What’s My Priority? Managing Money in a Dangerous Time When You’re Getting Married or Starting a Family
Are you wondering how to manage your finances, meet your personal goals and secure your future when you’re getting married or starting a family in light of the recent pandemic? World events that directly impact your daily life and income might make it tricky to identify the best financial path to get you to your goals.
The simple truth is that now could be the time to revisit your financial goals and make new decisions about what to prioritize right now. Use these tips to keep your financial momentum going through dark financial times.
I’m getting married
Priority: Build a strong financial foundation
If you had been planning to get married before the recent pandemic hit, chances are your wedding plans have already changed.
This could feel disheartening, but don’t let it stop you from moving forward financially. Focus on building your savings, cutting costs, and preparing for the future you and your fiancé envision.
Adapt your plans and try to reframe this situation as a financial opportunity. So, you won’t have a big wedding this summer. Yet by saving the money you would have otherwise spent; you could have a stronger financial base for your new life as a couple.
I’m starting a family
Priority: get used to a new budget
Even in the best financial times, kids cost money. Parental leaves for time with a new baby usually mean living on a lower family income. And when parents do go back to work, they take on daycare costs.
If your plans include starting a family, this could be a good time to get a taste of how your family would fare financially. You could try living on one spouse’s earnings and use the other spouse’s paycheques to pay down your debt. Or you could set aside money that would go towards daycare bills and use it to build your emergency savings.
All Canadians
Regardless of your life stage, think about revisiting or starting your household budget to track spending and find places to save money. Make sure to include regular contributions to emergency savings.
If you’re self-employed or a business owner and your income has taken a hit due to the recently mandated restrictions and resulting economic climate, you could be eligible for the federal Canada Emergency Wage Subsidy Program announced on April 1, 2020.
The world has changed dramatically in the past few weeks. Those changes impact you directly, yet no one knows just what the post-pandemic financial landscape will look like.
So no matter which life stage you’re in, take a good look at your previous financial plan and priorities. Are they still relevant? Are they still attainable?
What is the most pressing immediate financial need that will help you weather this storm financially? Act on it today. Doing so improves your chances of coming through the storm steadily and still moving towards your own financial goals.