Love and Money: Are You Planning For Your Future?
Being on the same page financially is important to any relationship. Last week TD Canada Trust released an interesting article as part of their “Love and Money” series. This article stresses the importance of open communication when planning for the future financially.
Committed couples are great at joint bank accounts, credit cards and sharing mortgage, but are really lacking at having a joint long term financial plan. Janice Farrell Jones, of TD Canada Trust says “It’s important that both parties have a clear understanding of household finances- from day to day spending to long-term savings” and I couldn’t agree more with this statement.
In real estate, I often come across Buyer’s and Seller’s where one party clearly handles the household finances. In these cases, set backs can happen, as only one party knows the real buying power. On the selling side, a lack of financial planning, is one of the many reasons homes go to market.
Whether you’re in your 20s, 40s, or 60s I agree having a shared financial plan will be beneficial to your long term financial success.
Here is the complete article that highlights key steps for all stages of life. Read Article