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.
More 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. …