When are you too old for Christmas gifts? : The Saturday Weekend Review #95

Christmas gifts

MAKING A CHRISTMAS LIST   I know it’s only one day after Halloween and I’m already talking about Christmas gifts and the upcoming holiday season but it’s for good reason. I was sitting at my computer the other day when my wife said that her sister emailed her to say she was putting together the annual Christmas exchange for the family. Now we budget our Christmas expenses each month as a projected expense so when it comes time to go out and buy Christmas gifts we have the money saved. Brilliant, I know but not everyone can do this. Christmas is one of the most expensive holidays of the year for most families especially those with children. What happens though when grandchildren come along? Should you really be buying gifts and having a gift exchange to the tune of $100-$150 per person when you are an adult? So many questions but something my wife and I talked about the other day. Now, don’t get me wrong we are not by any means saying we don’t want to participate in buying Christmas gifts but we question whether it’s worth the high price tag.   Christmas gifts with meaning   Here’s my […]

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

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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 […]

Should your career choice be up to your parents?

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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 […]

Book Review-Money Smart Mom-Financially Fit Parenting

A Book Review of Financially Fit Parenting written by Author Sarah Deveau As you may already know Mrs. CBB and I have no children as of yet. We are hoping to have a child one day soon and this book was an excellent guide to answer some of our questions. When we hear about children and money we automatically believe it will cost a fortune to raise a child. That may be the case but if you plan and budget your money it may not be as bad as it sounds. Sarah doesn’t miss a beat in this book offering tips on everything from making the decision to have a child all the way to budgeting and saving for the future.  All soon-to-be or wanna be parents like us should read this book and make notes and lots of them. You will learn everything you need to know about parenting tucked into this well planned out guide. One of the most important topics is preparing for one income and adjusting the budget to show this change. I often have mothers asking me how they can budget while on maternity leave  and I often tell them to “live it” before the baby […]

RESP Investing In Your Child’s Education-The Basics

Registered Education Savings Plan : The Basics What is an RESP? Being concerned about how to afford a college education for my son, I made some enquiries about a Registered Education Savings Plan, or RESP.  This is a special savings account that makes provision for post-secondary education costs. If you are like me savings and investing are very important to my family. Those who subscribe to a RESP are also entitled to receive the government’s Canada Learning Bond (CLB) if they qualify, and the Canada Education Savings Grant (CESG) which, as I found out, can provide a welcome boost to the funds. Who is it for? An RESP is set up to provide financial support for those aged 17 years and over, and who are undertaking eligible courses of study.  Contributors to a RESP are normally parents or guardians; however, a grandparent, other relative or even a family friend can also make contributions. How do you get one? A simple two-step process helped me to get things underway.  First of all I checked out my Social Insurance Number (SIN), and then I chose an RESP provider.  My SIN gave me access to government benefits and programs and, when I began to […]