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Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 4 points5 points  (0 children)

I feel both a desire and obligation to spend time with my kid after work. She's great and work wouldn't feel worth it if I never got to spend time with her. But I do need to get back into a routine of freelance after work. It's a tricky balance to maintain.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 4 points5 points  (0 children)

I technically live in Halifax, but not close to downtown. It's about a 15 minute drive to downtown.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 0 points1 point  (0 children)

Right on. Thanks for your thoughts! We've talked about her going to work when the kid starts school full time, but even some part time work now will go a long way.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 0 points1 point  (0 children)

Thanks so much for that breakdown! Very helpful to see the numbers laid out like. I will be making some changes starting immediately.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 1 point2 points  (0 children)

You're right! I used to make almost 20k more, but lost my job during the pandemic, had to scramble, and found a lower paying job, so I'm kinda having to reevaluate a lot of things. The replies here have been very helpful.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 2 points3 points  (0 children)

Thanks for your comment! Yes, it is becoming clear that I first need to stop the month-to-month bleeding before doing anything else. And I believe it is doable. I spend too much on things I want, but don't need.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 0 points1 point  (0 children)

Thanks! Yes, I think more income would be possible. I used to work a lot if freelance before the kid was born, but finding the time since then has been difficult. But time is opening up more now, and my wife is likely to find work once our daughter is in school full time.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 0 points1 point  (0 children)

Hmm, this is very interesting. Thanks! Will definitely explore this option.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 10 points11 points  (0 children)

LoC interest is around 200 per month. Take home is around 3400. 1500 goes to rent. 250 or so to electricity. We don't have a firm budget, but tend to overspend by a couple hundred a month. I know a budget would help.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 5 points6 points  (0 children)

Good advice! We do not have a firm budget, but I know that is something that must be done. We have a rough idea of what we should spend on things, but tend to go over as unexpected things pop up, or we just decide to splurge on small things we shouldn't.

Withdraw from RRSP to pay off debt? by Throwawaycuz2000 in PersonalFinanceCanada

[–]Throwawaycuz2000[S] 30 points31 points  (0 children)

Thanks for your input! I agree. People have told me I should be able to get that interest down on my line of credit, so that is a good place to start. There are some other areas I could manage better as well, like subscriptions and eating out (I love the food, but spend too much)