June 20, 2016

Confidence and compassion: Teaching kids about money

JUNE 20, 2016

If you had asked me where money came from when I was five years old I probably would have said, “It comes from cheques.”I knew what cheques were. I saw that when you wrote one you received things in return. I had a bank account. I had a piggy bank. What I didn’t have was a conversation, an allowance, or anything consistent or concrete that taught me anything GOOD about money...other than the fact that it was GOOD to have it.

I don’t know whether it was a generational or gender issue in my house, I suspect it was a bit of both, but the overall vibe was that money was something that happened TO YOU, like a fairly tale or tragedy, not something that you DID, MANAGED, SAVED, CONTROLLED or to which you would pay the least bit of ATTENTION.


By the time I was 8 or 9, wandering down to the ATM on a Saturday to get cash for my mom (yep, I did) I quickly saw the correlation between my mother’s mood and the remaining balance, which was always too low, and a surprise, EVERY - SINGLE - TIME.


My mom was a well-educated, well-paid spender whose financial plan was based on HOPE. Hoping that she still had some room on the overdraft. Hoping that a cheque hadn’t gone through so this face to face purchase would not go awry. In her defense, she did the only thing that she knew how to do. That’s all parents can do, I think. I see that now, at least. That was how she functioned, and that was how (more or less) I learned about money as a kid.


I have thought about many ways to address talking to kids about money but, as I’m not a parent, WHO AM I to give advice? I have no idea how parents manage to do all that they do on any given day, let alone talk to their kids about money. Being a former nanny, I know that success in a day with a toddler can sometimes only be measured by how many healthy things you were able to sneak into a smoothie because they won’t eat anything else!!!! (*exhale....5...4...3...2...1....)


So, instead of trying to come up with a master plan, I’m sharing this brief post that showed up on FaceBook from Humans of New York. It sums up what, in my mind, will instill the basic money tools that kids need to learn before anxiety ridden emotions, and real, adulthood consequences attach themselves to the almighty dollar.


“Every week I get one dollar for allowance. Then I get to choose the section where I put my dollar. There are four sections: spend, save, donate, and invest. If I put a dollar in the ‘invest section,' my parents give me two extra pennies at the end of every month. I’ve only used my 'spend section' twice! I have way over $10 in my 'invest section.' I used to have more but I took some money out and put it in my 'donate section.' We used to it to buy food for people who don’t have much money in their 'spend section.'”


That’s it.One paragraph (from the voice of a child) that can turn financial confidence and compassion into a habit. Genius.




Screen Shot 2016-06-20 at 1.07.40 PM

Thank you for reading!

cardinalmortgages.ca

June 09, 2016

Mademoiselle Holt Renfrew, meet Diva of the Depot

JUNE 9, 2016

I have made it no secret that the majority of my weekends as a child were spent happily lunching & shopping with my mom and grandmother in the buzzing metropolis of Winnipeg. First stop was the 
EATON’S dining room for lunch, then we’d wander over to Holt Renfrew to visit the “family”, next up Birks, Marks & Spencer (mmmm... the salt and vinegar crisps effectively removed the roof of my mouth), and a final drop in at The Bay before our chauffeur (the bus) took us home.

I grew up as a city girl who knew more about jewellery and fine clothing than your average 7-year-old, so it never ceases to amaze me how buying a house has turned my 
“Holt Renfrew Tendencies” into “Home Depot Domination.”

Growing up, I don’t recall anyone in my household doing repairs or touch ups in the house...well...unless you include the pink surgical tape holding up the subway tiles in the corner of our shower. It was not done, taught, or expected. What I know of my grandfather, a well-dressed officer turned businessman, he wasn’t doing the repairs either and was happy to pay a professional to get the work done.


These days, my weekends usually include some form of improvement around our fixer upper. Thanks to TV, magazines, and let’s face it, Martha Stewart, I am less and less intimidated by projects around the house, and I have the pink, steel toed boots to prove it.



(yes, my tool “kit” is a shower caddy - don’t judge)

Now, would I be a home reno diva if I didn’t have a handy dandy hubby?

Probably not...or at least not as much.

But, by being a home owner (sorry, let me rephrase that: Being the payor of a mortgage) you quickly realise that learning how to do “stuff” might not be such a bad idea.We’ve done the math and if we had paid my husband and his team to do all of the labour in our home (not including materials) we would be in the high $$, $$$ range.


My point?
(this is why I suck at Twitter...talk talk talk...)


You’re never too old - or too fancy - to become a Depot Diva or Divo:


Renovation + Garden shows
YouTube “how to” videos
Pinterest
Instagram
Twitter
Blogs
Friends, Neighbours, and relatives


There are endless FREE ways to learn a new skill that you never imagined for yourself and, if I can do it, you can do it too! I’m not saying you should learn how to do it ALL (ie: electrical, plumbing or gas work) but, if you can learn how to do one thing really well, just ONE THING, you’ll feel like a million bucks every time you look at your miraculous handy work. Your wallet will feel a lot better too.


Thanks for reading!