Definitely not going to be doing things this way again. A series of events led to nearly being debt free to over 30k. I had been living with parents for years, "taking advantage" of free rent with the exception of occasionally giving them a few hundred to help out.
However I did not live frugally at all. Excessive spending while making 50-60k gross, and nothing real to show for it.
No savings, rrsp, or tfsa, and a small amount of debt (under 10k) I built up over time by overspending and also went a few months without a job (lazy). I decided to smarten up and get things paid off and start saving for a downpayment on a house.
I was nearly debt free (still no savings) when I needed a new car. I like vw's, and narrowed my search down to be golf's that were just getting off lease. Still new and under warranty. I found one I liked at a vw dealer, but after looking at it closer I noticed a few things I didn't like and walked away. Found another one that was similarly priced, if not a little cheaper, and a higher tiered model, but it was at my regular mechanic shop so I couldn't use financing.
I went to my bank and any loan they could give me had a higher rate than my credit line. So I used the credit line to buy the car, no big deal, I figured, I'll have it paid off in a few months (no other expenses aside from cell phone and food).
Well shortly after I got the car my parents to me they are putting the house up for sale and I should look for somewhere to live. Fuck.
I have always been against renting a house, which is another reason why I stayed at my parents until I was over 30. So I went to the bank and asked them what I could afford. Found a house I liked. I have no down payment. So I end up using the credit line for the downpayment (and only 5% down payment at that).
Then I needed a couch for the new house and got 25 months 0%/$0 on a very expensive but high quality couch that is going to last many years. I didn't want to buy cheap furniture that will keep breaking (in a heavy guy).
at the end of last year my girlfriend was due to get new glasses. I was tired of buying glasses for her every few years so I got her lasik for her Christmas gift, with the idea that I would use my tax refund to pay for it.
So that's how I ended up where I am now. I am not worried about losing my job as I can get hired the next day (truck driver). But I am definitely putting a stop to all purchases unnecessary purchases until I've got that credit line under control.
To make things worse, to relieve myself from some of the interest payments of the credit line, I signed up for an mbna card that has 0% interest for a year on balance transfers.
I keep finding ways to save money. I just wish I had done things the right way earlier on.
My plan right now is to pay whatever I have to the credit line, then focus on that aggressively until those payment plan things are due. Then I will pay those off as they become due with the credit line and continue to pay the credit line aggressively.
My girlfriend is starting school next week, so we are taking on another 10k debt, but once she is done she will be putting her paychecks directly towards debt.
I think by this time in 2 years I will be debt free. Then I will focus my surplus money into maximizing rrsp and tfsa's as well as building a 6 month emergency stash.