When Jean-François Richard lost his partner to cancer, he was 41 years old and had a 14-month-old baby in his arms. Overwhelmed by grief, he was forced to quickly pull himself together and take charge of his financial situation, when one of the family’s two salaries had just disappeared.

While dealing with the estate, he also realized that the finances of his wife who died early were far from stellar. “His credit cards were full and his debts were equivalent to a year’s salary,” he says. I had several creditors after me for months. I had to redo my budget dozens of times, find cash, sell goods and put several debts on my credit cards. This greatly affected my rating. When I got up at night to change my daughter’s diaper, I thought about my financial situation. »

During these difficult times, Jean-François did not have any help from relatives to take care of family responsibilities. “My parents died and I didn’t have a caretaker either, so I did everything at home,” he says.

Fortunately, he says he had an employer of choice who supported him during these years. “As I am in the manufacturing field, I could not telework or have flexibility in my schedule, but my employer understood very well that I could not work overtime in the evening, because I had to go pick up my girl at daycare,” he says.

It ultimately took him three years to settle the succession. Then he needed a plan to get back on the right path. “I went and found a financial planner and a financial advisor who were amazing,” he says. We made a plan, with short and medium term priorities, and we implemented it. »

With one family income and 100% of expenses, everything was scrutinized: every expense, every available tax credit and every important item in order to provide a safety net for the single parent family.

“It required a lot of motivation and rigor, but I really received good advice,” he adds. For example, I invested in my registered retirement savings plan [RRSP], then with the tax refund, I paid off my debts. »

Two years later, he regained an enviable credit score and was able to buy his first home using the Home Buyers’ Plan (RAP).

Now comfortably settled in his house, which has already appreciated enormously in value in recent years, Jean-François, who will soon celebrate his 50th birthday, can finally breathe easier. “I made very good choices and luckily I had calculated my affairs very well with my financial planner and my financial advisor so as not to take out too large a mortgage loan, because taxes have increased and mortgage rates have increased. interest too, he emphasizes. When you are alone to buy a house, you really need to be financially strong. »

To ensure he maintains his savings capacity, he has had to maintain financial discipline by continuing to limit expenses, but he sees the end of the tunnel.

“It was extremely difficult, but I am very happy with my choices and I hope that my daughter will see the efforts I made for her when she is older. »

Now aged 9, his daughter can even enjoy a seaside vacation with her dad. “The years of great austerity are behind us, but I still show him the importance of saving money in his little piggy bank and thinking before making an expense. It is important for me to teach her the basics of sound personal finance management while she is young. »