Family Formation & Housing

For young couples starting families, buying their first home and/or other real estate. Covers mortgages, credit cards, interest rates, children’s education savings plans, joint accounts for couples and the like.

When Finances Matter: Buying Advice for Potential New Home Buyers

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First time buyersBy Jennifer Caughey,

Special to the Financial Independence Hub

A paid-for home is the foundation of financial independence, according to this web site. But long before you reach that stage, stepping up to buy your first home can be a daunting process. It takes time and careful planning. Finances are especially important when you’re considering taking the huge step of buying your first home.

Not only do you have to consider whether you can come up with the down payment and closing costs, but you also have to think about whether you can afford the upkeep of ownership, potential repairs and improvements, and the full cost of buying a home in the first place (including principal and mortgage interest payments). There are a lot of variables to consider and potential home buyers need to be prepared for everything involved in the home buying process.

The True Cost of Home Ownership

Financially speaking, buying a home is a big deal. There’s a lot to think about in terms of where the money will go. It goes well beyond just paying for the home that you decide upon. There are plenty of areas where you have to ensure that you can afford this process, including: Continue Reading…

Twice as many retirees now rely on home equity: Fidelity survey

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By Jonathan Chevreau

House made of money in handSeniors are now twice as likely  to rely on their home equity to fund their retirement than before the financial crisis, says a Fidelity retirement survey. They’re also more likely to work in retirement, provided they can find employment.

Since 2005, the number of Canadian retirees relying on home equity to fund retirement has more than doubled from 14% to 36%, says the survey, commissioned by Fidelity Investments Canada ULC.

Conducted by The Strategic Counsel, the 10th Fidelity Canadian Retirement Survey of retirees or workers 45 or older also finds:

•  Since the financial crisis, the number of retirees saying it has been more difficult than expected to retire has dropped from 28% in 2009 to 20% in 2014

• More pre-retirees expect to work full or part-time in retirement (62% in 2014 compared with 55% in 2005) Continue Reading…

Taking a long-term view of your finances

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Robb Engen, Boomer & Echo

By Robb Engen, Boomer & Echo

Special to the Financial Independence Hub

I like to keep tabs on my finances for both the short and long term. A monthly spending summary is great for keeping track of where your paycheque goes, and an annual forecast works well for spotting trends and opportunities for your money.

 

But it’s also nice to gaze into the future. I want to know what my finances will look like in 20+ years so I use a spreadsheet to take a 50,000-foot view of my long-term finances.

Long-term financial outlook Continue Reading…

Weekly wrap: Retirement is fun — who knew? And a plea to seniors to “unretire”

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Cheerful old man having a great timeSheryl Smolkin’s Retirement Redux site passes on recent financial institution surveys that show The Majority of Retirees Enjoy Their Lifestyle. Well I should hope so, after spending decades slaving and saving for this pivotal life event!

But in this weekend’s lead editorial, on behalf of the Canadian economy, the Globe & Mail begs the nation’s seniors  to “please don’t retire yet.”  It invokes Sun Life’s Unretirement index survey reprised in Friday’s blog here at the Hub. Well, actually, Mr. Economy, there’s a lot of age prejudice in the workplace and people don’t always choose to retire.

For those just starting on their journey to financial independence, take heart from Punch Debt’s declaration that saving up The first $100,000 is the hardest. I dare say your first million is no walk in the park either!

Via Sliced Investing, The Chicago Financial Planner (aka @rwohlner) provides this primer on hedge funds.

This may not be as recent but I found an entry at Investopedia.com to be eternally relevant: it’s entitled Two Roads: Debt or Financial Independence. I choose door number 2! Continue Reading…

Weekly wrap: Valentines tips, money stress for couples and why budgets are “stupid”

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Photo J. Chevreau

If you’re looking for last-minute Valentines shopping ideas that can save money to boot, check out this blog from financial blogger Tom Drake.

You can find more on the same theme here at Financial Highway, where the writer goes beyond the beaten path with his suggestion of writing a love letter. Or a “personal gift card” providing various future services to be rendered. (around the house, of course!)

Try the Everything Store

If you’re really stuck for ideas, try Amazon.com, which has set up a whole page of Valentine gift suggestions, including an Amazon gift card.

 Financial Tips for Couples Continue Reading…