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TFSA

Financial Literacy: Teaching Kids about Dollars and Sense

December 1, 2015 By Lena

Before my boys could walk, they learned how to shop.

I’ve been taking my boys shopping with me for their entire lives. Whether it’s a full grocery run on a busy Saturday morning or a simple mall detour for a pair of gloves, my sons have always tagged along. Some friends are amazed, the usual question being, “How do you stand the whining and begging and asking for stuff?”

(I don’t always stand it – sometimes, you can find me having an up close and personal “talk” with one of the kids. And sometimes, there’s a bit of growling involved, too.)

For the most part, however, shopping with my boys is manageable, for the simple reason that from the start, I’ve made financial education a priority. My 7-year old can identify the difference between items on sale and items on clearance. My 5-year old can do simple math to determine the amount of savings on reduced prices. And both of them know the official “shopping rule” in our family: Don’t ask mom for something if it’s not on sale. This includes toys, treats and such. Seriously, no point in wasting breath – I won’t even consider it.

(Found this old photo of Ryder shopping the sale aisle… and selecting an item with a red sticker! Way to go – I’ve taught him well! He knows when to ask mommy for a treat!)
IMG_1073-1024x614Kids’ understanding of money concepts grows as they do. The following guidelines, courtesy of TD Canada’s Smart Money Toolkit for Parents, can help you tailor money lessons to your child’s age and developmental stage. …

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Filed Under: Family Tagged With: financial education, TD Canada, TFSA

Saying ‘I Do’ to Being in a Wedding Party? Budget Carefully.

May 25, 2015 By Lena

Is there *truly* a way to balance “Oh my gosh, I’m SO happy for you, of course I’d love to be your bridesmaid!” with: “Er… destination wedding? Designer dress? Bachelorette in Vegas?”

How much is this going to cost?

I’ve been there, and I can absolutely relate. On one hand (at the risk of sounding cliché), it truly is an honour to be asked to be part of someone’s most special day. There’s a strengthening of ties, deepening of friendships and a certain privilege associated with being a member of the bridal party.
IMG_2800 (2)On the other hand, there’s the not-so-small matter of the costs. And trust me, they can add up quickly. In fact, a recent TD survey found that almost 40 per cent of Millennial and Gen X Canadians who have been in a wedding party say they felt pressured to spend more than they could afford, and the amounts can be significant: half (50 per cent) of those surveyed said on average they spent (or plan to spend) between $200 and $599 to be in a wedding party; yet a quarter (25 per cent) said they actually spent $600 or more for the average wedding.

“Most people can expect to participate in quite a few weddings throughout their lifetime, particularly when they’re younger and their friends or family members are getting married, so including the related costs in your annual budget is a smart thing to do,” said Raymond Chun, Senior Vice President, Everyday Banking and Personal and Indirect Lending at TD. “Having a realistic amount in your budget also helps you stay within a spending range that you’re comfortable with and know you can afford.” …

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Filed Under: Lifestyle Tagged With: tax free savings account, TFSA, wedding budget, wedding party

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Lena Almeida

Toronto Blogger, Social Media Strategist for Listen to Lena Inc. Television & Radio Personality, Columnist and Speaker. Family Travel Expert. Star Wars Fanatic. Perfecting the Art of Conversuasion. Read More…

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