Juggling family, career, and finances is a life stage most of us will experience during our lifetime. In addition to finding balance in your busy life, there’s a lot to juggle financially during the growing family and career-building stage. Between clothes for the kids, fees for school, sports, activities, and groceries for a growing family, the financial demands can seem endless. But with a good plan, and guidance from an expert, you’ll reach your destination sooner.
Creating a budget
As your financial demands change, you may want to do a cash flow analysis so you can monitor your budget and plan for future spending and saving. Making a list of what you and your family spend each month will help identify where you may be able to trim expenses to meet future needs, or where you can set aside money for the big things in life.
Growing your savings
Part of your strategy should include saving, including a strong vision for the future and a plan to get you there. One of your decisions will be whether to save through a variable savings account that you can access easily, or earn higher rates through GICs that you lock in for a set time period. Or, choose a combination of both to access funds when you need them and use another vehicle for longer-term savings or investments.
Finding your forever home
Considering buying or upsizing your home to meet the demands of your growing family or to accommodate your ageing parents? Start by getting an evaluation on the market value of your current home and creating a list of what you want in your next home. Next, get advice from a lending specialist and get preapproved for a mortgage so you’re ready to make the move when you find the perfect home.
Starting an RESP for your children
We all want our children to aspire to be the best they can be, and a large part of that is their education. However, a good education comes at a price. A Registered Education Savings Plan (RESP) is a great solution, plus the federal government will match 20% of your annual contributions up to a maximum of $500 a year. There are RESP options to suit every child’s financial future.
Setting a good savings example for your children
Learning about good financial habits early sets children up for lifelong success. As your children start school, it’s also a great time to teach them about money. The key is to choose age-appropriate learning activities that are also fun. Depending on their age, books and board games can help teach kids how to handle money and learn to save for the important things.
Investing in your retirement
At this busy stage of life, retirement might seem a long way off. However, taking some time to plan your annual contributions throughout the year means you can maximize your savings in both your RRSP and TFSA. No matter where you are in your journey — and as your needs change over time — choose an expert who can help you make wise financial decisions.