|By PR Newswire||
|March 7, 2014 08:15 AM EST||
TD advises the financial formula can be as simple as finding common goals and ground
TORONTO, March 7, 2014 /CNW/ - The portrait of the Canadian family continues to evolve, bringing with it potentially new complexities when it comes to managing money and finances. While married couples still make up two-thirds of all families in Canada, other family arrangements - notably common-law couples and lone-parent families - are gaining ground. As a recent survey for TD found, one in five Canadians who are separated, divorced, living common-law, remarried or widowed have either started over with a new partner or are thinking of doing so. And the most recent Canadian Census (2006) found that one in 10 children in Canada live in stepfamilies, about 40 per cent of which involve blended families. For Canadians who are considering starting over with a new partner, more than half (54 per cent) said they place a high priority on making decisions about blending their finances.
"Most people entering into a new relationship already have an established financial routine which will need to be aligned with their new partner," said Cynthia Caskey, Vice President and Portfolio Manager, TD Wealth Private Investment Advice. "Of course, opening up about finances is not an easy task, especially at the start of a new relationship, but it is essential that couples have honest conversations in order to build a solid financial future for their combined families."
According to the TD survey, for those couples who consider blending their finances a priority, the top issues to be resolved are organizing their daily finances, cited by 71 per cent of respondents, followed by finding savings and budget efficiencies (60 per cent). Nearly two in five cited opening a joint bank account as a priority, but only a third (32 per cent) said maximizing their investment opportunities as a couple was a top concern.
Avoid Future Conflicts and Disappointments
"Conversations about money can be difficult, but it's through those conversations that families can address any potential pain points down the road," said Kimberly Moffit, Psychotherapist and Relationship Expert. "Often, getting financial issues in order can help couples navigate other areas of their lives more easily and avoid conflicts and disappointments in future."
Caskey agrees, and suggests that couples starting over together should consider it a good opportunity to revisit their financial plan with an advisor to make sure both of their strategies align, maximizing savings and debt repayment while keeping the common household financial priorities on track.
Common Goals, Common Strategies
"There is a lot more to blending finances than just opening a joint bank account," said Caskey. "It's about finding common goals and working together to reach them - whether it's to save for the first trip away as a family, pay down a credit card or eventually buy a bigger home together."
Caskey suggests whatever the shared priorities, it's important to identify what will make finances easier together. To maximize efficiencies, couples can consider streamlining by making savings automatic with pre-authorized transfers into a TFSA, RSP or a child's RESP, or towards an extra mortgage or credit card payment. Above all, couples need to work together to develop a common vision towards such things as investing for retirement, putting money aside for their children's education, paying down debt and everyday spending. They also need to work together to ensure they create a safety net in the event that the new family unit encounters an unexpected life event such as a job loss.
"If one side of the family spends more on take-out meals a few nights a week while the other has traditionally put those funds toward a larger monthly mortgage payment, the difference in values could create tensions down the road," said Moffit. "I often suggest scheduling a family meeting to talk about what's important to the new family unit, and work together to find a complementary approach towards everything from integrating everyday routines to finances,"
About the TD Modern Families, Blended Finances Poll
TD commissioned Environics Research Group to conduct an online custom survey of 1,950 Canadians aged 18 years and older who are living common-law, separated/divorced, remarried, or are widows. Responses were collected between February 11 and 25, 2014.
About TD Wealth Private Investment Advice
TD Wealth Private Investment Advice is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank. TD Waterhouse Canada Inc. (Member of the Canadian Investor Protection Fund.)
SOURCE TD Canada Trust
LogMeIn has completed its previously disclosed merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of service offerings. The merger officially closed after market hours on January 31, 2017. Effected through a Reverse Morris Trust transaction, the merger brings together two of the preeminent players in cloud connectivity to instantly create one of the world’s top 10 public SaaS companies, and a market leader with the scale, resou...
Feb. 27, 2017 12:41 PM EST
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Feb. 27, 2017 12:30 PM EST Reads: 6,769
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Feb. 27, 2017 12:30 PM EST Reads: 440
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 27, 2017 12:00 PM EST Reads: 1,190
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Feb. 27, 2017 11:45 AM EST Reads: 7,137
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Feb. 27, 2017 11:45 AM EST Reads: 2,508
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Feb. 27, 2017 11:45 AM EST Reads: 269
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 27, 2017 11:30 AM EST Reads: 2,514
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 27, 2017 11:15 AM EST Reads: 2,817
Feb. 27, 2017 11:15 AM EST Reads: 387
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
Feb. 27, 2017 11:00 AM EST Reads: 1,903
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Feb. 27, 2017 11:00 AM EST Reads: 4,206
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
Feb. 27, 2017 10:45 AM EST Reads: 1,994
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
Feb. 27, 2017 10:30 AM EST Reads: 356
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions with...
Feb. 27, 2017 10:00 AM EST Reads: 7,995