Some couples find that their priorities evolve over time. "For the past few years, we have been focused on debt reduction," says David, a 38-year-old father of two. "Our total debt from leftover student loans, furniture purchases, household renovations, car payments, etc., seemed to be increasing rather than decreasing. Some of our other priorities, now that we are getting our debt under control, include making RRSP contributions to secure our future, making RESP investments to pay for our children's education, travelling to interesting places, and paying for our children's extra-curricular activities such as karate and swimming."
Once you've agreed upon your financial priorities and ranked them in order of importance, you're ready to come up with an action plan that will help you to achieve them:
-List your financial priorities. It's important to be clear about what you're hoping to achieve by writing this financial plan.
-Figure out how much money you need to set aside each month in order to achieve your goals.
-Divvy up the funds. If debt reduction is your number one priority–and, frankly, it's pretty close to the top of the list for most couples with young children–then you may decide to slap every spare cent in your budget against your credit card balance.
-Adjust your monthly spending plan accordingly. Make sure that your day-to-day budget reflects your new financial priorities.




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