Have you ever wondered if your income is making some if any difference in the overall income of the house?
There are many different criteria to take into consideration when making the decision to start/continue working or to stay home. One is the money aspect. I just came across this great calculator, Chatelaine's "The Stay-at-home calculator", that I thought may help you identify how much you do contribute to the household income. After you've found out how much you can/do contribute, think if the trade off is worth it. Is your child in school during those hours anyway? Will your child have most of their interaction with babysitters and be taught morals and life principles from them instead of you? Who is your child building a relationship with to turn to when pressing questions come up? Are you spending sufficient time with them to satisfy your parental duties/needs and the childs' needs?
As society progresses other things change affecting our quality of life. The question is, are we better off than what our parents were at our age?
From personal observation:
Is this pushing regifting to the extreme?
While cleaning out our food storage area tonight, I noticed a (rather large) stash of Hallowe'en candy that we separated from the rest. We always do this at Hallowe'en to ration the amount of candy our kids have at once. This year (like years past) we forgot about the stash since we rarely go to the food storage area. Now that Christmas is upon us, here's my devious plan....
Use most or all of that candy as part of the kids gifts/stocking stuffers. It will save us between$30-$50 easily. Our kids never knew that we kept some of the candy apart from the rest anyway, so its perfect. They are young enough to not know better.
Its perfect I tell you, PERFECT!!! MUAA HA HA ha ha haaaaaaaa.!!!
[dashing off into the night with a black cape and bag full of candy]
So our oldest daughter (who just turned 7) had a birthday on Nov 19th. We have a family policy - big birthdays every other year only. This year was the off-year, so we told her just 3 people. We still wanted them all to have lots of fun and rather than just have a small party, we piggy-backed an activity that was already scheduled at our church. The Primary organization was having a craft day on the same weekend as the party. So, naturally we just turned that INTO the party :)
My first introduction to personal finances was because I sought it out while I was in high school. It was a simple pamphlet called One For the Money, that my church (of all places) published. It was fascinating to me. I could hardly believe at my young age that people could accumulate so much debt as to need special programs. I was surprised that high schools didn't teach the basics of money management.
I saw people all around me making poor financial decision early in life, setting patterns of behavior that would leave them in dire straits once the major bills of adult life came. Since most people get their education from learned behavior from parents, this is not a great scenario -- since many parents are no better off than their children regarding handling money properly.
The opportunity came up today to teach my kids about not wasting what we have.
This morning I came into the bathroom to find about 5 clean, unused baby diapers with our kids bright red toothpaste smeared all over 1 side of them and a few others with white, medicated rash cream smeared on them. I angrily called them up to interrogate them. I asked what they were doing..... "We were making sandwiches.", they said.
A career as a student often begins with a loan from the government, parents or some other generous friend. If not they may have been one of the lucky ones that have a scholarship or have been able to plan ahead and save for their education. Either way, money is tight during life as a student and quite a large thing to wrap your head around while trying to keep up with studies.
Managing your money right from the beginning will give students a step ahead financially when their student career is complete.
Parents have such an important role to play in the financial education of their children. The way you live, your lifestyle, and how you deal with money, particularly with them and what they can see, will directly affect behaviors they adopt as their own. The greater the number of dangerous examples parents set for their children, the lower probability of their and their kids financial success. Below is a list of 7 of these bad examples to avoid.
The Toronto Star had a great article today on teaching kids about money and how this teaching should be part of the school curriculum.
While education would be a HUGE improvement on the current situation, what's missing from this article plan is the poor example set by parents. The sad fact is that kids learn most of their consumption habits from their parents. That includes many parents bad habits of getting whatever you want right away, on credit rather than having the self-discipline to save first.
So recently, my daughter's tooth came out, right in the middle of class (Grade 1) on the second day of school. Everyone wanted to see it. They were probably just curious about it, since most of them haven't lost a single tooth yet. They were also probably too young to look at the tooth and see a golden nugget. After all, we all know that teeth are like gold because the tooth fairy will exchange lost teeth for coins while you sleep. She got her magical $1, then not a week later... #2 came out and another $1 came.
We've been trying to teach our kids, at a very young age, about proper money management. We give our oldest daughter (age 5) an allowance; $1/week. We sat down with 10 dimes and explained what happens with her $1/week.