Show 154 & 155 – Money (parts 1 & 2)

putting money into a piggy bank

  • Managing resources
  • Money literacy
  • What’s important about money?
  • Why do families find money management so difficult?
  • What’s important for parents to know about money and kids?
  • What are the typical money triggers for parents?
  • Accepting and living within our means
  • How families get stuck or behind in paying the bills?
  • Thinking ahead
  • Money fears and what holds us back?

 

Money is so much more than understanding the 5 pillars: income, expenses, protecting yourself, paying down debt, and saving for the future. Money involves not only our financial picture but also how we relate to money and manage our resources in the context of our significant relationships.

 

PART 1: James Rankin, Financial Advisor from Edward Jones in Guelph, leads us in our two part feature about money. “Don’t buy landfill”, he advises. We discuss why parents need to understand how and why they are spending their money. What’s your support network? What would happen if you got sick or injured? What would happen to your bills and the people you take care of? What’s your strategy? Find out what financial strategies are recommended for single women. Finally, what is the single biggest mistake parents make when managing their money? 

 

James mentions these resources:

 

 

PART 2: April 6th we meet Stacey Aarsen, Executive Planning Specialist from Sentry Group and Kim Logue, who wears many hats including teaching money literacy to vocational and high school students and being a fellow CFRU programmer. We talked about why money is a trigger, your money mindset and beliefs, money literacy, and how your skills and mindset affect your spending habits. We talk about the challenges family’s face when managing their resources: when spouses don’t agree, when one spouse makes a lot less than the other, and when life throws you unexpected curve balls. Do you know what percentage of your income goes to mandatory expenses (ie., the things you don’t like to pay for) and things that are variable? 

 

Here are some tasty tidbits to whet your appetite:

 

 

Above all, a holistic approach that involves awareness, written goals, planning, and support are key! There is no one-size-fits-all approach for all families. You know your family best.

 

Other resources:

Action Read – Community Literacy Centre may also offer support in money literacy

Guelph-Wellington Time Bank – It’s a way of building community – a complementary currency system that uses time and exchanges skills and help instead of dollars.

Diyode – “The Diyode community workshop is a place for making, 2500 square feet of tools and supplies for wood working, metal working, electronics, prototyping and crafting. Diyode is a non-profit organization with a mandate to foster an enthusiasm for DIY, to spread the idea that it’s better to build something than to buy it, and that it is better to fix something than throw it away.” Tools and space are available to borrow.

 

Family Matters shares conversations about family life every Sunday morning at 11am Eastern on CFRU 93.3 FM. Be sure to visit our FaceBook Page or comment below to keep the conversation going.

 

This feature is broad-casted over two Sundays

 

Part 1 with James Rankin, Sunday March 30, 2014 1100-1200 Eastern Time on CFRU 93.3 FM, Guelph, Ontario, Canada

Listen to the full 1 hour Pod Cast  <<< click to listen now or save this MP3 to listen later

 

Part 2 with Stacey Aarssen and Kim Logue, Sunday April 6, 2014 1100-1200 Eastern Time on CFRU 93.3 FM, Guelph, Ontario, Canada

Listen to the full 1 hour Pod Cast <<< click to listen now or save this MP3 to listen later

happy piggy bank

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