This quiz will show you which of five major money personality types most closely matches your own (If you're the sixth major type — a 'Money Worrier' — you already know it!) . I would apply for a bank loan under these circumstances. As if making the decision to move in with your boyfriend or girlfriend weren't can put tremendous stress on your relationship, so it's best to smooth out the ( See Ten Questions to Ask Before Saying 'I Do' for more advice on what any . your significant other rent to help you meet your mortgage payments. Talk to your partner about money; Take action together; Know the facts household expenses, mortgage and savings, or will you share the.
No one should feel coerced to live beyond his or her means or pay for an expense with which he or she isn't comfortable. If you have your own cell phone and won't use a landline, for example, let your partner know you aren't willing to pay for one.
Or if you're paying your partner rent to live in his or her condo, you shouldn't feel obligated to pay for major repairs or renovations because you legally have no stake in the property value. We're not saying you should nickel and dime, but you don't want to resent your partner because you ended up paying for something you didn't think was fair. Keep your finances separate When it comes to controlling your personal finances, you should hold the reins.
In this regard, it helps to think of your significant other as you would any other roommate. Never comingle your debt or apply for a joint credit card -- one bad move by your partner could damage your credit report. And don't combine your bank or investment accounts either. In case of a breakup, you could end up in a costly legal battle over the assets.
Advertisement If you are engaged to be married soon, however, you might consider opening a joint checking account to which you both contribute enough money each month to cover rent and other household expenses. Just make sure you keep a separate personal checking account for your individual expenses.
That way, you won't have to consult each other every time you want to buy a new video game or a trendy pair of shoes. Plus, having a separate account makes it easier for you to surprise your lover with a birthday gift or romantic weekend getaway. After marriage, you and your spouse can discuss whether to merge your bank accounts completely or keep the separate approach.
Five Money Rules for Moving in Together
Put your arrangement in writing This isn't an issue unique to live-in boyfriends or girlfriends -- we've discussed the value of a roommate prenup before. This little piece of paper can help keep your trial of domestic bliss from becoming a nightmare.
In it, you should detail how much each partner will pay for rent, who will cover what household expenses, when bills are due, and other space-sharing arrangements.
But didn't you opt for a live-in arrangement to forgo paperwork and legalities?Money And Relationships - OMAC Mortgages - Darrin Roseborsky
Just be aware that without something in writing, you leave your wallet vulnerable. Besides, what's more romantic than committing to the well-being of your partner and your relationship?
Five Money Rules for Moving in Together
See a sample live-in agreement. Keep major purchases separate and documented Because you don't have the same legal protections as married couples in case of a split, it's smart to keep track of who paid what toward every major purchase.
The easiest way to keep track of this is to make all major purchases separately, write down who paid for what on the receipt, and toss the receipt in a file. For example, when furnishing your new pad, you may find you're short of some essentials.
So you might consider springing for the DVD player while your partner covers the cost of a new vacuum.
This way, no one bears the full weight of furnishing the apartment, and you'll avoid arguments over ownership later if things don't work. Advertisement To afford bigger-ticket items, such as a living room set or washer and dryer, you may not be able to avoid splitting the cost. In this case, write down how much of the purchase each partner paid -- say you divided the cost -- and what will happen to the property in case you two split.
For example, who would get first dibs on the item?
Or would you sell it with each person pocketing their portion of the proceeds? You also should keep previous property separate. If you make all the payments for a car or a house, for example, don't add your partner's name to the title.
Joint purchases, however, should be made in both names. For more information on property and other legal matters, check out Living Together: Don't blow it this time: My life insurance policy should be worth: The rule of thumb is five to 10 times your annual salary, but there's no precise formula. Do you want to replace your salary, or will your spouse be able to manage without that money? If you're a stay-at-home mom, how much would you pay someone to do the work you do?
The money quiz
How long do you want to have that money coming in? Are there other considerations a special needs child? Add up these expenses, as well as your share of regular expenses for that time period, tack on five per cent for inflation, then deduct any investments that will be sold when you die.
Page 1 of 3 - Keep going for wills and education funds! To avoid living off cat food during my retirementI'll need investments worth: To see how much CPP you're eligible for, visit sdc. Still, you should open an RRSP as soon as possible. For every dollar you contribute to an RRSP you get an equivalent tax deduction. Yes, you will pay tax on the money when you withdraw it, but at that point you will, presumably, be in a lower tax bracket than you are now.
Last week my financial planner was babbling about front-end and back-end loads. She was referring to: Back-end loans are paid if you sell your mutual fund units within a certain period of time, usually within seven years. If I die without a will, my dog, my grandma's china and all my worldly possessions will: Children share in only the value of the estate that exceeds the spouse's share.
Here's a scenario to consider. You die peacefully after a full life, leaving a husband and two grown kids behind. There's no provision for your grandchildren and no donations to your favourite charity.
No situation is too simple, and no estate is too small for a will. Visit a lawyer and draft one.
By the time my three-year-old is 18 and ready for university, a four-year degree will cost: Many variables affect that number. Will your kid live at home or in residence? What will she study?
How will governments fund education in 15 years? These questions are impossible to answer because your little Doogie Howser hasn't mastered math yet. Assume that the final tab will probably be more than you have, so open a registered education savings plan RESP. You don't get a tax deduction, but when your little one withdraws your contributions she doesn't pay tax on it.
And when she accesses the investment returns and grant money, that's taxed in her hands in a low tax bracket. Page 2 of 3 - Read page three to learn your final score! Excluding our mortgage, a healthy level of debt for us would be: Here are some signs that your debt level is too high: You can't put money aside for regular savings; you can't qualify for new credit; your cards are maxed out; and you can make only the minimum payments every month.
Your non-mortgage debt shouldn't exceed 20 per cent of your after-tax income.