Lifestyle

Spoiler Alert: Your Life May Not Be a Storybook

Looking at how my parents laid out their life map, I (being the youngest in my family) had a goal of following in their footsteps. You know how it goes, first comes love then comes marriage then comes…but wait, there’s school to fit in first and then somewhere in there you have to fit in buying your first home or taking out a student loan. The song didn’t specify what order those things were supposed to happen!

While my life, so far, has unfolded in the order I had planned (school, then marriage, then buying our first house, then having a baby) it was more by sheer luck than strategy that things happened that way. For many people, sometimes the song goes a little out of order but many people, it turns out, like marching to a different beat and that doesn’t necessarily mean it’s wrong.

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).

TD Bank Infographic

Isn’t that interesting! Whatever order you decide (or fate decides for you!) to complete life’s milestones, you need to be prepared. 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?

Big questions, but with big milestones comes big responsibility don’t you think?  Many Canadians who have already completed these milestones also reported having experienced unexpected costs, according to the TD survey, especially for Canadians buying a home (52 per cent) and having their first child (43 per cent). Of course, even those who achieve milestones often run into unexpected costs along the way, so asking yourself questions like the above and meeting with a financial planner are probably good ideas while dancing through life.

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  • Approaching my mid 50’s I thought I had a few more years to work in order to pay off our mortgage and take a few more big vacations. However, my plan didn’t include having my position eliminated from a company that I had been employed with for 25 years. My new plan prioritized paying off the mortgage and clearing up all debts with my one year severance pay. That was achieved and now I am contemplating the next phase of life.

  • I wished my life was so easy, I married have two beautiful girls, divorced, remarried, and was put on disability. I worked at the same place for 24 years, and because I was put on disability I had no income, I feel bad for hubby having to work his butt off so we can keep our home

  • I’m one of those people who always had a plan to follow. Luckily I’ve been able to stick to it although it hasn’t been easy. I think it is important to prioritize what you want out of life and the look at things realistically. Get finances in order, don’t buy what you can’t afford, enjoy the simple things in life, many of them free and above all do what you can to plan for later in life and try to stay healthy so that you’ll be able to enjoy yourself.

  • We managed to experience several milestones in a short period of time and found it quite overwhelming. If you can, it is good to space these big life events out.

  • I didn’t go to college right after high school because I had NO idea what I wanted to do. It took me an additional 6 years. It just seems so hard these days to get a good paying job to pay for a mortgage..car..etc.

  • I had a lot of things planne out that didn’t happen in the order that I had hoped…I wouldn’t change then for anything. They are the reason I am where I am today 🙂

  • Nothing ever goes as I have planned,life can throw a lot of punches but you have to get right back up and move forward

  • I didn’t finish university, and I’m not at my dream job, but i can’t complain – we are all healthy, have two beautiful children and yes we have bills, but such is life.

  • I had a lot things planned out that didn’t happen. Lots of things I dreamed/wished for that never came true. I enjoyed reading this blog post!

  • We need to plan more things out … I have a lot of dreams and so much has happened to me as well…… Great post

  • I always just try and expect the unexpected. Always have a little nest egg saved away for a rainy day and try to be adaptable. Roll with the punches. Look at life like an adventure and try not to take yourself too seriously!

  • We try to set aside a small amount each paycheck to build up some savings for lifes unexpected expenses

  • Things definitely don’t always goes as planned, we have lived that firsthand! But we always seem to find a way to make things work out.

  • I didn’t really have a plan for my life but I’m happy with where I’m at so I guess I’m right on track 😀

  • I have definitely realized life isn’t cheap – and have learned to plan for the future by saving and budgeting.. It doesn’t always work the way you way, so learning to roll with the punches is important.

  • We saved an RESP for both of our children. Our oldest has gone to college now and even though we maxed it out we didn’t figure in the cost of living out of province. He chose another university in a different province but the cost of living is very high. My advice is to consider this and save accordingly.

  • You can never be prepared for what life will throw at you. Got married, bought a house, had a daughter and then 4 years later blessed with twins (wow), planned on going back to work but then twin daughter diagnosed with rare disease which meant many hospital admissions and appointments so we became this one income family. We made many sacrifices and have managed but also with the love and support of family. We are doing fine and make the most of what we have.

  • I definitely didn’t plan to be going back to school in my 30s! Careful financial planning was definitely key to allowing me to pursue my passions.

  • Be prepared for unexpected events. Have a savings account. Don’t collect credit card debt. I am curently attending school with a toddler but it happens.

  • I think a lot of the time life doesn’t always pan out as expected, but it’s always nice to embrace what comes your way and make the best out of it. Having a saving pot for rainy date always puts your mind at ease.