Plan to spend
Develop a financial plan together, and include short- and long-term goals, such as a new roof or a new home. Set a monthly budget and assign bill-paying responsibilities. Consider giving each partner a monthly allowance to be spent without apology or justification.
Plan to protect
Secure life, disability and mortgage insurance. Contribute monthly to an RRSP. If you have children, consider setting up a registered education savings plan: the government will add a maximum of $400 to your annual contributions.
Plan to save
Agree to pay yourselves first. Even $25 off the top of each paycheque adds up quickly. Make it a priority to pay down consumer debt (or seek counselling if you're already in too deep -- skipping minimum payments or using one credit card to cover another are sure warning signs).
Plan to talk
Set time aside monthly to review your budget and financial goals. Consider starting with the following exercise from the B.C. Council for Families. Each of you draws up an ideal budget given your current resources and notes what each line item symbolizes. For example, a monthly lease payment on a new SUV that represents freedom or status to you might in fact threaten your spouse's sense of security. As you explore what money means to you, begin to negotiate your differences and work together to develop a more creative budget.
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