The Saturday Weekly Review

College Student Blows $90,000 Education Fund and Needs Advice: The Saturday Weekend Review #130

The Saturday Weekend Review logo: education fund “LEARNING HOW TO ADULT”


Not all parents are able to put money aside every month for their kids education fund so the child may end up getting a bank or OSAP loan.

Some kids are fortunate to have relatives such as grandparents who took the liberty of stashing cash away over the years for their grandchildren’s education fund.

I wasn’t that kid.

We are paying into our sons Registered Education Savings Plan but you can bet that we will make sure that he knows what he will be doing with the money. The most obvious would be, paying for his education in full.

He will learn about budgeting from us BUT I do know that it doesn’t mean he will follow through as an adult with his money.

We hope he will but essentially it’s up to him.


An education fund is free money


It may be free and the intention is clear, it’s for your education.

What more to give back to a child then the ability to go to college or university without having any debt when the child graduates. Any kid would be thrilled to find out their grandparents had a hefty education fund waiting like 22 year-old Kim in Georgia.

She was thrilled, in fact so thrilled that over the course of 3 years she blew through the $90,000 education fund. That was hard-earned money by her grandparents and she has nothing to show for it apart from paying her education to date. Now, she cannot afford her last year of college because her bank account is…empty.

Kim says she wasn’t very good with her budget for school. My first thought was that you have to be using a budget to say you haven’t been good with it. Had she been using a budget properly she would have seen just how out of control her spending was.

Not all millennials run rampant with money but for those that do this scenario is difficult to swallow because this girl is potentially graduating soon with a degree.

Maybe she shouldn’t have budgeted clothes and trip to Europe instead of paying for her education with her education fund. FREE…let’s not forget that!

Do I feel sorry for her? No, she needs to own up to her mistakes and start acting like an adult. Now she’s too afraid to let her parents know about the situation and is considering skipping her last year.

Kim turned to a radio show called “The Bert Show” (You must listen to the show) to share her misfortune (stupidity is a better word) of not having the cash or parents who were willing to co-sign for a bank loan. I am not normally that harsh but once you listen to the show you will realize that she clearly needs a wake-up call.

The humour in part by the radio hosts really does put this situation into perspective, “A bank error has obviously left your bank account empty.” That was a humour plug by one of the hosts while listening to Kim speak. I’m sure it was hard for the hosts to hold it in listening to Kim speak.

Taking responsibility and accountability IS what growing up is all about and that is what she was told by the female host Kristin Klingshirn. She seemed like she genuinely wanted to give Kim the push she needed to grow up and “own her mistakes”.

With all the suggestions passed to her by the radio hosts she refused to get a job as she finds it “embarrassing” and it may interfere with her education.

You can imagine all the other students who work full-time, part-time etc. while going to school wanting to jump in and give her a dose of reality.


Blaming the parents


Kim went on to blame her parents for not teaching her how to budget and felt that any vacations paid for with her education fund was supposed to be part of the “education” itself.

Best of it is she thinks that they should take money from their retirement fund to loan her the $20,000 interest FREE (insert chuckle) I might add so she can finish her last year of college.

It’s true that some young adults simply don’t get finance until they have to fend for themselves and even then it’s a struggle for many.

This interview with the radio station has stirred the pot for many millennials across the nation who are speaking up to defend their generation. Kim is just another example of a spoiled child who feels she is entitled to everything.

When I was growing up I had many jobs when I went to University. I paid for my education, applied and won grants and still managed to pass with exceptional grades.

I couldn’t afford to go out partying and I didn’t eat fancy meals. Tortellini and sandwiches were probably the least expensive meals back then for me and that’s what I would eat. I lived below my means and bought my first house at 21.

Some kids, not all have this skewed vision of how they think life and finance is supposed to be. Some may rush in to blame the parents BUT social media plays an even bigger part.


Playing the roll of the rich and famous


Some kids today are trying so hard to be someone they are not or to fit in with the latest and greatest trends to look ‘cool’. I get a dark feeling come over me when I think about these kids who try to keep up with the Kardashians when they are only the kid next door.

You can’t pretend to live a life you haven’t earned on your own.

It’s clear that these kids want to live the “celebrity life” without the status or the bank account. Who are they kidding? I just don’t remember my head being so messed up as a child when it came to money. I don’t get it. I probably never will because I thankfully haven’t lived through a financial mess like that. Sure I had debt but I didn’t create it by spending money out of control.

Are my parents to blame that I bought a house too early instead of living it up with my friends blowing cash I was earning?

Of course not, people will praise my parents for raising a smart young man. Are parents to blame when a child blows through an education fund like this young lady Kim has? Yes, people will blame them BUT money is NOT rocket science.

There are plenty of people who have come from situations where they didn’t have parents who taught them anything about money or lost their parents early yet they’ve overcome it all and are successful.

If a child can Google “Hottest Trends in Fashion” or “The Latest Gadgets” they can Google, How to Budget. They know money doesn’t grow on trees, they know that once it is gone there is no more. Where do they think the money will come from?

I can assure you it’s not until they hit rock bottom like Kim has that they MAY think twice about what they’ve done THEN try to fix the problem. The sad part is that it never had to be this way.

All Kim had to do was get through her education and she would have been home free financially from the debt that most kids cringe at when they are done their schooling.

Maybe what should happen is that education is paid first and any money left over is for living expenses, food etc. Some people have never had a bank account with $90,000 in it and never will.

When you give some kids a tonne of cash like that it becomes play time unless they have a grip on the reality of paying their way through life.

I don’t blame the parents because there are parents who teach their kids about money and they go off and claim bankruptcy. Other parents teach their kids nothing about finance and they are now millionaires or have very successful careers.

I know some kids who have parents who hardly speak English as they moved to Canada and the child is successful and completed their education.

Sure, it’s great when parents teach their kids about money and they should however that is not a golden ticket saying that they will use that information wisely. It’s better to teach your children something and hope they take your advice though.

Do you blame parents when their kids are arrested and sent to jail or commit crimes? Sometimes it’s just the way the person is hard-wired. People do things for unknown reasons and blame-shifting, solves nothing.

Facebook, Twitter, Instagram and other social media will forever be blame central for happenings in our lives. That’s right, a computer.

Will there ever be a time when kids take responsibility for their own lives rather than blaming the mailman, cashier, boss, friends, relatives, social media and worst of all, their parents?

Probably not, but at the end of the day the kids who “get it” are the one’s who will come out on top. Maybe bringing situations like what Kim is going through to the media is a great way to spread the word. I just hope you don’t have to learn that lesson after accumulating tonnes of debt for nothing.

If you haven’t listened to the radio show click the link up top of  the post at The Bert Show. Enjoy!

Were you left an education fund? How did you pay for your schooling? What did you think about this girl Kim and her excuses?


CBB Week At A Glance


This week has been filled with ripping out our insert shower, drywall and flooring. It’s always fun doing the wrecking but then the real works starts. We were able to get our son a used trike, little Tikes slide, wagon, coupe car and water table this week for a great price.

Anything is better than the cost of what they are at the stores. The wagon alone is worth over $200. Total we paid $135 for all. The trike costs $169 plus tax as it’s a 4 in 1 which is great because we won’t have to buy him a new one for a few years.

Other than that we picked up a wisteria plant for the trellis in our back garden so I will work on digging out the honey suckle next week and replacing it. I’ll be continuing the renovation on the bathroom next week. I’m in full gear now with this renovation as I need to get it done in the next month or so.

We also made a few trips to the park with our son since he loves going on the swing. He’s loving his new wagon and bike too which is a nice change from the buggy. I also managed to squeeze in a pan of Cherry Coconut Pie Bars.

A busy week like usual but that’s fine with me.

How was your week?



Published This Week


Just in case you’ve missed any of my blog posts this week I will share them all below.

If you have a question that you would like to ask Mr.CBB fill out the Contact Mr.CBB form on the Home Page and send in your questions.

If you want to share a story via a Fan Question only please ensure that there is minimum 500-1000 words and details… we love details!

Right now CBB is posting Tuesday (Grocery Game Challenge) , Thursday (Personal Finance Post), Saturday (Personal Finance and Weekly Wrap-Up and a recipe on Sunday!


Budget Brags


Submit your Deal or Brag:

Saving money while grocery shopping is essential in the CBB family and that’s why we share our grocery shops every week in The Grocery Game Challenge 2015.

What I love the most is when my fans share their amazing shops with me whether it be groceries or other deals they find at a garage sale, online or freebies!!!

If you have a brag that you want me to share email me at canadianbudgetbinder@yahoo.(ca) < remove brackets) or fill out my contact form by Friday each week to have your brag considered for the Saturday post.

jens garage sales 2015 July week 3

Hi Mr. CBB and Fans,

Here are some of garage sale deals from last Saturday!

  • Kids camping chair $2 (asking $5)
  • Wall decals $2 (asking $3)
  • Beer t-shirts $2 each
  • Baby positioner, Pampers diapers, safety door knob covers $8 (asking $10)
  • Batman drinking thermos $.50
  • Baby diaper poo bags $1 (asking $1 each)
    Total $17.50

-Jen P


Making A Difference (MAD)


Note: If you are a personal finance blogger (anywhere around the world) and would like your blog to be MAD featured simply drop me an email and I’ll explain the process to you.

This is my way of giving back to the personal finance community through networking and sharing knowledge with my fans.

Today I’d like to welcome my blogger friend Bree from he Half Penny Blog.

Hi! I’m Bree and I started the Half Penny Blog in December of 2009. I started my blog after spending my years in college taking out loans, working full-time and trying to make sure I stayed above water financially.

While I had some fun it usually meant that I was working ten times harder before and after to make sure my school work and the bills didn’t fall behind. I would say it was draining or exhausting but it was more grueling than anything.

So I made the decision from there to find a way to gain better control over my finances so I could stop stressing. I started scouring the web for ways to save and manage my money. I came across several personal finance blogs and started reading them and was entranced by what I read.

The more that I read the more that I wanted to read to continue educating myself. After spending 6 solid months reading all the blogs that I could I decided to blog and share my story.

I wanted to share my experiences with money so that I could help others. I realized that becoming money savvy requires researching and learning. It also means using what knowledge you’ve gained in order to make a sound, informed decision that would work best for your own situation.

I strive to be someone who can help others find their way in regards to managing money, building wealth, growing savings, organizing the chaos that is life and learning to enjoy every last bit of it.

Hope to see you there!



Top Recipe


mounds browniesFood  and grocery shopping is a BIG part of CBB because food is a large part of the budget which people struggle the most with.

If you are someone who would rather buy convenience meals or products consider cooking homemade meals or baking from scratch.

Not only will you save money but you will be proud of what you accomplished and you’ll see that from the smiles on those you feed.

If you don’t already know I have a second Facebook page called The Free Recipe Depot where I share recipes from other Food Bloggers from around the world.

I created this second Facebook page because I love food so much and I wanted to showcase only food 24/7 and this is where I do it.

I also share recipes on CBB once a week on Sundays either made by me or my in-house home blog cook Nicola Don!

This week our Top Recipe Pick goes to Katrina at Katrina’s Kitchen. It was late at night when I found this Mounds Brownie recipe and I was considering making it because it looks so good. If you love the Mounds Chocolate bar there is no doubts that you will more than love this brownie recipe.


Editor’s Pick


Every week I will pick a blog post of the week from around the web that I found interesting and want to share with you and an Editor’s top blog post pick.

Editor’s blog post pick this week goes to Jason at The Dividend Mantra who writes about How the first $100,000 is the hardest.

This is probably one of the best blog posts I’ve read in a while so head over and give it a read. If you think that you can’t make it or reach those 6 figure goals of yours, think again. It is possible. Dream a little dream you may but it’s all about the action plan.


How people find CBB


Every week I get thousands of people visit Canadian Budget Binder because they did a search online and found my blog. Keep in mind any spelling errors below are because I share with you the exact way they typed their search engine query to land on my blog.

  • Normal Couple Budget– What is a normal couple? Normal as opposed to crazy. haha!
  • How to get rid of your OSAP debt?– I can’t get over how many times I see this. Is the concept of paying back a debt difficult to understand?
  • Biggest Beer Closet– Is there such a thing?
  • How to make crazy money?– What is crazy money?

Thanks for dropping by and reading!

Don’t forget to subscribe to my daily blog post by entering your email address on the home page and verifying the subscription email once it is sent to you.


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  1. How funny! I am a regular listener of The Bert Show (I’m originally from Atlanta) and am surprised the story made it all the way to Canada. I listened to those segments and was also in disbelief. I completely agree with you that kids who learn to take responsibility for their own actions are the ones that come out ahead in the end. The girl in this story has a lot of learning to do.

  2. I did read this article about this young woman and it is very sad. My thoughts is I blame her parents. We all need to take the responsibility of teaching our children about money, and knowing the lines between taking care of them and spoiling the hell out of them.

    1. I don’t blame her parents at all. Sure, it’s great to teach our kids but not all kids have parents around to teach them everything they need in life. Some parents teach their kids nothing about money yet they are financially successful. So, we can’t go blaming them for everything. Sometimes kids need to put their common sense brain on here. Listen to the radio show. It’s not long at all. You will see why.

  3. Mr. CBB,

    Thanks so much for including me. Appreciate the kind words very much!

    I’m just grateful to be a part of this incredible community. Being in a position to inspire others is something that I really treasure.

    Have a great weekend.

    Best regards.

    1. You’re welcome mate,
      It’s been a long time since I’ve read a post where I sincerely felt the emotion of the reader so deep. You’ve done one hell of a job. I look forward to the rest of your journey.

  4. Great Post! I do financial coaching with college students and it really is amazing how varied they are in their perspective. You can always tell which ones were raised by hellicopter parents that did everything for them and rarely taught them responsibility.

    One thing I take away from the millenials is that they don’t seem to have as much of a singular experience like other generations. There is so much media at their fingertips that they split off into smaller groups more than we were able to.

    1. Exactly and I agree. I also agree that teaching responsibility is a part of parenting however not all kids take those lessons and apply it. Most people jet back and blame the parents about financial problems with their kids but it’s basic math here. There are people who were raised and taught nothing yet are very successful. It’s all about the child at the end of the day and whether they choose to apply what they’ve learned in and out of the home. My parents taught me the basics but even then it was … Johnny has $10 how much can he spend if he has to pay $5 to his dad. You know what I mean.

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