
BUILDING A FAMILY
Whether you’re just starting out of school, or building a family later in life – we can help you set out on the right foot. Understanding how to prioritize your spending & saving can be daunting when planning for more than just yourself, but don’t worry, that’s why we’re here.

Where do we start with our money?
Now that you’ve found the spark you’re looking for, start with your budget. I’m sure you’ve heard it before, but a budget is the perfect place to get started whether you’re planning for two people, a family of five, or a furry companion. Work with our experienced staff to set realistic goals, track your incoming and outgoing money, and start (or continue) saving for bigger purchases and/or life changes together. Now that there’s more than just yourself to consider, make sure everyone is on board with your family spending.

What will a change in my relationship status affect?
Before getting married, living in a common-law partnership, or any other legally binding relationship status – make sure that you have had “the money talk” with your partner. Everything from current debt & spending, to future financial goals is relevant here. Combining finances can be a tricky task, so make sure to get on the same page early to avoid discord and to plan and save for your mutual goals together. A change in your relationship status will also affect your annual taxes, so sit down with one of our staff who specializes in personal income taxes to help you make the most of your tax credits.

What about moving in together?
Whether you’re looking at buying a home, renting, or living together in a camper van – there’s a lot to consider before moving in. Make sure that you are both aware of each others financial situations, especially regarding student loans and credit card debt. Create a household budget together and stick to it to avoid any miscommunication. Remember to consider moving costs such as renting a moving truck and hiring movers if you are moving to a new city to start a job. Moving in with someone can also effect the various government benefits (ie Trillium Benefits or GST credits) that you might be receiving now. Remember to notify the federal government of a change in relationship status.
If you’re thinking of buying a home, check out our tips HERE.

How do I plan for children?
Ah yes, the joys of children. A growing family can be challenging and fulfilling in many ways, and you can help keep your family secure by planning for their financial future. When considering children, make sure you have a realistic and flexible budget – kids are very unpredictable. Top up your emergency fund, update (or acquire) risk management insurance, and always factor in the cost of child-care. Thinking about negative scenarios can seem a little morbid, but to ensure your family’s financial success, always put safeguards in place for custody and disability should anything happen.

What will happen in the event of a death?
It is always advisable to plan for unforeseen circumstances, especially your own illness or death. Using a well thought out estate plan will ensure that practical guidelines are in place to deal with this kind of event, and that the right measures have been put in place for a seamless transition. To avoid headache and heartache for your loved ones, you should always have a valid Will with a plan for your estate (including any outstanding debt). At our offices we have many resources available including a personal record keeper to keep track of all of your important contacts and accounts, a sample last & final letter (which does not replace a will), and lots of literature. The loss of a loved one is always difficult to think about, but you can make it easier for your family by having a plan in place.
