Teach Your Children How To Save

(NC)—From making an imaginary cup of tea to shopping at a makebelieve grocery store, children love to mimic their parents' lives through play. So when it comes time to teach your children how to manage their money and save, it's important you lead by example too.

“Once your child starts to understand the basic value of coins and dollars and is able to count, add and subtract, they are ready to explore the world of saving,” says Raymond Chun, a senior vice president at TD Canada

Trust. “Instilling financial principles and good saving habits in your children from a young age is important, but don't forget they will learn even more by watching what you do when it comes to managing your money.” Chun offers his advice on how to lead by example and teach your children solid saving skills:

• Set a goal 

Sit down together and make a wish list of all the fun things you could save for. Help your child select one toy from their list and choose an achievable and tangible item of a similar value from your list. Explain to them how much you both will need to save every week to achieve your goals.

• Start saving

Start with piggy banks or jars so your child can see the money growing in front of them. Glue a picture of their goal onto it to get them excited about saving.

• Introduce them to interest

Explain that for every quarter they save, you will add a nickel to reward them for saving their money. This will

introduce them to concept that money can be more valuable when you save it in a bank.

• Track their progress

Saving requires time and patience, so help your kids stay interested in saving by tracking their progress. Consider working together to create a colourful countdown calendar to hang on the refrigerator that illustrates your savings goals, and use stickers to track your progress.

• Communicate

Talk openly and honestly about money with your children. Look for teachable moments every day, like depositing money at an ATM, to show your children how you save and manage your money.

(Source: newscanada.com)

Top 7 Ways to Tell It's Time to Make a Move

Does the thought of changing your neighbourhood go through your mind more often than not? Here are some key indicators on when you really should consider making that move.

1. You Have Outgrown Your Neighbourhood

 

Your uber-trendy, urban borough seemed just the thing five years ago. But suddenly, you’re annoyed by the loud music spilling out of bars, clubs, and your neighbour’s stereo. It is time to face the facts: you are growing up, but your neighbourhood is not. Instead of wasting time judging your neighbours, consider a quieter or more sophisticated locale.

2. You Constantly Scan the Classified Ads

You’ve never been in a good position to sell your home, but have often dreamed of moving. A larger home. A smaller home. A country home. A city home. Lately, you find yourself scanning the classifieds, picking up home magazines, and even writing down phone numbers and website addresses.

Speak with a professional and determine where you stand. It’s probably time to make your dream home a priority.

3. You Are Starting a Family

Selling a home and moving is a big job, and starting a family an even bigger one. You don’t want to be stuck doing both at the same time. If you are seriously thinking about having a child, it is also time to start thinking seriously about buying a family friendly home. There’s nothing worse than packing and moving while pregnant, or worse, with a toddler underfoot.

4. Your Family Has Grown

Are your kids sharing a bedroom? Is your yard too small for a swing set? Do you often think wistfully of backward barbeques by the pool? Then the time has to come to consider buying a home that will grow with your family. If you live in a city, it may be necessary to consider moving to the outskirts, where property is less costly.

5. You Have Made a Job Change

You’ve changed jobs and the commute is killing you. Although you’re happy with your home, you’re not happy with the extra hour you must travel to work each day. The reality is that the stress of a daily commute can subtract years from your life. If you want to have more time to spend patting yourself on the back for corporate successes, move closer to the office.

6. Home Renovation is Not Enough

You are constantly working on a home improvement project, but are never satisfied. Perhaps you are simply a home-Reno junkie. Or perhaps, this endless fussing and fixing is a sign that your home just isn’t doing it for you anymore.

7. Your Neighbourhood Is Going Downhill

Crime is on the rise, you feel nervous when the children are at school, and barely feel comfortable walking to the corner store. Do not waste time waiting for the situation to improve. Sell before your property value goes down in tandem with the quality of your neighbourhood.

(Source: hgtv.ca)