Category: children

April 28, 2015

Five Easy Tips to Encourage Your Child to Contribute to Their RESP

Saving for your child’s post secondary education can be daunting – not only for yourself but for your child as well. They are at an age where they may not yet understand personal finances and the financial obligation that goes along with attending post-secondary institutions. Personally, I did not understand the OSAP loans I signed off on at that time, and I wish I had paid more attention – or at the very least had a second check – to make sure I wasn’t making a mistake.

Saving is an essential part of life, and the earlier our children learn how to do it, the better it will be for them in the long run. Helping your child understand the importance of saving for their own education will not only give them pride in their accomplishment, but foster sound financial skills later in life. It will also encourage them to take control of their education, as they have more at stake when contributing their own finances.

An RESP is a helpful tool used by parents (or grandparents) to help finance higher education for their child. Opening an account is pretty straightforward, and involves contacting an RESP company (such as Heritage Education Funds) to set up an account. Once the account is open, growing the account is all up to you and your child!

Encouraging your child to contribute their own earned money towards their education is important, but may seem like a daunting task at the time, as your child has other priorities. Here are some helpful tips I have learned along the way to encourage your child to save towards their education in an RESP:

1. Take the first step in encouraging financial independence by setting up a bank account for your child. Both of my children have their own bank accounts, bank books and debit cards (the cards are mainly used for deposits and not purchases at this time) and this was a major stepping stone for them. I want them to understand finances, how money works and how quickly it can depart! Children need to appreciate the value of a dollar, as this will better help them appreciate the cost of their education.

2. Encourage your child to be part of the monthly family budget. An important part of attending a higher education institute is dealing with the extras: utilities, rent and groceries. This is one of the areas I lacked knowledge of when I went off to university. Since a portion of my RESP’s went to financing my room and utilities, I needed to understand how they worked and how to budget for these costs, but I had no clue. So of course I overspent in these areas and my budget never balanced.

3. Start up an allowance system for your child. Having a bi-weekly allowance for your child is important, regardless of their age. This allows your child to allocate their money for wants, needs and savings. Our boys put their savings into their RESPs at the end of the month. It’s important to let them view their statements, so they can see their education fund increase month to month. If there’s an online option, allow your child to view it monthly, so they learn to appreciate growth over time.

4. Once your child reaches the working stage, encourage them to contribute money to their RESP. This will probably be the hardest thing to do, but it is so important for them to save rather than splurge all that hard-earned money on clothes, movies or food. This is where all previous education on budgets, utilities and being involved in the family budget will pay off. Your child will have a greater appreciation for their pay cheque and will spend it wisely.

5. Have your child create their own post-secondary education budget. Sit down with them and help them figure out tuition, supplementary fees, textbook fees, rent and utilities (if they are moving away for school). Use this as a tool to figure out how much money should be contributed monthly into their RESP. This is an area I wish I had concentrated on more before I made my educational choices. I was never involved in the family budget prior to living on my own, so I had unrealistic expectations of the costs, which forced me to rely on loans.

Teaching our children how to save for their post-secondary education is an essential lesson that will help them later on in life as they leave our homes to start their own home.

To help you on this journey, you can now enter to WIN a $50 gift card from Tim Hortons sponsored by Heritage Education Funds. Contest is open to Canadian residents only and ends on May 17th, 2015.

a Rafflecopter giveaway

How do you help encourage your child or teen to save towards their RESP and post-secondary education? Are they currently contributing to their own plan?

Make sure to follow Heritage Education Funds on Facebook and Twitter to keep up-to-date with news and advice for planning for your child’s educational future.

Disclosure: I am a Heritage Mom and receive perks associated with this affiliation. All opinions expressed are my own.

April 2, 2015

Button Easter Egg Crafts

We decided for one of our Easter crafts this year, the boys and I would follow up on some of the Pinterest pins we had been pinning together and create a button Easter egg to place above the television in our living room.

This was one of the few Easter crafts that I had seen that looked not only simple (and it was!) but brightens up the room on a smaller budget. You can pick up all of the items needed at the Dollar Store (except for the glue gun) for all under five dollars! This was the perfect craft for us to do this week in preparation for Easter.

For this craft you will need:

buttons in your desired colour (I wanted to create a two tone egg so I chose pink and cream – definitely not the boy’s first choice in colours but Mom won this one!)
glue gun
white canvas board

Directions:

Design your egg on the canvas. I started by placing the buttons on the board in a design that I wanted. I originally wanted to create an egg that had a linear pattern alternating the pink and white buttons. I realized after putting the buttons on the canvas (or attempting to) that that was not going to work! So instead I decided to create an egg that was pink on one half and cream on the other.

After creating a design that you are happy with, it is time to start gluing! Carefully place some of the glue from the hot glue gun on the back of the button and apply it to the canvas board. Be careful to not get any glue on your fingers (my skill in this area has definitely not improved over time).

I loved how our Easter egg turned out in the end. What I realized after I finished gluing on the buttons was that the cream coloured buttons blended in to the canvas board too much. I wish I had painted the canvas board a dark black prior to gluing on the buttons. It was a lesson well learned though!

What kind of Easter crafts are you up to this week?

March 31, 2015

Maximize Your Tax Return By Investing In Your Child’s Future With a Registered Education Savings Plan

As we find ourselves near the end of the tax season (and if you haven’t yet filed your taxes make sure you get on it now to avoid unnecessary late penalty fees!) you may have noticed a slight increase in your return.

Why are families seeing more on their return this year?

The Canadian government has recognized the growing costs of raising a family and has implemented new changes as well as credits to assist families. These changes include:

New Family tax cut – families can claim a credit up to $2,000.
Increased children’s fitness tax credit – this is a huge bonus for many families, as the amount eligible to claim is up to $1,000! This has helped out many families that I know personally as sports fees are not cheap at all. Our soccer fees alone this year for one child were $565 without even factoring in exhibition games, rental fees and more.
An increase in the amount eligible to claim for child care expenses. For a child up to the age of seven, the amount has increased to $8,000. A child aged seven to sixteen can have child care expenses claimed up to the amount of $5,000.
Universal Child Care Benefit increases! A monthly increase to $160 for children up to the age of six. Children six to sixteen receive $60 a month. This increase won’t be seen until July but it’s definitely something to look forward to in the next couple of months.

Talk about an exciting time for parents and families! With the rising costs of living and raising a family, these tax credits come in handy during the tax season in order to get the most out of your tax return.

While it is always exciting to receive a return perhaps instead of splurging (which I used to do all the time pre-kids not even going to lie about that one and it is still tempting now), why not instead maximize your return and invest in an RESP for your child?

What is an RESP?

A Registered Education Savings Plan (RESP) is a savings plan account used to save money to finance a child’s higher education.

A post-secondary education in Canada is expensive, but well worth it to help our child get where they want and need to go. In my first year of university, tuition was roughly $5,000 (not including supplementary fees) and my books costs me well over $1,000. This did not even include the smaller things that I needed (computer, paper or even groceries!). My experiences at university have shaped how I have approached saving for the future education of my own children. An RESP was the first account I opened for my boys after giving birth. I do not want them to have to live with the same financial constraints I had to while away at university.

Saving in a RESP Made Simple

Your first step is to register an RESP for your child, which can be as simple as making a phone call to a reputable RESP company, such as Heritage Education Funds. After you have chosen the right account for you and your child, the next thing to do is start saving!

Look for different ways to save:

Contribute to the account monthly with an amount that you feel comfortable with. When we first opened up the accounts, we could only contribute $25 a month. As our finances changed, so did our contributions.
Consider using the Universal Child Care benefit to pay into your RESP.
Use your tax return to deposit into your child’s account.
Take advantage of the government grants that are available to you – this is extra money for your child!

I still remember when I took this picture and time has flown by so fast since then. Soon enough, that will be a real car in the picture and perhaps they will be heading off to school! *tears* The best gift I can give them is their RESP’s to help further themselves once they leave our home.

How do you invest your tax return? How important is an RESP to your family?

Disclosure: I am a Heritage Mom. All opinions expressed are my own.

March 31, 2015

Vaccination 101: Everything You Need to Know

Vaccination.

This one word has a way of drawing out raw emotions, heated arguments and debates. Today I want to speak with you about my own personal experiences with vaccinations and break down the current Ontario Immunization schedule.

As many of you know, I have been blessed to work as a Clinical Team Assistant in a family medicine unit. I have been able to bring a woman in for her first prenatal appointment and prepare the visit for her family doctor. We watch the baby grow and joke near the end of their pregnancy that it feels like they have been pregnant forever. When baby comes in for the first time you feel like they are a part of the family! Getting to hold their child warms my heart. It is incredible and humbling to be able to watch families grow over time. When a member of that family becomes ill it breaks your heart.

For many parents the problem with vaccines is the abundance of conflicting information online, the information given by a well-meaning individual and the fear of the unknown. Open and honest communication with your family health care provider is essential from the start of your pregnancy right through to your delivery and your child’s first newborn visit to ensure you feel comfortable in the decisions you make and with the relationship you have with your family health care team. Your family physician has your child’s best interests at heart. They would never prescribe your child anything that would harm them or that they would not need nor would they recommend a vaccine that could potentially harm your child. A patient becomes like a member of your family and their best interests are always the main concern for a family physician. Talk to your family health care team – if you don’t understand what you saw on the news or in a magazine bring it in to your appointment and address your concerns.

Here is some information to help you understand and appreciate the vaccination process.

What is a vaccine?

Vaccines are preparations made up of a specific selection of dead or weakened bacteria or viruses which are administered orally, by injection or through inhalation. When these dead or weakened bacteria or viruses enter a person’s system the body responds by producing antibodies that attack and kill the organisms without causing the serious symptoms that occur during a real infection.

Why do children need immunizations?

Our children are born with a degree of natural, inherited immunity which they acquire during pregnancy from their mother’s blood. That immunity is reinforced during breastfeeding as breast milk is rich in antibodies. Unfortunately, this passive inherited immunity is only temporary and wears off during the first year of life. This leaves your child open to a host of diseases.

Vaccination is the only tool that we have to prevent these diseases. Vaccines allow our body to build up antibodies to prevent diseases. We ensure our child has proper nutrition and exercise to grow strong and vaccines are the only way to ensure their immune system stays strong.

Vaccines do not make your child sick. Think of your last needle – did it hurt? It may have felt like a sting or a pinch but well worth the benefit of protecting against the disease. Both of my boys received all of their immunizations without Tylenol or Advil and developed no fever or irritability after their immunizations.

Children that cannot receive vaccines due to being immune-compromised or who are too young, count on their community for protection. Herd immunity only works when the community as a whole vaccinate.

When/Why do we receive vaccines on a certain timeline?

Your child’s vaccines are scheduled at certain developmental milestones and it is important to ensure you are staying on track with this schedule. This schedule was developed to ensure your child receives these vaccines when their body is ready for them as well as to provide protection against vaccine-preventable disease as early as possible. They are combined with important well baby visits at two, four, six, twelve, fifteen and eighteen months of age.

Let’s break down the current immunization schedule in Ontario for children up to the age of six:

Diphtheria, tetanus, pertussis, polio and Haemophilus influenza type b: The five in one protection vaccine. This vaccine given at 2, 4, 6 and 18 months protects your child from diphtheria, tetanus, pertussis (whopping cough), polio and Haemophilius Influenza type b also known as Hib which can cause meningitis.

Tetanus, diphtheria, pertussis and polio: The four in one protection vaccine. This vaccine, given at 4 to 6 years of age, protects against diphtheria, tetanus, pertussis (whopping cough) and polio.

Pneumococcal: This vaccine is given at 2,4 and 12 months of age and protects your child from pneumococcal meningitis, pneumonia, ear and blood infections.

Rotavirus: This oral vaccine is given at 2 and 4 months of age to help prevent and lessen the severity of gastro (stomach) bugs.

Measles, Mumps, Rubella: This vaccine is given at 12 months. This vaccine protects children from measles, mumps and rubella.

Measles, Mumps, Rubella, Varicella: The four in one protection vaccine. This vaccine is given between 4 to 6 years of age and protects against measles, mumps, rubella and varicella.

Meningococcal: This vaccine given at 12 months of age protects against meningitis an infection that lines your child’s spinal cord and brain.

Varicella: This vaccine is given at 15 months of age and protects against chickenpox. In some children, chickenpox can cause severe skin infections, scars, pneumonia or brain damage.

Vaccine Safety

Vaccines are constantly tested to ensure safety for patients. Patient safety is the top priority for our health care system. Vaccines do not cause disease nor do they cause autism.

Why is this important?

For many of us we can’t imagine the suffering that comes from these diseases let alone the symptoms that accompany them. This is because of how effective vaccines have been in eliminating once common and prevalent diseases.

My children will never know the scars and itchiness from chickenpox that afflicted me twice as a child. Nor will they hopefully ever lose a loved one from meningitis as my husband did when he lost his older brother as a child.

This is why we vaccinate – to prevent the preventable. It is so very important for not only the health of our children to vaccinate but the health of our most vulnerable population in our community.

This post was developed in association with the Ontario Ministry of Health and Long Term Care. The opinions of the author are my own.

Getting immunized is an important part of creating a foundation for a healthy life. If you’re on the fence about immunizing, here is the information you need to make an informed decision for your family:

How We Can Increase Vaccination Rates and Protect Our Kids

Why It’s Essential for Kids with Allergies to Be Immunized

Erica Ehm talks with Ontario’s Chief Medical Officer to Get Straight Answers about immunizations

Five Important Reasons This Pediatrician Vaccinates Her Kids – and Why You Should Too

Why Vaccination Isn’t Just About You – It’s About All of Us

Why This Mom Wouldn’t Dream of Not Immunizing Her Child

March 25, 2015

Go Fish – Easter Style!

Do you love a fun game of Go Fish? We certainly do especially on game night!

Why not spice up your game of Go Fish and take it to a whole new level, Easter egg style!

Cathy, from Cathy Thinking Out Loud, has put together these fantastic templates to help create your own game of Go Fish – Easter Style.

To put the cards together you will need:

printer paper
scissors
pencil crayons/crayons

Directions

Print out the two templates below seven times each. This will give you a total of fifty-seven playing cards.

Have your child colour in the template including the card and egg. They can go with traditional Easter colours or choose to change it up a bit. Let their creativity shine through here.

Assist your child in cutting out the egg-shaped card. If they are too young you can do this for them.

After the cards are cut out, shuffle them up and get ready for an exciting new way of playing Go Fish!

As a refresher, the rules of the game are:

Minimum of two players
Five to seven (depending on how you play) cards are dealt to each player. The remainder of the cards are placed in one pile in the middle.
Choose a starting player (in our house it is always our youngest, hands down he wins each time!).
Each player should remove duplicates and place in their own pile (to keep track of how many cards they have).
The first player will choose another player and ask them “Do you have a <insert number>”. That player will either respond yes and give them the card or “no – go fish!” and they will have to pick up another card.
The game continues to the left and ends when all the cards have been used. The winner with the most amount of cards wins!