Life happens.

And with it, so do unforeseen hardships.

That's why it is always good to be proactive and have a plan.

A new report by BMO Wealth Institute reveals that while many Canadians have a financial plan in place, very few have considered what would happen if unexpected life events arose that could cause financial hardships.

Does your life seem like the movie Failure to Launch when your adult child is still living with you at home?

In the 2006 comedy, the reason for the 35-year-old main character's failure to leave home is that he's just too comfortable living with mom and dad where everything is looked after for him.

But today, in reality, it just may be the cost of moving out that's holding junior back.

Retiring debt-free used to be the goal for all Canadians. Pay off the mortgage, no more car payments,  and use credit cards judiciously, if at all. After all, living on a fixed income leaves little or no room in the budget for making interest payments.

Looks like that's strictly old school, however, according to a recent study. 

The study, conducted for the Investor Education Fund, found that 24% of the homeowners expect to have at least some debt on their home after they retire. What's worse, most of them admit that they don’t really know how they'll pay it off.

That's not completely surprising, however. More people are working well past the traditional retirement age. At the same time, the age of first-time home buyers has increased sharply, leaving them with fewer years in which to pay things off.

For many Canadians, the dream of home ownership is just that -- a dream.

Buying your first home is probably one of the biggest financial decisions you will ever make.

So before you jump into making the dream a reality, it is important to do your research and find out the true costs of home ownership before you get trapped in a financial nightmare -- much like the movie Money Pit.

Eggs...check. Baskets...check. Chocolate...check. Presents...check. Budget...what budget?

Believe it or not, Easter is the second biggest gift-giving holiday occasion for Canadians next to Christmas.

From organizing an Easter egg hunt for your kids to buying gifts, flowers, food, candy, visiting relatives -- it all adds up. And, if you didn't already have it included in your annual household budget you may be stretching it a little bit.

I remember my father with his neat stacks of coins lined up on the kitchen table, ready to roll up into coin wrappers of every denomination.

Quarters, nickels, dimes and, of course --- lots and lots of pennies!

He had a lot of patience sorting and counting the change and I admired how he managed to stuff those neat stacks of coins into the little paper wrappers with expert precision.

Now, many banks across the country are rolling out coin counting machines to offer convenience for all that spare change laying around the house.

As soon as the temperature begins to rise after our long, cold Canadian winter, we tend to get a little more motivated to tackle some much needed spring cleaning around the house.

Washing windows, scrubbing floors, organizing closets, wiping and dusting are all an important part of the annual ritual.

However, there is one extra item that you should add to your household spring cleaning "To Do" list -- your finances.

While some Canadian families are heading off to warmer destinations or even ski trips for March Break there is still plenty to do without having to break the bank.

Personally speaking, I have never taken a vacation during March Break. My children and I have always stayed local and have still had fun.

The average household debt is sitting at 164 per cent, so why go crazy spending money you don't have to keep up with the Jones' just because it's March Break.

Many couples think marrying or setting up house together means merging their debt loads, but that's not necessarily the case. While many couples opt to pay down debt together, neither spouse is usually legally obligated to pay off debt that the other incurred before marriage.

If your spouse or partner never signed the original contract or requested a credit card, they can't be held responsible for the debt. In Canada, marriage alone does not make you responsible for your spouse's debts.

However, if you refinance a loan with your significant other and put your name on the loan's promissory note, or add yourself as a joint account holder of a credit card, you'll likely become responsible for those debts, even if your spouse took them on before you got together.

At the very least, this could mean setting some guidelines such as cutting up unnecessary credit cards and living on a debt-senstive budget.

Credit cards can be your best friend or turn into your worst enemy if not used responsibly.

Getting your first credit card is a big deal when you're coming of age. But learning how to use them responsibly is something that requires a little bit of maturity and a little bit of credit card know-how.

"Credit cards are powerful tools to help build credit and financial skills," says Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada, Inc. "Unfortunately, they can also be dangerous if not used responsibly."