HOW TO GET YOUR $HIT TOGETHER IN ONE AFTERNOON

If you’ve been putting off getting your finances in order for years, getting it sorted in an afternoon might sound like a pipe dream… but what if it isn’t?

If your goal is to get your $hit together, beef up your savings, and create generational wealth, let me tell you: you can set yourself up for success in one afternoon. All you need is wifi, baby – because the future is now and the world is your oyster.

The clock’s a-tickin’ so let’s get to it. Here’s what you’re gonna do:

SET UP AUTOMATIC DEPOSITS TO
A HIGH-INTEREST SAVINGS ACCOUNT

(Set up time: 10 minutes)

Saving is vital whether you have a family or not and thanks to the beauty that is compound interest, the sooner you start, the more you stand to accumulate over time. The easiest way to start saving is to make it mindless. In other words: AUTOMATE, AUTOMATE, AUTOMATE! I recently opened a 2% interest earning savings account with Wealthsimple, linked it to my chequing account, and enabled it to transfer a set amount from my account every month to build up my emergency fund (I’m currently working to build up enough to cover about 3 months of expenses should shit hit the proverbial fan). Once that’s in order, I’ll divert those monthly debits to a long term (tax sheltered) investment account like a TFSA (Tax-Free Savings Account) or RRSP (Registered Retirement Savings Plan), which I’ll also establish with Wealthsimple because their fees are some of the lowest in the business.

Hot Tip: If you’ve currently got these accounts set up with a bank, consider transferring them to Wealthsimple accounts instead – this will save you thousands in fees over time and ensure you’re getting the highest returns on your investments (taking your risk tolerance and time horizon into account, of course). And remember: Rebel Mamas get their first $10,000 managed for free at Wealthsimple. Just saying.

And if you’re unsure what kind of savings vehicles you need, fear not. Go through the questionnaire they provide and they’ll get you sorted with what you (and your current circumstances) require. The entire process is incredibly simple and very intuitive. You’ll be in an out of there in 10 minutes tops.

BUY LIFE INSURANCE

(Set up time: 20 minutes)

If you’ve got kids, life insurance is a no brainer. Think of it as buying an inheritance for your kids to cash in on (and doing so with small, manageable monthly payments). Generational wealth, here you come! I’m relatively young with a squeaky clean medical record and I recently bought a 20-year term life insurance plan with Drop Dead Life Insurance for $24 / month. These payments give me the peace of mind of knowing that if I croak before my kids turn 26 and 24 respectively, they’ll inherit a lump sum of cash ($400,000 to be precise) to ensure they don’t start their adult life saddled with MY fucking debt. And if I croak while they’re still little, my partner will be able to afford the small army of people he will inevitably have to hire to keep the kids alive and the household running at 100% efficiency. You can check this off your list in about 20 minutes because the Drop Dead application process is ridiculously quick and painless and happens completely online.

CREATE A WILL

(Set up time: 30 minutes)

Having a living will is arguably one of the most important things you can do as a parent, and although it isn’t as much fun as putting together your modern minimalist registry, it’s much more necessary. The good news is, you don’t necessarily need a lawyer to draft up a will, and these days it’s easier than ever to hop online and start the process yourself from the comfort of your home (we used Willful and the whole process happened online and took less than 30 minutes from start to finish. #bless). Why do you need a will? Because you probably want your children to be provided and cared for exactly as you wish in the (unlikely, but still possible) event that both parents should suddenly die. And if you happen to live a long and beautiful life, you will have had peace of mind when you travelled, left your children with others, and generally gone through life unscathed. If you don’t take the lead and allocate assets, finances, guardianship, and all that yourself, guess who will? The government. And do you really want them making decisions about your estate on your behalf? We didn’t think so.

As you can tell, you’re looking at about a one hour time commitment to knock all three of these essentials off that existential to-do list you’ve had looming over your head since the birth of your first-born child.