eet eh

arr

split, it becomes Ours - Mine =

Actually working through those calculations — it’s more com- plicated than you could ever imag- ine — can be a real challenge. Yet failing to come up with the right answers can be disastrous, per- sonally as well as financially.

““Money plays an integral part in all our lives,” says Peggy Water- ton, a partner in Dollars & Sense Budget Planners. ‘But it is also an extremely sensitive area.

**A& survey in the U.S. revealed that 57 per cent of the people in- terviewed would talk about their sex lives but only 23 per cent about their moncy.”’

So the sconer you start to talk the better — because it could cost you dearly if you don’t.

(Waterton and Deborah Lynn Zutter, family law lawyer with Lyall, McKercher, Hanna, will be presenting seminars on financial and legal matters before, during and after a relationship, Jan. 28 and Feb. 4 in North Vancouver. Call 986-8888 for details.)

Waterton urges people who plan to live together or get married to invest in pre-marital counselling.

“Don't scoff,” she said. “It could be one of the best invest-

cagagement .”? Churches and community groups often offer pre-marita] counselling at low or

lage can

THE EQUATIONS couldn’t be simpler. together, it’s usually Yours + Mine =

When you are Ours. And when you Yours.

no cost.

Whether you are partnering for the first time or having a second (or third) relationship, open com- munication about money will definitely pay off.

“You must recognize each

other’s needs, wants and priorities — and realize you won't be able to change the other person very much, ”* Waterton said.

‘By discussing these needs and priontics, however, you can then decide on a joint timetable.’

If you plan to marry, start with the wedding. “‘One couple who planned things as inexpensively as possible still ended up spending $4,300,”" said Waterton. ‘‘And it doesn’t take much to run the total up to $12,000." Other major items:

© Buying a home. By the time

you add to the actual purchase price the mortgage interest, maintenance, repairs and renova- tions, you could easily spend sev- cral hundred thousand dollars.

© Having children. ‘‘If you want to provide wants as well as needs — being in the schoo! band, taking school trips — you could spend $250,000 on a child from birth

through second year of post-

dollars

and sense

Mike Grenby

secondary education,’’ Waterton said. ‘‘That includes the cost of another bedroom or a larger home. If you have severai children, the per-child cost should decrease because you can use things for more than one child.’’

e Travel and holidays. These expenses can be compounded when you have children.

“When you are together, you should make a note of every disagreement about money,’’ Waterton said. ‘‘If a common pat- tern shows up, then you can deal with that area.”

The Rogers Group |

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1. We can answer your questions about the feasibility of your planned retirement age, the income you'll need when you retire, and the impact of inflation and tax on your retirement plans.

2. We can then compare your retirement income resources against your anticipated needs to maximize your after-tax (spendable) income in your retirement years.

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1oney before literally pay off

When a relationship breaks down, try to have a frank talk about finances.

“Family maintenance payments worked out with the cooperation of both parties are more likely to be maintained than those ordered by the courts,’ said Waterton.

She admitted such cooperation is not the norm during the breakdown stage but added: ‘‘At least if the couple have been talk- ing about money before and while they were together, there’s a better chance of working things out fi- nancially when they split up.

“Ali aspects of daily, monthly and annual expenses which are en- countered by both parties must be considered when working out how much maintenance is required — or how much an individual can af- ford to pay.”’

Expect it to be a dramatic

change, accompanied by a lower standard of living. The total cost of running two households will obviously be more than the cost of one household, especially if there is only one income both before and after. The same applies if both

27 - Wednesday, January 25, 1989 - North Shore News

parties have pooled their incomes to run the one household and new must support two households on the same total.

“Don’t forget the cost of guilt,’’ said Waterton.

‘“‘When the mother has the children most of the time, as hap- pens most often, the father finds he spends far more on gifts and entertainment than before. The costs of living apart after a rela- tionship ends, especially when there are children, involve much more than just maintenance.’’

ten

Based locally, Mike Grenby writes a money column which ap- pears in newspapers across Canada. Although he also works as an independent financial ad- visor, Mike will respoud to readers’ questions and story ideas through the paper.

Write to Mike Grenby, Money Columnist, North Shore News, 1139 Lonsdale, North Vancouver V7M 2H4. Mike cannot reply in- dividually but will answer as many of your letters as possible in his column.

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