Should the wealthier sibling have a financial obligation to help the parents? : The Saturday Weekend Review #143

EMOTIONAL BULLYING CAN LEAVE SCARS   Dealing with financial obligation is a big deal for just about everyone because without money it’s hard to pay for all those things you have budgeted. When you have kids you have a financial obligation to care for them and make sure they are kept safe. Nowhere do I ever remember reading that we have a financial obligation to care for our siblings and parents “wants” just because we earn more money than they do. I received an email from a fan who is clearly upset about the way his brother is treating him and hopes that maybe we can all shed some light on the definition of financial obligation surrounding family and who should pay for what or if anything at all.   Family financial obligation dilemma   Hi Mr.CBB, I’m hoping you can clear up an argument my brother and I are having about our parents. Our parents are not wealthy and when they retire they will have some retirement savings and their house to sell so they can downsize so they can afford to live. The problem is they always need something done around the house whether it’s the roof or […]

Parents ask son to save money after they were homeless and poor

SAVING MONEY IS YOUR CHOICE   If you want to save money then don’t wait until things come crashing down and you need that money, do it now! Being homeless and poor is not something to take lightly because it happens all around us. For those who have survived and experienced this life many go on to motivate others how NOT to land themselves on the streets. Today’s fan question shares some deep secrets about the time his parents found themselves living on the streets with no savings and nowhere to go. It’s either the parents writing to me or their children because for one reason or another money is a big problem. It doesn’t matter whether you are a student or have a high-profile job if you don’t know where your money is going it’s your own fault when you don’t have anything at the end to show for it all. I’m not talking “stuff” either. I’m talking about cash and investments. If you earn money you should have some sort of system to save money and budget or in the least know your expenses and track them.   Life Choices   It seems from my experience with fan […]

How far would you go to fund your child’s education? : The Saturday weekend review #75

MAKING SACRIFICES FOR YOUR CHILD   Education in Canada isn’t getting any cheaper and parents are struggling to find ways to help their kids financially. Not all parents feel the need to fund their kids’ education but many would do just about anything. I wasn’t surprised when I read an online article sharing results of a survey of over 600 Canadian families by Abacus Data. The survey was of parents who had children in post-secondary education, on their way to school or have attended in the past 5 years. We know that debt looms high in many Canadian households plus saving for a child’s education can make any budget tight. With over 74% of parents saying they feel financially responsible to help pay for their kids’ education I’m wasn’t shocked to read how far some parents are willing to go to make sure the money is available. I’m not sure if I agree with them all but one thing I am sure of is that if you have a child and can set money aside into a Registered Education Savings Plan (RESP) as soon as they are born you don’t have to do wild and wacky things to find money […]

Child breaks the food rules of daycare: PF Weekly grab a brew #62

THERE ARE NO WARNINGS   Rules are rules and they are put in place for a reason. We have rules at work to follow and many have strict provisions due to health and safety reasons. When I read this article about a 2-year-old child that was suspended for 3 days from daycare for bringing in a cheese sandwich I knew it would cause online chaos. The child broke the rules and according to the daycare policy would be suspended. It is what it is. The Ottawa daycare says that parents sign a policy when they sign up at the daycare and it’s posted in French in regards to the policy on the front doors. Chaos in commenting was right because plenty of parents and those without kids had something to say about this suspension. I’m sure many more parents will chime in because it is a topic of concern and it should be.   Follow the rules   So, the rules of the daycare state “no outside food” is allowed inside the daycare. Best of it is, if your child brings in any food containing peanuts they will be expelled. Strict, you bet. The daycare provides everything needed for the […]

Why you should teach your children respect: The Saturday weekend review #61

THE PARENT LEADS THE WAY   Here we go again talking about kids again and this time about respect. It’s important for every parent or parent-to-be to read this. Are we raising a generation of “self- entitled, lazy, disrespectful brats” as one person commented on another article about disrespecting adults that gets me upset. Not all teenagers act this way but it’s true the bad situations stick out in our minds more than the pleasant one’s that hardly ever make headlines. If we give in to these children who always want and never work to earn what they want they will continue to use this behaviour in life because that’s what they believe works to get what they want. It becomes a form of manipulation that they end up mastering because you let them master it with you, the parent. If you don’t tell them it’s not right to tell an adult what they are going to do and not going to do they will continue to do so. Sure you will have people stare at you and wonder what’s wrong with your kid and why on earth are they talking back to adults in such a manner. Yes, they […]

Should your career choice be up to your parents?

WALK YOUR OWN PATH IN LIFE   When trying to pick a career choice for the rest of your life it’s not an easy task for someone who may still be a teenager and still in high school. The reality is that many people go on to change careers over the course of their life for many reasons. Does money and success buy you happiness? Sure, everyone wants that great career that pays out more money than the actual amount of effort put in. However, not everyone is built the same and one persons passion will be different from another. The work ethic, studying philosophy and creativeness begins at an early age, depending on what your child finds an interest in. I can quite easily say that there is also some inherent genetics that play a part as my own brain and interests are definitely similar to my fathers.   How to encourage your child   I can remember as a child growing up that my parents had obviously seen that I had an interest and certain developing skills that led them to encourage and pursue similar activities for me. They also bought toys and encouraged my interest in activities related to […]

4 Ways To Lower Your Family’s Back To School Budget

  By: Anna Is what to buy for Back To School on your mind? Yes it’s that time again when the beautiful and blissfully relaxing summer comes to an end. The leaves start to change colour and you know it’s time for your children (or you if you’re an adult learner!) to go back to school, but at what cost? For many children, back to school usually means that they get a new outfit, new backpack, new pencil-case, new stationary, or *gasp* even a new electronic gadget!  The back to school budget can easily be busted with the rising cost of goods and inflation, and how these days, high school children want the best of everything. In fact, this year in 2012, 63% of parents plan to spend an average of $500 (Source) for the back to school budget for their children, this number is more inflated than last year likely because of the same parents polled, 40% plan to buy gadgets and electronics for their kids this year. Back to school can be a great opportunity to engage your child and teach your children about money. Here are some ways in which you can lower your family’s back to school budget […]

Newlyweds: How We Avoided Debt on One Income

Although we avoided debt on one income it certainly was not easy as Newlyweds. By no means would I consider my husband and I “rich”, conventionally speaking, but we have been able to stay debt free, from paying for our wedding to buying a new car. With the exception of a mortgage, which we’re paying off at a crazy fast pace, we live debt free, on a single income. We don’t have a wallet-full of credit cards, we avoid financing anything, and we always have an emergency fund. My husband and I are very fortunate, in that we chose to live on one income, instead of being forced into this lifestyle through job loss. My husband and I decided early on in our marriage that I would be a stay-at-home wife, and he would be the traditional bread-winner. It was definitely difficult, a newlywed couple in their early 20’s trying to live on one income. There were times I considered getting a job, thinking how easy things would be with a second income. Eventually, I caved and took a job at a local shopping mall, getting home each night when my husband was just getting ready for bed. We might have […]