by Pam on October 12, 2010
I have written before about the importance of employees taking advantage of their work benefits, as the benefits are a big part of an employee’s compensation. Unfortunately, due to misunderstanding the true cost of the health and dental benefits offered at my husband’s work place, we decided not to take advantage of his benefits. We thought that they were too costly and that we wouldn’t make enough use of them to justify the cost.
Unfortunately both my husband and I have had to get some major dental work done recently and after looking into his benefits further, had we decided to sign up for the benefits when he was first eligible, the benefits would have turned out to be really helpful now in paying our dental bills.
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by Pam on September 30, 2010
Right now my husband and I are what you would call DINKs (Double Income No Kids). So far we have been enjoying the freedom that comes from not having children. It is nice to just be able to spend time with my husband and to be able to sleep in when we want, and to take long road trips and sleep in a tent or in the car along the way. We know that our lifestyle will have to significantly change when we have kids.
Although the DINK lifestyle is fun for a while, I don’t think I would want this forever. There’s something about having kids that makes your life more whole, more meaningful, at least in my opinion.
I think the reason that so many married couples in North America don’t have kids right away is due to the hefty costs of raising a child. Most of us think we have to save money for a few years first. My friend who is expecting for the first time, told me that no one is ever ready to have kids, and that no one can ever afford to have kids, but that you just have to go for it. According to her, you will never feel adequately prepared emotionally or financially to have kids, but if you want them, you have to just take the plunge.
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by Pam on September 22, 2010
On the Oprah Winfrey Show a while ago, Suze Orman was helping a family to discover what was most important to them. The discussion was around whether or not a particular set of parents should be funding their daughters’ post secondary education.
I remember it keenly because the father was extremely determined and he insisted that he and his wife fund their daughters’ education even though it would mean they would be emptying most if not all of their retirement savings in order to do so.
The mother, however, didn’t think this was a good idea. She had retirement goals and didn’t want to have to forfeit their retirement. It is not that she didn’t want to help her girls, but she also recognized their need for a retirement nest egg.
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by Pam on September 8, 2010
Although I am not yet a parent, I have played a role in teaching my friend’s child that he can’t have everything he wants. Although parents want to give good things to their children, there are times when they have to say no. It is not only beneficial in terms of staying within a budget, but it is also healthy for children to learn that they are not entitled to everything that they want. After all, the world does not revolve around them.
Several years ago my friend and I went shopping at Safeway and she brought her then 2 year old son. To my surprise, as we went to the check out to pay for our purchases, her little son began screaming at the top of his lungs “my doo doo, my doo doo!” I had no idea what he wanted at first, but my friend soon filled me in. Apparently every time she went shopping at Safeway, her son demanded her to buy him a small toy car that was visible from the check out counter and she gave in every time in order to avoid a tantrum.
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by Pam on August 19, 2010
There are a lot of great resources online that will help you teach your children about money, whether you are a parent or a teacher. One website that is a one-stop shop is MoneyInstructor.com. The website contains all kinds of lesson plans, worksheets, and activities designed to teach kids about finance and other basic subjects. Most of the lesson plans are geared towards elementary school aged children.
You will find worksheets that teach basic math skills, how to count money, how to tell time, how to read a calendar, and a whole lot more. There are also activities that teach kids about bank accounts, different types of investments, and so on.
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It’s important to be faithful to your spouse, and this includes being faithful regarding your finances. A recent globeinvestor.com article entitled “Do You Cheat On Your Spouse Financially?” really got me thinking about the importance of being honest and open in marriage, specifically regarding finances.
Couples need to determine how much freedom each partner gets in terms of spending without the other’s permission. Big-ticket items will likely require both partners’ consent, whereas smaller everyday items can likely be purchased at one person’s discretion.
It’s a good idea to sit down with your spouse early on in your marriage to set boundaries as well as to decide on the dollar amount that can be spent without needing the other’s permission. Of course, every marriage is different and some couples may choose to keep all of their money separate and to rarely discuss their finances with each other. (I don’t think this is the healthiest way to handle things, but I understand that there are special circumstances that may require this method.)
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All too often, kids end up having to learn from their own mistakes about how to handle money, because nobody formally teaches them how to handle it . Sure, they can observe their parents’ behavior towards money but it seems to be a rare occurrence for parents to actually sit down with their kids and teach them about proper money management. As a result, many young adults just starting out on their own end up with overwhelming credit card debt or simply get behind in paying their bills as they haven’t yet learned how to handle the expenses that were once all taken care of by their parents.
In order to prevent your own kids from feeling lost when they first set out on their own, start to teach them when they are young. According to Jeff D. Opdyke’s article “The 15 Money Rules Kids Should Learn”, there are a lot of things parents can teach their kids at a young age.
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