Does Starting a Family Mean Putting Retirement Savings on Hold? + MORE Nov 11th

Immigrating to a new country can be exciting; it’s a new beginning that offers hope to those who are looking for something a little different. But for newcomers, the process can be absolutely overwhelming.
Considering the cultural and linguistic barriers many immigrants face, it’s no wonder that financial matters are often moved to the back burner.  Here are some helpful hints that should make the process a little less daunting:
The Financial Checklist For New Canadians
Getting started in a new country means taking care of all the financial details. While you might be able to get by using your accounts from home initially, you’ll eventually want to switch to Canadian accounts, if for no other reason than to make life easier. Consider:

How you’ll address your basic banking needs
Making a plan that includes budgeting and spending habits
Opening savings accounts, both short term and long term
Investing for the future
How you’ll borrow money
How to protect yourself from fraud

Determine Your Basic Banking Needs
First, you’ll want to open new Canadian chequing and savings accounts…

Filed under: Family Finances, Retirement and RRSPs, SavingBy Trent Hamm
via Daily Finance

At some point during each of our professional lives, we wake up to the fact that we really need to be saving for retirement.

The problem is that when we think broadly about saving for retirement, it seems impossible. A million dollars? More? How are we going to possibly come up with that kind of money?

Here’s the catch: None of those retirement articles out there — the ones that talk about having to save millions — are writing about your situation. Instead, they’re writing about someone else, often someone earning a lot more than you.

What you need is a plan that works for you, and that starts with having a good target number for retirement savings.Continue reading 4 Steps to Quickly Figure Out Your Retirement Number4 Steps to Quickly Figure Out Your Retirement Number originally appeared on Walletpop Canada on Mon, 11 Nov 2013 12:36:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments

We all know parenthood is expensive, but be prepared to be floored – the cost of raising a child from birth to age 18 can cost $233,000, according TD Economics. That’s not chump change by any means.
Are you prepared for the strain a toddler can put on your finances? Fifty seven per cent of parents are not adequately prepared for the added expenses of raising a child, the study found. With so parents caught off guard, saving for other priorities – like retirement – suddenly seem out of reach. But don’t get the baby blues just yet – starting a family doesn’t necessarily mean putting a hold on saving for retirement.
Family Expenses vs. Retirement Savings
When it comes to starting a family and saving for retirement, it doesn’t have to be one or the other. With the right financial plan you can achieve both. “Retirement will always be a focus for most Canadians, but starting a family will cost a lot,” warns Amanda Ying Li, Financial Advisor at Edward Jones…

November marks Financial Literacy Month in Canada, and it’s a great opportunity for consumers everywhere to stop and check in with their money management – especially as the pricey holiday season awaits just one month away.
Whether you’re looking to boost your budget, improve your savings or dip your toe in the world of investing, this week’s Money Wise lineup is full of money savvy tips.
Financial Literacy Canada: Get Your Teen Involved In FLM2013
From Twitter initiatives to finance planning workshops, Financial Literacy Month offers many resources to improve your money management – a vastly important skill best taught early in life.
Want to get your teen or kids involved, but aren’t sure how to motivate them about their money? Read on to find out how.
Read Allan’s Blog | Get Your Teen Involved In FLM2013
Got Financial Problems? 5 Financial Mistakes You’ve Probably Made
It’s human to mess up once in a while – but muddling up your finances can have a lasting impact…

I have a running joke with my kids. I tell them I plan to live with them when I get old. I intend to split my time 60/40. Whoever treats me better gets the break!
Taking an aging parent into your home is no small step and it ain’t cheap either.  According to Consumer Reports, if you care for an aging parent in your home, you’re likely to spend about $7,000 a year more on everything from utilities to food to transportation. But that’s only the tip of the iceberg.
There will be lost wages and reduced savings if you must do more than just provide a roof and three square meals a day. Doctors appointments, mobility devices and home accessibility renovations all cost money. And then there’s the time off work.
According to statistics, women spend 26.4 hours and men spend 14.5 hours caring for an elderly parent. Along with the lost wages comes significant stress, both financial and personal.
It’s time to do some homework if you’re considering taking mom or dad in. Start by figuring out what it will cost…