Sarah and Maude would rather unclog the bathtub drain than save for tomorrow.
Between Sarah’s graphic design assignments and Sarah’s busy schedule, finances were never the focus of conversation between them. They also tended to put off big decisions. Then, one day, while unclogging the bathroom drain, they found themselves talking about the future. “We get along so well. What if we bought a place together?”
The plan to buy a condo triggers a larger discussion: could they afford it? More importantly, where should they begin? When they compare bank statements, they see they’re not starting from the same place. Sarah has ready access to an emergency fund, in a separate account, that holds enough money to cover a few months of expenses. Maude hasn’t taken that precaution. They realize that, before they can set out on their shared adventure, they need a clear picture of their individual finances.
They would like to set some money aside for a down payment but wonder if they’re being realistic. They plan things out, determining how much they will need, establishing a schedule and splitting contributions based on their income. Doing this forces them think about how best to manage their finances as a couple. How does one combine love and finances without causing tensions to rise? They discover resources like ÉducÉpargne 
This link will open in a new window, where they learn how splitting expenses proportionately to their respective incomes will allow them divide things up equitably.
To achieve their goal, they explore savings vehicles tailored for their plans. The FHSA, which allows you to save for the purchase of a first home, seems like just the thing they need: it lets you contribute tax-deductible amounts and withdraw non-taxable funds to buy a home. Sarah explains to Maude, who is having some trouble understanding how it works, that this type of account operates a bit like a box: you choose the right contents based on what you’re planning to do and the related tax advantages, but the types of financial products that are put in the box are determined by your investor profile.
Before picking their investments, they take time to determine their investor profile. Sarah is more comfortable taking risks and is considering more aggressive investments. Maude is conservative and prefers stability. She contacts a certified representative, who helps them choose production suited to their needs and risk tolerance.
Taking care of your finances
By taking time to go over their finances, set realistic goals and get informed, Sarah and Maude turn their dream into an action plan. They learn that investing is not just for experts and can be a practical tool they can use to help build their future at their own pace.
Finally, taking care of your finances is less complicated than you think.
Investing for the future is in your best interests!
It doesn’t matter whether you’re a cautious investor or have an appetite for risk, it’s important to identify your investment goals before you start.
Take time to ask yourself the right questions:
- Why do I want to invest and for how long?
- What’s my financial situation (income, assets, debts)?
- Would you be okay if the value of your investment went down?
If you don’t feel you’re knowledgeable enough about investments, contact a certified representative. They will be able to guide toward products and services suited to your investment profile and goals.
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