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Financial Planning For Life’s Unexpected Moments

September 7, 2015 by fabfrugalmama

Way back in 1998, I didn’t know it but my boyfriend (now husband) was struggling with a major life decision. You see, we were only out of university for a year or so when he decided that I was the girl for him. He wanted to ask me to marry him, but was already well down the path of saving for a house. Having just recently graduated, neither of us had a lot of money. He was torn… should he spend his money on an engagement ring or put it towards a down-payment on a home?

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.

Filed Under: Lifestyle Tagged With: financial planning, TD

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Welcome!

Fab Frugal Mama

I'm Lisa - a business owner, wife & Mom of two. I no longer contribute to this blog, but hope you enjoy the many articles I have written about my parenting adventures, products I can't live without, my love of The Happy Planner, and how to save a few bucks. It was a fun 10-year ride! 🙂

For the past 12 years, I have worked in the social media and digital space. My passion is working with fellow female business owners to solve their biggest digital challenges and help them thrive online. Interested in working with me? Click here

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