Sarah, 38, and Kevin, 43, collectively earn $250,000 annually and have been married for 14 years with three kids. Sarah dreams of buying land and building a house while ensuring their children get the best education. Like all parents, they want the best for their kids, but their poor money habits have led them to a very financially vulnerable situation.
The couple recently sold their house to clear $200,000 in debt, but in six months racked up $50,000 in credit card debt. They currently have $180,000 in debt and pay $55,000 annually for their girls' education. Over the decade, they are expected to spend over $500,000 on schooling fees. They used the house sale proceeds to fund the first year of schooling but have yet to figure out how to pay for the coming years.
