Some say that love is lovelier the second time around, but don't let Cupid's charms blind you to the financial realities of remarriage. Sit down with your spouse-to-be and draw up a summary of what each of you is bringing to the marriage. Include insurance policies, investments and vacation homes. Don't forget to include credit-card debt and other financial obligations to avoid nasty surprises later.
It's critical that you know all about each other financially," says Lee Raine, a partner at G2 Financial Group in Calgary. "Discussing finances might be uncomfortable, but it's vital for everything else to work out and for the romance to survive."
Raine offers these tips.
Check the beneficiary You need to change the name from your former spouse to your future spouse on insurance policies and RRSPs. It's also important to change your will and power of attorney.
Discuss bank accounts It's a matter of choice, but if your spending habits are very different, consider a joint account (for all household expenses) and one personal account each (for money to spend as you like).
Reassess your insurance needs Since obligations have changed, you might need to increase your coverage.
Consider a marriage contract If you have a large asset, such as a family business, a marriage contract can spell out which assets will not be shared should the marriage fail.
Talk to your children Discuss with your children how the remarriage affects them financially to prevent any resentment.
When it comes to women and our money, most of the surveys and reports we’ve read sum up our financial situation like this: we simply aren’t on a level playing field with men. It turns out women aren’t, for example, as confident in managing financial services, we’re often reluctant to talk about cash (it’s still considered taboo) and, no surprise here, we generally don’t earn as much as our male counterparts.
All of this got us thinking—is the relationship between Canadian women and our money as dire as it seems? To find out, we've created a survey that goes deep into the minds (and pocketbooks) of women across the country specifically to find out how you feel about all-things financial. Who pays the bills in your household? Have you ever asked for a raise at work? Do you know how much is currently in your savings account?
Take our survey and find out the results in an upcoming issue. Plus, one reader will win a $250 Visa gift card just for participating.
Wayfair, the largest U.S. online retailer of furniture and home decor, launched their
Canadian website this week, not only making shopping easier and less expensive, but offering free shipping on all orders over $75. With a selection of over 7 million items at a variety of price points, there is literally something for everyone. Here's the 6 items we are most excited about.
This stylish notebook might just be hottest organizing accessory of the year.
Everyone is supposed to have 24 hours in a day but for some us, it feels like there must be a rip in the space-time continuum. How else can you explain being constantly busy but having nothing to show for it? If this sounds familiar, learn how you can make the most of your time with our five fave productivity tips.
1. Write it down
Billed as "the analog solution for a digital age," the Bullet Journal is a diary, to-do list and catch-all for all your random thoughts. Developed by Brooklyn-based designer Ryder Carroll, this trendy organizing method involves writing down quick, memory jogging statements rather than complex entries. Use it to organize your tasks by day and month pages, keep tabs of books you want to read and things you want to buy or create new lists whenever inspiration strikes. An indexing system allows you to quickly find what you're looking for.
2. Plan your time
Sort of like HIIT for your to-do list, the Pomodoro Technique involves working on your tasks for a short, timed cycle of 25 minutes. With no distractions allowed, it’s great way for those with short attention spans to focus. Take a 5-minute break before starting your next 25 minutes of work and, after four of these cycles, you're rewarded with a longer, half-hour break. Sound a bit too structured? Maybe that's why it works—it was voted the most popular productivity technique by the readers of lifehacker.com.
3. Try a tech-savvy solution
The If This Then That app might be the closest you'll ever come to a personal assistant. Got any apps on your phone? Automate their functions by using If This Then That statements, or as IFTTT calls them, “recipes.” For example: get an early morning text when the forecast calls for rain, use it to get coffee going without getting out of bed (using a programmable outlet) or tell the family you're on your way home (with an email triggered by your location app once you've left work).
4. Go KonMari on your clutter
While organizing trendsetter Marie Kondo’s method of minimal living has been criticized for being a bit too twee, an organized, uncluttered home can be key to increased efficiency. "In most cases, things that function well are inherently neat and clean," says Clare Kumar, a professional organizer based in Toronto. It's not hard to see why. Simply owning less makes it easier for you to find what you need and streamlines your decision making (no need to choose between your 6 pairs of jeans, for example), saving you time that can be better spent elsewhere.
5. Let it go
There'll be days you can't get to everything. Your work presentation sits unfinished, the house is a mess and dinner was takeout (again!). Instead of stressing out, try to cut yourself some slack. "Our bodies burn out when stuck in fast-forward," says Carl Honoré, an expert on the topic of slow living. Sometimes the best way to be productive is to take some time out to recharge. So curl up with a good book, take a long bath, or enjoy a glass of wine...guilt free! After all, there's always tomorrow.