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Spoiler Alert: Life’s Milestones Typically Happen Out of Order

August 23, 2015 By Lena

First comes love…. then comes marriage…. then comes Lena with a baby carriage.

Okay, so I managed to stick to the script. But for a large percentage of the Canadian population, life’s milestones typically happen out of order. Think about it: the once traditional sequence of life events used to read like a “to-do” list – finish school, get married, buy a house and have kids. However, this sequence is far less common now than it was for past generations. In fact, a recent TD survey found nearly six in 10 (58 per cent) Canadians have completed or are on track to complete their life’s milestones in a different order than they originally expected.
kissMore specifically, Gen X Canadians are more likely to complete or be on track to complete them in a different order (64 per cent) than Millennials (52 per cent).

I can attest to this. I have girlfriends who have purchased their own home, returned to school, and had a baby – all before getting married. And to tell the truth, I am in awe! I took great pains to plan, budget and save accordingly based on my life’s own milestones, and for the most part, they followed a predictable timeline that I was equipped to handle. Therefore, I salute those who are able to swim against the current to achieve their own life goals, especially they happen out of the typical order.

Of course, while the order of life’s milestones may vary, thinking ahead about your goals and putting a financial plan in place can help manage the financial impact of these significant life moments, whenever they occur. We know that preparing for life’s big moments requires planning and saving, and regardless of your age, it’s never too early to build a financial plan and set goals for your future. 

If you’re at a point in your life where you’re looking to make big choices, it is important to ask yourself some key questions and then meet with a financial planner to map out a plan that is unique to your situation and aspirations.

– How do I handle multiple milestones occurring at the same time?
– Is it smarter to plan a wedding or buy a home first?
– What costs should I factor in when contemplating buying a home?
– How much do I need to save to comfortably enjoy a parental leave?
– How do I know if I’m on track to save enough for retirement?

You may be looking at the list above and thinking, whatever Lena, it’s not rocket science, but consider this: according to the TD survey, many Canadians who have already completed these milestones report having experienced unexpected costs, especially for Canadians buying a home (52 per cent) and having their first child (43 per cent).

Today, only four in 10 Canadians say they have properly budgeted for having their first child, or are properly budgeting for retirement. It all starts with a savings plan; from long-term dreams to short-term wishes, TD can help you build a plan that meets every milestone.

Filed Under: Lifestyle Tagged With: financial planning, Savings and retirement, TD Canada

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Reader Interactions

Comments

  1. Judy Cowan

    August 23, 2015 at 9:44 am

    No matter what milestone I think there are always unexpected costs and they can add up very quick. We try to focus on reaching our milestones in baby steps to hopefully help keep the costs under control but even that doesn’t always work.

  2. Soozle

    August 23, 2015 at 9:45 am

    These questions aren’t rocket science, but they DO require some careful thinking – that’s for sure.. I know several people who have had losses or unexpected events come up and are struggling

  3. Maggie C

    August 23, 2015 at 1:00 pm

    Definitely planning is key. Thanks for the stats!

  4. Guppy

    August 23, 2015 at 2:58 pm

    As I’m past the wedding, babies and first home buying I’m all over retirement planning. For the first time in my life I have decided a professional financial planner is needed to accomplish that goal – so much to think about and factor in…

  5. mrdisco

    August 24, 2015 at 12:04 pm

    having a plan is key

  6. Lynda Cook

    August 24, 2015 at 7:01 pm

    The way things are nowadays it’s great to have a plan, but sometimes life throws you a curve ball!! by the way awesome picture!!

  7. Marissa

    August 29, 2015 at 5:23 pm

    Having a plan in place that makes you save comfortably for a particular milestone in your life is definitely the way to go. Thanks for the tips!

  8. Stephanie LaPlante

    August 31, 2015 at 12:46 pm

    My parents almost did it in order until I played peekaboo through a bellybutton at the wedding. LOL

  9. Melinda L.

    September 15, 2015 at 9:13 am

    There’s so many milestones that I am envious of my friends of… careers they love, property they own and marriages. But hey everything takes time and planning, so one day that will happen for me :)

  10. kathy downey

    November 8, 2015 at 2:07 pm

    Unexpected cost can add up so quicky even when we think we are on track

  11. kathy downey

    March 7, 2016 at 3:36 pm

    I love your wedding photo,awesome shot !! Beautiful memories !

  12. kathy downey

    August 20, 2016 at 11:35 am

    You are so correct less and less we see people sticking to the script as you call it we have a family of three,his,mine and ours but its a wonderful life and i thank God for my blessings.

  13. Debbie White Beattie

    December 23, 2016 at 11:28 pm

    Things come up in every step of life and it’s important to have a plan and save some money in case of emergencies

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Lena Almeida

Toronto Blogger, Social Media Strategist for Listen to Lena Inc. Television & Radio Personality, Columnist and Speaker. Family Travel Expert. Star Wars Fanatic. Perfecting the Art of Conversuasion. Read More…

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