It seems that there’s a lot more in and out transactions to keep on top of in a family situation. More people = more responsibilities and keeping track of them all on a month to month basis is no easy feat! What about planning for the future? Does it often get put off until next year? With child care costs and taking a moment to relax after the holiday season, it is easily put off.

Let’s take a look at the following family:

Mr & Mrs ‘B’ live in Vancouver with their 2 children, one turning 5 and the other age 7. Because they both work it’s a scramble week to week to keep the calendar straight, meals on the table and lunches in back packs.

Mrs B works part time at a large organization downtown and uses transit to get to and from work. Mr B works at the University of BC and drives to work. They live in the Douglas Park area and put all their resources to buy their current home. It needs work but it’s fine for now. Their youngest is in full time child care but will be going to Kindergarten September 2012. The oldest is in grade 2 and in after school care.

They have stopped their retirement savings for the moment and feel guilty that they haven’t started RESP’s for the kids. They feel the pressure of a large mortgage but also wonder about their future. They don’t use a budget and although Mrs B pays the bills, they both access their bank account and have several credit cards.

What can they do to feel more confident with their financial situation? Tomorrow’s post will have some suggestions!