Getting married is an exciting time and the start of something new. But beyond the romance of it all, you are going to have to make a number of very practical decisions.
Before you walk down the aisle, you and your partner need to discuss your finances. Think about how you will structure them when you’re a married couple – will you combine bank accounts or keep your savings separate and split the bills? If you have prior investments or perhaps property, like a cottage or rental home, should you be protecting your assets with a prenup? Also, will you be updating your employee benefit plans, beneficiary designations and wills to include your new spouse? These can be sensitive topics to discuss, but we can help you have these conversations with one another and come up with the best plan for your financial future.
Then there’s the cost of the wedding itself. Whether you’re planning a simple or extravagant affair, there’s no doubt that weddings are expensive, with the average expected cost over $23,000.1 Maybe you’ve been saving up for a few years or have only just begun and are now looking to pay for your big day. We can help you develop a plan to save for and pay for your wedding, so you don’t have to go into debt for it.
And the expenses don’t stop rolling in after your wedding day. Perhaps you are planning an exotic getaway for your honeymoon or purchasing a new house. You’ll need to consider your plans for major, one-time expenses, as well as a change to ongoing monthly budgets, now that there are two of you. If you’re thinking of starting a family, you may want to start saving for when the time comes. Whatever your plans, we can help you assess your current financial situation and prepare a roadmap to help you achieve your future priorities.
1 Wedding trends in Canada, online: Wedding Bells www.weddingbells.ca, 2011.
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