Category Archives: Finance for Kids

“Financial literacy skills are vital to equip our children with the tools they need to make smart decisions about their personal finances, such as balancing a checkbook, making a household budget, and knowing more about stocks, bonds, and home loans. A strong financial literacy education will help our children limit debt, avoid identity theft and maintain good credit. Resources like the ‘Finance for Kids’ series at HeadsUpDad will help our children learn the basics of personal finance management and prepare them for the responsibilities of adulthood.”

Five Reasons To Plant a Fruit Tree With Your Family

There are probably a hundred or more good reasons to plant a fruit tree with your family, here are five.  Familial aspects aside, all of this falls into a greater green world order and general coming-of-age by an environmentally apologetic humanity.  The greenest people of earth are the children; they’re part of a hyper carbon conscious future that embraces Garden City Transformations.  Kids know that fruit trees are one of six Elements Needed to Make a Garden City in Toronto and elsewhere, in every metropolitan center, in every country, in every continent all over the world.

kid_fruit_tree1Planting fruit trees in a big city is sometimes restricted by municipal bylaws. The city doesn’t plant apples, pears or cherries by choice, and property developers are restricted from planting them by city ordinances for a whole lot of reasons; maintenance and liability are the predominant arguments against city planners planting fruit bearing species along streets and sidewalks.  Homeowners can plant anything they want in their backyards however, and can obtain fruit trees in nurseries here in Canada, and in Ontario and those include Henry Fields Nurseries and Sheridan Nurseries, neither of which specialize in any particular fruit tree varietals (like most nurseries in Europe do) nor will they deliver to your residential property.

One of the secrets of planting trees in the city is to also buy a big bag of soil and make a burm around the seedling. This helps the small tree survive the heat of summer and the cold of winter. Professional tree planters dig a deep hole and then fill it with black garden earth from vegetable composting programs and then put the original soil back on top. In Toronto you can buy a big bag of soil from Weedaway for about $120, and have it delivered right to your home.

Five Reasons to Plant a Fruit Tree with a Young Family

1.  The fruit tree will grow as your family grows and the memory of planting the tree becomes a powerful growth myth that will be part of each child’s psyche – the memory of planting the tree becomes synonymous with making an investment and nurturing growth and performing small physical improvements over time. The tree can be sourced locally or bought from an online vendor that will deliver in Europe and the USA, but no such businesses exist in Canada.

2. The fruit tree is handy biological reference to study and explain, and it can take on the characteristics of a pet with almost no maintenance or additional expense of keeping an animal – so its the perfect family member.  The tree’s first blossoms make it easier to talk about nature’s many and various reproductive systems. Registering the tree, means the kids can volunteer later on at charities that visit private homes and tour city parks picking fruit for charity driven gourmet baking initiatives and wildscaping programs. Los Angeles has a fruit picking outreach program for kids called Fallen Fruit, and Portland Oregon has an apple tree harvesting program for their inner city youth that is famous because it at has been featured in motion pictures.

apple press is fun exercise for kids3. The fruit tree is part of the fabric of nature and has lovely blossoms in the spring that attract buzzing pollinators and floral photographers. A fruit tree  in the springtime is a lovely photo backdrop and the fertility metaphor is a subtle and strong reminder of the promise of prosperity.

4. A  fruit tree attracts cool wildlife and colourful birds. A robust apple tree will bring deer out of the woods, and cherry trees attract squirrels and other storyfull rouges. This is good for kids as animals sell adventure- good for adults as sophisticated songbirds serenade our souls.

5. You can make fruit juice with family members many years later, maybe your grandchildren.    Juicing is great way to get vitamin C into a child’s body, and most kids LOVE IT.  Fresh juice is amazingly more healthy than canned juice and way more fun- it can be frozen into ice cubes and kept as treats for rainy days and they won’t even know it’s good for them. But more importantly its the activity as a unique and productive exercise that they remember all their lives.

Picking the fruit and making juice completes the investment metaphor. Kids doing work under the tree completes the life metaphor. Watching kids work with specialized equipment is a concept for a new TV series.  Kids making fresh juice in the backyard is pure fun and drinking that juice is one of life’s greatest rewards.

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How to financially support your child’s cost of living while attending University

Saving for your kids education

With tuition fees alone for a three-year undergraduate course expected to reach £24,000 or more in the UK ($30,000 – $75,000 or more in Canada and the US) the cost of a university education for many may prove suffocating without some kind of financial aid provided by us as parents.

Tuition fees are only the tip of the iceberg for many undergraduate students. There’s also the not so small matter of accommodation and living costs to pay for. Student loans and grants are obtainable for students who qualify, but those who don’t are almost certainly going to require some form of financial supplement from the ‘Bank of Mom and Dad’!

Most parents are keen to help pay some of these costs but unless you have stored up plenty of savings over a number of years it can prove difficult to pay off large chunks of a tuition fee loan. It will leave students with crushing debts that may take many years to pay off.

A key component to avoiding debt is budgeting. Students and parents should make a detailed budget at the beginning of each school year. Figure out what money you have and when it’s available, rather than in February when you realize you’re out of money and then you have to scramble to go out and get a job and work 20 hours a week just to make ends meet. Financial worries can pile up and become extreme sources of stress at the very time you’re staring down at exams and midterm papers become due. Working between six and 10 hours a week really doesn’t have a negative impact on students scholastically, but when you are putting in too many hours, your studies and your success at school will suffer. Working just 6 – 10 hours per week tends to force you to become more organized and that will help a student across the board.

Credit cards are one of the easiest methods of accumulating unnecessary debt, and we caution students to consider the ease of accessing credit wisely, especially new students who are unfamiliar with the credit system.

If you are looking for creative ways to support your kids without the fear of accumulating unwanted or unneccessary debt, one of the best ways to supplement your child’s financial position at university is to give them a helping hand with their weekly spend on groceries, incidentals, utilities and occasional socializing. Giving them cash can lead to poor financial management, accumulation of unpaid bills and the inevitable ask for more. Giving credit cards can expose you and your kid to wanted financial liability. There is something in between.

One of the best ways to help your child become more financially responsible and manage their money more effectively while attending university is to provide them with a pre-paid credit card. The premise of a pre-paid card is that you simply load the funds you want to spend and once it’s gone, it’s gone! As one of the fastest growing consumer trends in the UK, prepaid cards are a fantastic money management tool with many other added features and benefits. Prepaid cards such as the Pockit MasterCard® a do not have an overdraft or credit facility attached, effectively reducing the risk of accruing unwanted debt. As a parent this could allow you to come to an arrangement with your son or daughter to provide them with a predefined amount of funds each week or month, giving them the responsibility to manage their money without the threat of going into debt or unlimited liability.

Better still, cards such as the Pockit MasterCard® are accepted anywhere you can use a MasterCard – that’s over 30 million locations worldwide – giving your child the convenience of a debit or credit card without the risk of being buried in reckless debt. With power and freedom comes great responsibility, but it also comes with a host of additional exclusive offers on utilities, car insurance, impromptu days out and more. Offers vary by provider and geographic location.

University is meant to be some of the best times in your kid’s life. Save as much as you can now to prepare for their future and when the time comes, consider a prepaid mastercard to cover some of the smaller stuff. Allow them to focus on school instead of worrying about bills with the piece of mind and financial security offered by a well thought out education savings plan.

Surviving college or university without incurring debt may seem impossible to most of us, but it can be done. Murray Baker graduated from the University of Western Ontario without a cent of debt. He wrote the book on it. Murray is the author of The Debt-Free Graduate: How to Survive College or University Without Going Broke, a comprehensive and amusing guide to minimizing post secondary debt.

Murray says that the best strategies for surviving postsecondary education without an avalanche of debt are preparation and knowing your resources. He has brought many of his useful tips and strategies to the Web via The Debt-Free Guide and an array of Financial Planning Tools which he developed in partnership with Human Resources and Development Canada. All designed to assist students and parents with planning their post secondary education.