Life today is complex. When you have a family there are even more considerations.
Today, family can mean many different things. The term “nuclear family” which was first coined in 1947 is far outdated with four out of five households no longer fitting the mold of: mom, dad, two and a half kids and a dog.
The modern family includes multiple generations living in one house, single-parent families, same-sex couples, common-law, blended, boomerang and many other combinations of people living together.
Families are changing and the way we are living is also shifting. Salaries seem to stay stagnant while the price for everything else continues to rise.
There are more pressures for parents today, whether you are just starting to grow your family or have adult children living back at home. Financial timelines are shifting, and financial planning needs to keep pace.
From baby boomers feeling like their retirement is delayed due to extended years of supporting their children to millennials struggling to save for their first house, the need for tailored financial plans is stronger than ever.
Your family is unique, and your financial plan should be as well. Goals need to be personalized and not constrained to a one-size-fits-all approach to finances. The shape of families, values and goals have shifted and financial planning needs to as well.
Some questions the modern family might run into include:
No matter the makeup of your household, you need a solid financial plan that accounts for your unique situation, life milestones and possible changes.
With competing priorities, saving for the future might feel overwhelming. Whether it is preparing for a new baby, sending kids to summer camp, saving for post-secondary education, a home renovation or for your own retirement – chances are, there is more than one financial consideration on your mind. There are five easy steps you can take towards feeling more secure financially:
It takes work to get to a place of financial balance and happiness in any family. With modern families there could be some financial baggage. For example, a remarried spouse might have tensions for providing for both biological and stepchildren. Whatever is weighing down your financial happiness, talk about it openly in the family and with a financial professional. Clearly outlining financial priorities and goals is essential.
Make an appointment to talk to one of our financial professionals today and make planning for the future, family friendly.
Sources: Global News, CBC, StatsCanada