B.C. couple earning $160,000 are weighed down by debt but plan to start saving for their wedding

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Name, age: Cara, 31, and Will, 28

Annual income: Household income of $160,000 ($80,000 each)

Debt: $6,442 in student loans; $23,734.67 on credit card; $8,785 on line of credit

Savings: $345.89 in savings account; $351.70 in TFSA; $311.10 in RRSP; $34,728 in group RRSP; $15,705.27 in locked-in pension plan

What they do: HR professional and millwright

Where they live: Langley, B.C.

Top financial concern: “We have a wedding coming up next year. We want to pay for it out of pocket and have our debt paid off by November.”

Recently engaged, Cara and Will have two financial goals in 2023: to pay off their debt and start saving for their wedding.

Most of the couple’s $160,000 income is going toward repaying their sizable debt, which stems from hefty vet bills when their dog was a puppy, the purchase of…