By being proactive and prepared when it comes to their financial futures, couples can avoid conflicts that put undue stress on their relationships. To get in-depth advice on how to make the money talk happen, we spoke with Cynthia Kett, a chartered accountant and certified financial planner with the firm Stewart and Kett Financial Advisors. She shared some of the biggest financial pitfalls to avoid once you tie the knot.
Mistake #1: Not having goals and plans
Every couple should be in sync as far as life goals are concerned, and it is important to get on the same page before making the big commitment, Kett says. Major goals typically range from having children to purchasing a new car or home, all of which can be expensive. "You want to prioritize them, set a time frame and identify some of the costs that might be involved with those particular goals, and then develop a financial plan to achieve those goals," she explains.
Mistake #2: Not asking for qualified help
In this age when everything is only a quick Google search away, it can be easy to get lost in piles of information. While some of it is useful, it can be helpful to have a professional point you in the right direction. "The reason professional advice is really important by the time you start to accumulate savings and investments is because different recommendations apply in different situations," says Kett.
She suggests couples look for a Certified Financial Planner (CFP), if they feel they need help, or check out the Financial Planning Standards Council website (https://www.fpsc.ca) where they can find a CFP and begin working on organizing their finances.
Page 1 of 2 -- Discover why it's important to share responsibility over your joint finances on page 2
