Parents with young children
(one or both working)
Andrew and Sara
Approach
When Andrew and Sara had children life became a lot more joyful, but also complicated and stressful. In the past they’d spent less than they earned and made progress paying down school loans and saving for emergencies and retirement. But kids are expensive! While each had received promotions and higher incomes over the years, their budget was squeezed from all directions, and it seemed progress was at a standstill.
When Andrew and Sara came to MAP they felt conflicted about all sorts of choices:
- Maybe one should stay at home with the kids to save on daycare.
- The house was feeling small but deciding between finishing the basement or moving was daunting.
- They were still renting out Andrew’s old condo but disliked being landlords.
- Just figuring out which loans to pay down first was challenging.
- On top of that, the stress from new child responsibilities was acute, with related questions like when to startsaving for college, what about life insurance, and the need to have Wills & Trusts.
They wanted to know what they needed to prioritize and how to focus and become aware of the questions they should be asking.
Outcome
With MAP’s guidance Andrew and Sara are now mindful of the pieces of their financial puzzle and that the choices are interrelated. They have a specific to-do list so nothing is missed, and they have someone they can count on who knows them well and understands their position.
Andrew and Sara now have strategies for paying down debt, reducing taxes, and planning for expenses in advance. They are saving enough to achieve their goals, both short and long term: education for their children; special events; and retirement.
As life evolves and financial circumstances change, MAP will help evaluate choices and affirm decisions. This ensures financial progress, stress reduction, and feeling good along the way.