Expecting The Unexpected For Life’s Milestones – this is a state of living my husband and I share together. We did things in the “traditional” order: bought a car, bought a home, had kids, planned for retirement…but along the way of our life journey…of course, we’ve encountered some hills and valleys. Are you expecting the unexpected for life’s milestones?…
Expecting The Unexpected For Life’s Milestones
We have always thought our home was our best retirement investment; making it our priority to pay down as quickly as possible. That meant staycations rather than vacations some years. Eating at home rather than eating out. Watching TV rather than going to the movies. I’m happy to report – this financial planning has paid off – we will be mortgage free next year! Next year guys!!
Now, we are faced with expecting multiple life milestones concurrently. Not too far away will be the days of university (or college) tuition for the kids. Home renovations (our dated bathroom – pictured above – was our last money pit – er – home renovation. Next up is our original 1940s kitchen).
For many Canadians, the traditional sequence of life events – finish school, get married, buy a house and have kids – does not always happen as it typically did for previous generations.
- In fact, a recent TD survey found nearly six in 10 (58 per cent) Canadians have completed or are on track to complete their life’s milestones in a different order than they originally expected.
- More specifically, Gen X Canadians are more likely to complete or be on track to complete them in a different order (64 per cent) than Millennials (52 per cent).
While the order of life’s milestones may vary, thinking ahead about your goals and putting a financial plan in place can help manage the financial impact of these significant life moments, whenever they occur.
Preparing for life’s big moments requires planning and saving, and regardless of your age, it’s never too early to build a financial plan and set goals for your future.
If you’re at a point in your life where you’re looking to make big choices, it is important to ask yourself some key questions and then meet with a financial planner to map out a plan that is unique to your situation and aspirations.
- How do I handle multiple milestones occurring at the same time?
- Is it smarter to plan a wedding or buy a home first?
- What costs should I factor in when contemplating buying a home?
- How much do I need to save to comfortably enjoy a parental leave?
- How do I know if I’m on track to save enough for retirement?
When it comes to being financially prepared for life’s milestones, the TD survey found:
- Only four in 10 Canadians say they have properly budgeted or are properly budgeting for having their first child (39 per cent) and for retirement (41 per cent)
This article gives me a lot to think about, thanks. I think I’m on track but perhaps I could be more on track!
My husband an an accountant with the IRS. He has our finances ALL Planned out 🙂
It sounds like Canadians are in the same boat as we are in the states. I don’t know of too many people who are fully prepared for unforeseen circumstances.
Those are really good questions to ask when trying to get through milestones. My hubby wants a totally different career choice and so we might be starting all over and that is scary when you are in your 40’s!
Let me tell you that your post speaks to me. We bought our new house and our old house is STILL on the market. We really didn’t think that it would take soooo long to sell. It’s stressful.
Being financially prepared for the unexpected is so important! Thankfully, I’ve been able to build up a savings to tackle those unexpected expenses that always arise. I had to buy a new car last fall after my old one died on the side of the road. I was grateful for having money put away to help with the purchase.
I know that life happens, so one cannot every be 100% prepared. I know if something unforeseen were to happen to us, we would not be prepared.
This game of life is always throwing us different hoops to jump through. I think having an emergency fund can really help!
Thankfully we are pretty good with our finances and we have a nest egg for things of this sort. Glad my husband knows the value of a dollar.
It’s so important to always be prepared for whatever life throws at you! As you brought up, financial preparations are especially important.
I tell you, we are never ready fo the unexpected and need to get on the ball on saving for them. It is so stressful, constantly worrying
I have been saving for emergencies ever since i moved out on my own. It is important to try and be prepared.
What an amazing milestone to reach…no mortgage! I’m so jealous! WE just barely bought our 1st house last year, and we have a long way to go. But it is so amazing and exciting to think about the day it will be paid off.
Wow that will be a huge milestone. Preparation definitely seems to be key when it comes to life’s milestones.
Planning your finances is very important. It;s always best to pay off your debt right away.
I feel like we do everything on the fly and not planned. I need to think about this more.
It’s so important to have some money put aside for emergencies – life seldom goes as planned.
There are so many milestones. Thanks for the article. One needs to be prepared.
This is some good food for thought. It’s hard to predict what will happen!