How to Teach Your Kids About Money

We talk about teaching our kids skills such as cooking and laundry in preparation for the "real world", but what about money management? One of the greatest gifts my parents gave me was teaching me how to be money savvy from a young age. From shopping and couponing together to finding a job for each stage of life (babysitting to retail to teaching and a whole lot in between) and donating a portion of our income, they walked alongside us. We talked about mortgages and knew the Christmas present budget – money was discussed naturally throughout our daily conversations.

Should You Buy an Instant Pot?

Yes, I'm late the Instant Pot party. I generally like to get a feel for how a product is doing longevity- wise before diving in. After a year of the Instant Pot gracing my Facebook and Instagram feed from friends I knew and trusted, I reluctantly succumbed to the Black Friday sales.

How to Save Thousands of Dollars Each Year

How we spend our money indicates our priorities and for us the two main places that we choose to spend our money are the kids' education and family travel. We also set aside a specific amount to donate each month although I know this is an area we could improve on even more. I often hear people asking (politely) how we can afford vacations or private school and this is some advice I'd give on how to save thousands of dollars each year. We live almost solely on one teacher's salary so how do we stretch our dollar?

How to Save Thousands of Dollars a Year:

Are You Covered?

When Gary and I were first married, we had only been working a few years and didn't own anything substantial other than our cars.  We were renting a basement suite and life was relatively simple.

Six months in, we got pregnant with our first son and bought our very own home!  It was so exciting to be part of the whole building process and we were happy to be homeowners.   It felt a bit overwhelming to hand over all of our savings into a down payment and then lock into a mortgage but we were both working full-time so paying our house down felt financially comfortable for us. At that time, we felt that if anything were to happen to either of us, we could sell our home so that the remaining spouse wasn't stuck with a large mortgage.

Somehow life flew by and it wasn't until we had three kids that I realized we really needed a plan in place; you know, "the plan", in case something happened to Gary and I or even just one of us.  Up until that point, family life was pretty manageable and the idea of having to work full-time if something happened to Gary seemed realistic.

Upon the arrival of our Miss Nya, I realized that it would be too difficult (impossible really) for me to work, pay for daycare and school, and take care of these wildly energetic kids if Gary passed away.  Having three kids is a HUGE responsibility.  Now, in case you're thinking "What are the chances of something actually happening?", let me tell you that both of my parents have had cancer and my mom passed away from it at the age of 53.  My dad has also had a major heart attack–so basically, I have some less-than-desirable genes and plans need to be made.

The first step was to have a will in place.  We went through a lawyer and decided who was our executor and who the guardian of our children would be; it was a huge relief to have this in place and I would highly recommend getting a will done properly.

The next step is what we are in right now.  If Gary passed away, there are some benefits through his work (like many jobs, one to two years salary) but what would I do after those two years? How could I possibly pay the remaining years on our mortgage on my own?  We would have to move, and at this point, ten years in, it's not just a house–it's our home full of valuable memories.  And what if something happened to me?  How would Gary pay for childcare while having a smaller household income? We've been considering life insurance but have put it off due to an assumption that it would take a lot of time, money, and paperwork.

Recently I came across Manulife's Cover Me Application and tried it out. The application takes you through some key questions and asks that you indicate the amount of coverage you would like.  I timed the online questionnaire and I moved through it in just one minute–there's nothing to download, you just click the link and choose your answers!  Then, they sent me a quote via email which arrived 30 minutes later.

I would encourage you to check out how much life insurance would cost you– it takes one minute of your time but could give you a life-time of piece of mind in regards to the "What if..." question. You can find it here.

If you'd like to learn more, there will be a twitter party on November 25th at 9 pm EST (6 pm PST).  If you've never been to a twitter party, they are wild–you'll see what I mean. Forget Sudoku and crossword puzzles to keep your mind sharp, these chats go quickly!

Until then, I'd love to hear your thoughts on life insurance. I know often people don't like to talk about money but I think it's important for us to be open about these things with our kids so they learn early on how to make a financial plan.

So, life insurance: Do you plan on getting it?

Love,
Louise

{This post was sponsored by 360ACCESS on behalf of Manulife. The opinions are my own.}