top of page
Search

12 Top Reasons to Stress Over Money

Writer: Carol PlaisierCarol Plaisier

I have had the pleasure to be one of the sponsors for the Welcome Wagon Bridal Showcase for the last three years. In years past, it was usually the Moms that attended with their daughters, that always nodded their heads at the ‘Financial Planning’ area, but, it seems that more and more heads are nodding in unison and avoiding these 12 top reasons to stress over money:

12) Communicate - Yes, both Partners have goals and they may not be the same or in the same priority order.


11) Set a limit and discuss larger purchases - A new stereo set or spa day shouldn’t come as a surprise to one party at statement date.


10) Do you have a student loan or visa card that still has a balance and, somehow, the subject never came up?


9) Don’t buy a house that is over your heads. Paying your own mortgage instead of someone else’s may seem like a good idea, but do your homework. What can you reasonably afford, what if someone is laid off or if you are going to have a family immediately.


8) Do have a bank account and credit card in your own name.


7) Establish an emergency fund - a cushion that will cover 3-6 months expenses is typical.


6) Do have a budget.


5) Discuss financial management - who will control the check book or will you jointly share that responsibility.


4) Prepare a financial plan - on your own, or with the help of a planner. Ensure you monitor and annually review your progress.


3) Just as important as an annual investment review is an annual mortgage review. Should you be considering a lump sum payment or an investment, RRSP or otherwise; are you maximizing tax strategies; has your credit improved over the last year and you can refinance at a lower rate; should you refinance to renovate; should you consider locking in your variable rate; is the best use of a raise to increase your mortgage payment? and many other questions that arise in the daily course of living and choices.


2) The government is giving money away in the form of education savings grants for future college and university students. Who do you know that has refinanced their home to subsidize education costs?


1) Protect your credit reputation. You may think you have a reason not to pay that cell phone bill that your ex-roommate ran up…but it will come back to haunt you. If you have a legitimate dispute that is resolved, make sure that the credit bureau company is notified It is interesting to note that the ‘Newlywed advice’ is appropriate for most couples and singles. For ‘richer or poorer’ can be a choice.

 
 
 

Comments


CIPF_ENG_Member.png
CIRO_Regulated_Dark.png
  • Facebook
  • Twitter
  • LinkedIn

Important Disclosures

 

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.

This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.

 

Products and services provided by third parties, including by way of referral, are fully independent of those provided by iA Private Wealth Inc.  Products offered directly through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund, subject to exception. iA Private Wealth Inc. does not warrant the quality, reliability or accuracy of the products or services of third parties. Please speak to your advisor if you have any questions.

bottom of page