Many of my “younger” friends and myself have come to a realization.
When our parents were our age, most of them were done having children (I’m 28 years old by the way).
Most of us can’t fathom such a thing until we are closer to our mid-30’s due to the affordability issues many young Canadians face.
With an increased cost in education (not to mention increase time spent in pursuing post-secondary education), debts levels for Canadians has never been higher. Facing pressures with lower income jobs, higher student debt and then trying to start a family (with all the added costs of a wedding and trying to save up for a reasonable down payment on a home), many young families are holding off on having children.
Those that have taken the plunge and have started a family young realize there are too many hidden costs that can’t be accounted for.
With the addition of the new bundle of joy, most people budget for the extra cost of baby clothes, car seats, formula, medical expenses etc. which is great!
Most people don’t realize that if they don’t have a generous top up program through their employer, they are usually taking a large hit in income for the first year if they just receive EI.
So it’s a double whammy of increased costs and decreased income. Most couples will be able to manage well enough as it’s just for the first year.
But once an individual returns to work, then there’s also the added daycare costs which can be almost equal to one partner’s pay.
After all of this, many young families are living month to month without the ability to save much money, let alone tend to their current credit cards debts, student loans or line of credit payments.
What are the options available to making a PLAN to deal with your debts?
The most widely used option is called a Consumer Proposal.
A consumer proposal is a legal solution that allows you to pay a portion of what you owe over a period of time that cannot exceed 5 years. It allows you to keep control of all your assets and helps manage all your payments into one simple payment plan.
If you are thinking about starting a family, or already experiencing the tight financial strain, then give us a call at 866-747-0660. You’ll speak to a live associate who will discuss your options over the phone. If you like what you hear, you’ll be able to sit down with one of our professional staff (face to face), which most people find very helpful.