After being together for five years, he should have known that I didn’t need a ring to accept his proposal, but when I told him so, he was thrilled! (And, he promised to buy me a diamond by the time we reached our 10th anniversary. 😉
We agreed that buying a house was first priority, so we found a place we both loved, got married, moved to a new house five years later, had two great kids, then moved again – this time, to our “forever” home.
The funny thing is, for many people life doesn’t always run in a straight line. In fact, a recent TD survey found that 58% of Canadians have completed major milestones in a different order than they thought they would. No matter how “by the book” our life appears, we’ve experienced major events that have made us rethink our plan.
|Expecting the Unexpected: When Life Happens
Out of Order (CNW Group/TD Bank Group)
Click here to download the full infographic.
For example, when our second child was born, I decided to try my hand at being an entrepreneur. I wanted to have a flexible work schedule, one that would allow me the opportunity to spend more time with my kids and still contribute to the household. My husband supported me all the way, and even though my career has taken a different route than I had always planned, I am so glad I took a chance and tried something new.
That’s where a good financial plan comes in. Without a solid foundation, it would never have been possible to deviate from the norm.
Whenever contemplating big life changes, my husband and I have met with our financial planner to crunch the numbers and discuss future goals. TD recommends asking these questions…
- How will we handle multiple life events happening at once?
- What are our financial priorities?
- How much will we need to save for a parental leave?
- What costs are associated with buying a home?
- How can we ensure we meet our retirement goals?
Just like when we had to make a choice between a ring and a house down payment, preparing for these milestone events requires sound advice, planning and saving. According to a survey by TD, only 33% of Gen Xers report properly budgeting for retirement, yet over half of them have experienced unexpected costs associated with life’s milestones (having a child or buying a home).
The great thing is, it’s never too late to make a plan and start saving. If you’re looking for financial planning advice, the good folks at TD can help.
There’s peace of mind in knowing you’ll be able to enjoy life, now and well into retirement.
Disclosure – this conversation was sponsored by TD, however the opinions expressed are my own.