Paying for firsts

Here’s a roadmap with information on what typical life milestones cost and how much you should save per paycheque for each.

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A new poll by TD Canada Trust shows Canadians are struggling to finance some of life’s biggest milestones on their own. To fill the gap, young people are turning to family and friends, credit cards and loans to cover the costs.

According to the bank, the majority of Canadians are comfortable taking on debt when it comes to financing a down payment on a home (61%), buying their first car (57%), starting a family (46%) and paying for their wedding/honeymoon (38%).

In an effort to help Canadians avoid taking on too much debt (as a general rule, monthly debt payments should equal no more than 40% of gross monthly income) the bank came up with a roadmap with information on what typical milestones cost and how much you should save per paycheque.

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