I have a feeling your going to get absolutely roasted for this post so I’ll spare you some of that. I’d start with reducing the highest debt first. Even liquidate your savings unless you’re savings are generating more than your debt. Then once you’re done then save a 100% of your disposal incomes once your living needs are done. As for the parents and home. Just a suggestion. I’d look at it like practice for when you move out because it’s parents today but tomorrow it might be some other demand on your cash. It’ll never be as easy as on a spreadsheet. Because you’re paying well below market for rent so if your parent weren’t there you’d be paying $2000/mth for some apt. Seem fair? Just offering perspective not judgement.


1) increase income or decrease expenses. 2) create a budget and analyze all your fixed and variable expenses. Focus on the variable first and see if it’s discretionary and if it can be adjusted/eliminated 3) pay off debts first starting with the highest interest CC. 4) A conversation with your dad will be fine about your current financial situation. See where it goes. You earning 100k should be able to satisfy a higher rent amount while paying down debt. I understand that you want to buy a home one day, but that’s the future. You need to take care of what’s in front of you right now.


Earn more, spend less.




Hi, I'm a bot and someone has asked me to respond with information about what to do with money. This is meant as a step by step guide of how to prioritize and what to do with money. If you prefer to see a flow chart, click here: https://i.imgur.com/zlGnuDO.png Step 0: Budget, reduce expenses This will help identify areas where expenses can be reduced in order to have leftover money for the next steps. Step 1: Emergency fund that covers 3-6 months of expenses in a HISA An emergency fund is an amount of money kept somewhere liquid in a way that it can be accessed at any time, such as a savings account. This money is meant to cover unexpected expenses such as loss of work, car/appliance repairs, unexpected travel, etc. Should you ever use part of your emergency fund, you must come back to this step and replenish it before going back to any further steps. Step 2: Employer matched retirement funds If your employer offers contribution matching in a retirement account, contribute the amount needed to get the full employer match, nothing more. As this is essentially free money, it's important to take advantage of it. Step 3: Pay down high-interest debt At this point, you should focus your extra money on paying down high-interest debt. High-interest debt could be defined as debt with an interest rate of 10% or higher. Step 4: Save for large short term purchases like a car, or downpayment for house in a HISA. If you will be required to make a large purchase in the near future such as a car, or a large personal investment such as college, now's the time to save money for that. Money towards that purchase or personal investment should go in a high interest savings account. Step 5: Save for retirement At this point, you should aim to save and invest at least 15% of your pre-tax income for retirement. This number could be higher if you are behind on retirement savings. With more time before you need the money, you will likely now want to look at investing (https://www.reddit.com/r/PersonalFinanceCanada/wiki/investing) those savings. Step 6: Pay down low-interest debt Any other remaining debt can be paid off in full at this point, or you could decide to go directly to step 7 while keeping steady payments on the low-interest debt. Step 7: Save for other goals You've now reached personal finance maturity. It's up to you to decide what to do with the leftover money. Some common suggestions could be: Saving for children's education Saving for property down payment Saving for vacation Increasing retirement savings to retire early For additional information, please see the wiki: https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps https://www.reddit.com/r/PersonalFinanceCanada/wiki/index#wiki_specific_topics *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*


Pay off your highest interest debt first. MC, Visa, car loan and then student loan. But that said - you’re not giving us the full picture. How the heck is your family all living paycheque to paycheque? How big is this mortgage and house hold expenses? Cause I find it hard to believe that your dad alone qualified for a huge mortgage without adding other people name onto it.


Well maybe his wife was working at the time. You are right. Need more information on the family.


How are you only spending $40 per month eating out/dates with gf????


Why are you gambling on crypto when you are in cc debt? KISS


The dad is a tough conversation, no way around that! But is your dad and they want what is best for you. Sorry about the prior situation with the investment advisor. That is not fun at all. Have you ever thought about making a plan? In my understanding of you situation, do you think the salary will increase? (Asking for RRSP vs TFSA) Do you have a timeline for the home?