CAN THIS COUPLE SAVE FOR A WEDDING, REPAY DEBT, PLAN A FAMILY AND RETIRE?

The Globe and Mail – By Diane Maley

As their wedding date approaches, Ruth and Cameron are looking for a financial road map to guide them through the various stages of their lives, from paying off debts to raising a family to long-term financial security.

At least Ruth is. Cameron seems a bit of a spendthrift.

Ruth is 30, Cameron 33. Both have good jobs, bringing in $260,000 a year including bonuses. They have a home in Toronto and a rental property, both with substantial mortgages. As well, Cameron has $27,000 in consumer debts.

“We’re trying to save for a wedding, a hypothetical maternity leave and pay off my boyfriend’s consumer debt – all while saving for retirement,” Ruth writes in an e-mail. “I’m worried that we’re not paying down his debt aggressively enough, yet he wants a lavish wedding,” she adds. “Obviously, we’re not seeing eye to eye when it comes to household finances.”

Longer term, they want to upgrade their house and eventually move to a larger one.

“Please help us create a strategy to balance short-term financial commitments, pay off consumer debt and plan for both a family and an early retirement,” Ruth writes.

We asked Ngoc Day, a financial planner at Macdonald Shymko & Co. Ltd. in Vancouver, to look at Ruth and Cameron’s situation. Click here to read the rest of the article.

Text Size: S M L
Print This Page Print This Page