CBC money make-over Part I

I'll start with the general details of Jeannie S. and Laurie G. and will keep posting this week on their entire financial picture, their spending log progress and next week, on solutions for them to take control of their financial futures.

Laurie G.:

I am emailing you to be considered for your Money Makeover segment. Here is why:

My husband and I are now entering our 50's and we are really scared about retirement. We have been bad money managers since we first got married 27 years ago and time is running out for us to get our finances in shape.

We are fortunate to own our own home. Our current mortgage owing is $335.000.00 which is shocking considering we bought the house for $177,000.00 just 8 years ago. We have re-mortgaged twice to pay off debt but I'm sad to say we're right back at square one, currently owing approximately $20.000.00 on our credit cards.

I believe we have both have good jobs - my husband earns approcimately $100,000.00 per year as an account manager with a national food company, and I earn just over $50,000.00 per year working for the provincial government. We both have employee retirement plans but since we started these late they will definitely not be sufficient for us to retire on in 15 years. We have $5000.00 in an RRSP but unfortunately we have been draining this account slowly over the past few months to make ends meet.

Our two daughters (aged 24 and 19) still live with us - the oldest is in her third year of university and the youngest is deciding what she wants to do after recently finishing one semester of college.

I do not believe we have an extravagant lifestyle but yet we find ourselves getting further and further in debt. It is hard for my husband and I to even discuss our finances, let alone come up with a solid financial gameplan that will bring us out of debt and help us prepare for retirement.

We could really use help Kelley - I hope to hear from you soon.

Jeannine S.:

Hello! We would love to be considered for Kelley Keehn's money makeover. I believe we are the typical Albertan couple: living beyond our means and finally realizing it. I am 29, employed full-time in the oilpatch, newly married, we own a house that we payed way too much for, we have a mountain of credit card and loan debts, and I'm (almost guiltily) paying in to RSPs - and I'm freaking out because of this "economic crisis." I have no clue how to curb our spending and start to pay off our debts in way that will have the biggest impact.