When you were single, your finances may have been pretty simple. You had to cover your bills and maybe save a little, but you didn't have other people depending on you. When you marry or move in together, you and your partner will likely want to share some common goals for the future. A financial plan can help you reach them.
How do we start planning our future?
To get started, sit down with your spouse or life partner and discuss these questions.
- What are your short- and long-term financial goals?
- What are your career goals?
- How much income do you make today and how much do you hope to make in five years? In 10 years?
- Would you like to buy a house in the next few years? If you own one now, will you need a bigger home later?
- Do you want children? How many? How will more children change your budget?
- When do you hope to retire?
- Do you own a business or hope to start one? What is its outlook?
- How will you protect your family if something happens to you or your partner?
After you talk things over with your partner, you may want to visit a financial adviser or a financial planner. They can help you take the next steps to create a formal long-term plan.
Remember that your life together will go through phases. Make sure you keep your financial plans up to date. Learn more now: Three big money questions for couples
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.