leave-the-nest3

Leave-The-Nest3

Student success

How to prepare yourself for when your child leaves the nest

With a new school year comes students moving out of town again, or possibly even for the first time. Seeing your child off to post-secondary is one of a parent’s proudest moments, but it also represents an emotional challenge, particularly if they’re no longer living at home. After years of a hands-on role in raising your child, it can be hard to accept you won’t see them every day anymore. Here are a few tips to help you with the transition.<span class="Apple-converted-space"> </span>
<h3><b>Make sure they’re ready.</b></h3>
Even though you’ll miss them, you’ll sleep easier knowing they’ve got the life skills needed to take care of themselves. When they’re on their own, they’ll need to know how to cook their own meals, do the laundry, and keep an eye on their bank accounts without your input. Of course, you can work together on any skill deficiencies you’re aware of before they move away, but rest assured, kids are resourceful, and a quick Google search can help them deal with unexpected situations. And, if all else fails, they know you’re only a phone call away.
<h3><b>Find an outlet</b></h3>
As a busy parent with children, you likely had to temporarily shelve your interests to focus on your work and home responsibilities. Whether it’s your first or last child leaving home this year, you’ll likely find that you have more time on your hands than you’re sure what to do with. This is an excellent time for you to get back into your hobbies – look into taking a class or make some plans with your friends and spouse.<span class="Apple-converted-space"> </span>
<h3><b>Plan quality time together</b></h3>
If possible, book a vacation or special event to enjoy together as a family before the big move. You’ll have a chance to make some memories and cherish your time with them. Remember, your child is likely experiencing mixed feelings like you are—excited for the future while wanting to hold on to the past. Being intentional about spending time with them will leave them feeling loved, appreciated, and heard—feelings you want taken with them as they move away.<span class="Apple-converted-space"> </span>
<h3><b>Stay connected (within reason)</b></h3>
With emails, smartphones, and instant messaging, staying in touch has never been easier. While it might be tempting to go overboard with check-ins, remember that your child has a lot going on, adjusting to a new place, with new friends and new routines at a new school. Set aside a regular time to chat, giving them the space to get accustomed to all the changes while letting them know you’re always there for them. You may even find that your child is reaching out more than you expected—it’s quite common now for adult children to text their parents with frequent updates.
<h3><b>Speak up</b></h3>
If you’re having difficulty coping, don't hesitate to speak to a friend, family member, or professional to work through your feelings. It's normal to feel unmoored during such a significant change, but if you're finding that it's affecting your moods and daily function, it may be time to connect with someone who can help you. You don’t need to struggle alone! <span class="Apple-converted-space"> </span>

Although September marks the beginning of a transition in your life that you may not be prepared for, keep in mind that the relationship between you and your child won't end; it's just changing, a phase that will bring unexpected joys for you and your child.

Succeeding at school

emergency-fund2

Emergency-Fund2

Financial success

If the last few years have taught use anything, it’s that it’s good to be prepared for anything that may come your way.<span class="Apple-converted-space"> </span>

No one has a crystal ball, but the future can be made more manageable, and less frightening, with the right planning. When it comes to your finances and savings, this may mean setting up an emergency fund for a rainy day – but that at times – especially now when consumer prices are sky high – is easier said than done. With a few helpful tips however, you too can start putting cash away without even noticing it’s gone and protect yourself for any eventuality.
<h3>What is an emergency fund and why is it important?</h3>
Before we get to how to build an emergency fund, it’s important to understand what an emergency fund is and why it’s important.

An emergency fund, otherwise known as a rainy-day fund, is money you need for an unexpected life event. Life has a way of happening and you may have unexpected expenses arise.<span class="Apple-converted-space">  </span>For instance, your roof could start leaking or your car could break down at the side of the road. Unless you have emergency savings to cover those expenses, you’ll need to borrow money from your family or go into debt.

When you have an emergency fund, you have peace of mind knowing that you’re financially prepared in most cases if something costly comes up.<span class="Apple-converted-space"> </span>
<h3>Building an emergency fund</h3>

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<h4></h4>
<h4>Step 1: Set yourself a goal</h4>
It’s hard to save money if you don’t know what your goal is. Start with thinking of a goal you would like to save towards. It can be a family vacation or new car. By setting out a goal, you will be more encouraged to work towards it.<span class="Apple-converted-space"> </span>

Personal financial experts generally recommend saving three to six months’ living expenses. That can be a lot of money though and can seem intimidating. A far better approach is to set a realistic savings goal. If six months' living expenses are out of reach, saving $2,000 may not be. Choose a specific dollar amount that’s both achievable and realistic for your young family.
<h4>Step 2: Figure out where to stash your savings</h4>
Next, you want to figure out where you want to save your money. For most families a high-interest savings account may make sense. However, in some cases you might want to keep some of that money in a regular savings account or even a chequing account, and here’s why.

A high-interest savings account can be great for making some extra money in interest, but it can take longer to transfer out in the case of an emergency. As such, for any money you might need in a short period, you'll want to keep it somewhere that's easily accessible. That being a regular savings account or chequing account. You may not earn as much interest, but at least you’ll be able to get the money at a time when you need it.

This is especially important for a young family, where you or your partner might be on parental leave, making money even tighter around the house.
<h4>Step 3: Start regularly saving</h4>
Once you set your savings goal and know where you’re going to save your money, next you want to start saving. And the best way to do that is by making savings automatic.

Figure out how much you can afford to save from each paycheque and have it automatically go into your emergency savings fund. By doing that, it’s not as painful as personally putting in money each month. If you go the realistic route, you may not even notice it until you take a look at your savings a few months or years down the line. Just be sure to be very judicious in how you use it, so it doesn’t become yet another chequings account.<span class="Apple-converted-space"> </span>

At the end of the day, no matter how you save – be it in a TFSA, through long-term debt instruments like GICs or bonds, or a simple savings account, just make sure that at least some of the funds are easily accessible in case they’re needed. You’ll thank yourself in the future.

How to build an emergency fund

elementary-guide2

Elementary-Guide2

<p>Back to school is an exciting and sometimes overwhelming time for parents. While you are excited for a change of pace, some more structure, or for them to learn and interact with others, the preparation can seem overwhelming. If you are still getting ready to send your kids to school, do not stress or worry. We have a checklist for the key items your little ones will need.</p>


<i>A last-minute checklist for parents sending their children off to elementary school.<span class="Apple-converted-space"> </span></i>

Back to school is an exciting and sometimes overwhelming time for parents. While you are excited for a change of pace, some more structure, or for them to learn and interact with others, the preparation can seem overwhelming.

If you are still getting ready to send your kids to school, do not stress or worry. We have a checklist for the key items your little ones will need.<span class="Apple-converted-space"> </span>
<h4><b>1. A sturdy backpack that is sized</b></h4>
Although there are a lot of cute backpacks for children, try to ensure that they fit your child and are not too big. Look for a backpack that has adjustable straps, is water resistant or sturdy. Many have a place for a water bottle and a built-in pencil case. Remember, you do not need to splurge on a backpack, there are many affordable options online and in-store!<span class="Apple-converted-space"> </span>
<h4><b>2. Lunch box or kit</b></h4>
A lunch kit to contain all foods and snacks is recommended over just loose pieces in your child’s backpack. For a little kid, having everything in one area increases the chance of things being eaten. Bento boxes are great for this age! Put it in a carrying tote or in the backpack if it fits.
<h4><b>3. Water bottle</b></h4>
Invest in a water bottle that is durable and can be refilled easily. Ones that have a straw built-in are best.<span class="Apple-converted-space"> </span>
<h4><b>4. Plastic pencil box</b></h4>
In most cases, teachers will supply materials but will ask parents to pick up plastic containers to put their supplies in. Get ahead and get one now.<span class="Apple-converted-space"> </span>
<h4><b>5. Box of tissues</b></h4>
While sanitizers are readily available and are hand wash stations, your child will likely be asked to contribute or bring their own box of tissues.<span class="Apple-converted-space"> </span>
<h4><b>6. Rain Boots &amp; Rainjacket</b></h4>
With the rainy weather, these are necessary for obvious reasons.<span class="Apple-converted-space"> </span>
<h4><b>7. Sneakers or inside shoes</b></h4>
For young ones, teachers may request a pair of inside shoes to be kept at the school. Regardless, it’s a good idea to have a pair of extra running shoes (little ones will burn right through them).<span class="Apple-converted-space"> </span>
<h4><b>8. A few clothing staples (if there is no uniform)<span class="Apple-converted-space"> </span></b></h4>
Kids go through clothes fast, so focus on getting them things like comfortable pants and tops to go with them, as well as hoodies for layering as the weather becomes unpredictable. It’s a good idea to ensure you have a lot of socks as well (these come in handy to help keep them warm after puddle jumping, for instance).<span class="Apple-converted-space"> </span>
<h4><b>9. Labels</b></h4>
Finally, labels. It’s a good idea (and you may be asked to) to label every item your child takes to school (from a water bottle, backpack, to clothing). Kids often forget things or leave them behind. You can order pre-made labels or purchase stickers and include their name only (for lost and found purposes).<span class="Apple-converted-space"> </span>

These are most of the thing’s that will serve you well. Teachers may request additional items, but things like planners, sanitizers and such are often provided by the school for elementary students.<span class="Apple-converted-space"> </span>

Start the year off prepared and there is no doubt it will be a successful one!<span class="Apple-converted-space"> </span>

Follow our <a href="https://knowledgefirstfinancial.ca/parent-centre/">Parent Centre</a> for more tips and support throughout the year.<span class="Apple-converted-space"> </span>

Your Back-to-Elementary-School checklist

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The top 5 things we wish we knew before having young children

Caring for young children is something you can’t truly understand until you’ve been through it. The experience is unique for everyone, but suddenly taking on responsibility for another individual can be terrifying, especially with all that’s going on around you. Here are a few tips to keep in mind during those first few years.
<h3><b>Have a plan for meals</b></h3>
Parents need healthy, nourishing meals too! Even though you may have little time to spend in the kitchen, by eating right, you keep your energy up to deal with anything that could come your way. Whether you opt for premade freezer meals, meal kit subscriptions, or takeout, try to map out a loose plan to keep you and your partner well-fed and healthy during the early days and throughout your child’s development. Having nutritious snacks on hand is a good idea too, so you can grab a quick bite whenever you have a spare minute.<span class="Apple-converted-space"> </span>
<h3><b>Accept help</b></h3>
Have a friend who’s willing to drop off extra food for you? Maybe a parent who’s excited to spend time with their grandchild? Your friends and family would love to pitch in where needed. Many people—especially those with kids themselves—know that the first few stages of parenthood can be challenging. Feel free to accept those meals and take the opportunity to catch up on some sleep if grandma has the baby. After all, it takes a village!
<h3><b>Cut yourself some slack</b></h3>
New parents are often unsure about how best to care for their child. But the truth is, there is no right way. Different babies and children need different approaches, and if they’re loved and cared for, they’ll turn out just fine. Some worry is normal, but if you’re feeling stressed out and filled with anxiety, make sure you talk to someone, whether it's a trusted friend, family member, or professional, to help you sort out these emotions and productively manage them. <span class="Apple-converted-space"> </span>
<h3><b>They’re tougher than they look</b></h3>
Babies and children can at times seem impossibly fragile. How are you expected to bathe, change, carry and play with these tiny beings without hurting them? It’s natural to be concerned, but children are generally just fine with normal handling. A little bump here and there is unlikely to cause lasting harm and is something most tots experience at some point or another. That said, if you're worried about a particular incident, it's a good idea to speak to your doctor or a healthcare professional, even if just to put your mind at ease.<span class="Apple-converted-space"> </span>
<h3><b>It gets better</b></h3>
When the nights feel endless with a crying baby, you haven’t had a minute to yourself in days and when it feels like you might never sleep again, remember that this too shall pass. It might feel like forever, but slowly, babies and toddlers begin to lengthen their naps and drop their feeds. You’ll become more attuned to their needs, making your interactions more joyful and fulfilling for both of you. As they grow and become ever-so-slightly less dependent on you, you may find you even miss the newborn stage!

Becoming a parent isn’t easy, but it’s also one of the richest and most rewarding experiences you can have. Remember to take care of yourself, and reach out to others if you need support, whether it’s a helping hand or a listening ear. And try to enjoy and cherish the early stages of life as much as you can—they only stay young for so long!

Do you keep meaning to open an RESP for your kids but never quite get around to it? The earlier you can start saving for your children’s education, the better, but at the same time, it’s never too late! Here are some great reasons why you should get started with an RESP as soon as you can.
<h3>Self-directed flexibility.</h3>
If you open an individual RESP, it’s entirely up to you when and how much money to contribute to an RESP, up to a lifetime limit of $50,000. In a year where money is tight, you can put in less money, or hold off on contributions altogether and catch up later. Unused contribution room is carried over to future years, so you never lose the opportunity to put in more.
<h3>Guaranteed annual grants with contributions.</h3>
One of the very best reasons to open an RESP? The government will match a percentage of your contributions! Any money you put in, up to $2500 per year, will be matched at 20% by the federal government. If you can contribute the full amount, this means your child’s RESP will receive an additional payment of $500 each year!

Lower-income families may also qualify for an additional grant issued every year they remain eligible, independent of contributions.
<h3>Steady, consistent, long-term growth, tax-free!</h3>
Money in an RESP, along with any applicable government grants, will continue to grow in interest and investment gains, year after year, tax-free! Of course, the funds will be taxed when your child withdraws from it for school, but since he/she is unlikely to be earning significant income when they start post-secondary studies, the tax rate will be minimal.

The earlier you can start saving in an RESP, the longer the funds will have to compound in growth.
<h3>You can do it with others.</h3>
If saving for post-secondary seems like a daunting task, it doesn’t have to be. Anyone can contribute towards an RESP, including grand-parents, extended family members or friends. The money can be pooled together in one plan, or each party can open their own, keeping in mind the maximum limit is per beneficiary, not per plan.

For example, some grandparents may prefer to invest funds in your child’s future rather than buying toys for special occasions. And depending on their age, your child can even start contributing to their RESP themselves, in the form of job earnings or birthday money. As a result, you may find it easier than expected to reach the RESP goals you have for your child.
<h3>Multiple paths for the future.</h3>
If your child decides not to pursue post-secondary education, you still have options with an RESP. For one, there’s no rule that the money must be used immediately after high school. You can keep an RESP open for up to 35 years. And they’re not limited to traditional post-secondary options either. RESP funds can be directed towards part-time, practical education or trades training. You can also transfer the funds to another child.

RESPs help boost the funds you put away for your child in a way a conventional savings account never can. Take advantage of these benefits for your child’s future!

‎Parent Centre

Your Back-to-Elementary-School checklist

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‎Student success

How to prepare yourself for when your child leaves the nest

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How to build an emergency fund