.
- Canadian university students typically graduate with a debt load of $27,000.
- A healthy credit score is between 600-900. The average Canadian scores around 600.
- 48% of Canadians live paycheque to paycheque.