Grandparents scrambling to buy the “perfect” gift may want to pause and consider something a little more practical than a remote-controlled car or a Frozen Barbie doll. Consider items that help kids learn about money and ways to save, share, and spend it.
Cash or gift cards
While not always the best choice, dollar bills or coins can sometimes hit the right note.
‘If you’re doing money, give cash to young children, as they can connect with the value of money when it’s in cash rather than a gift card or cheque,” says Kathryn Mandelcorn, a certified money coach with Money Coaches Canada in Vancouver (http://moneycoachescanada.ca/about/kathryn-mandelcorn/). “Sometimes giving cash can feel like you are not making an effort in your gift giving but I believe on the contrary. It allows the child to make decisions with money on how to spend or save it.”
It works even better when you help with those decisions, going with them to make choices in a store and even allotting a portion to sharing.
“In many cases, money can be powerful if used in the right way,” says Darren Coleman, certified financial planner, portfolio manager, and assistant branch manager at Raymond James in Toronto (http://raymondjames.com/colemanwealth/index.htm). “You can say, ‘I’d like to go with you to spend it. You are going to give some of it a charity and we’re going to work on who we’re going to give it to and why that is meaningful to you. Certain charities have catalogues where you can buy a well or a medical kit; something tangible like that is especially good for kids.
“Then when you go shopping together, you can say ‘we’re going to talk about what you like, what you’re interested in, so you become educated about how you should make purchases,’” he adds. “They might have $100 to spend at Chapters or Sport Chek and they have to make economic decisions: will they buy one big thing or three smaller things? Gift cards for kids are interesting because they can be an educational tool: if you do it well you can get a child educated on becoming a consumer and being involved in making choices.”
For relatives wanting to give money to preteens but who are worried it will just get squandered, Mandelcorn suggests “dream building”.
“Dream building is a wonderful way to give,” she says. “It may be the child’s dream or it may be a reflection of your dream – a love of travel, for instance. Open an account for your preteen and every month deposit an amount, perhaps $10 a month. By the time they have graduated they have an amount set aside to travel or for whatever other dream they have.”
Money-related games or toys
One of Lee Richmond’s top recommendations for those looking to instill a little financial savvy into their young’uns this holiday season is the Moonjar Savings Bank. The three-part box has sections labelled Save, Share, and Spend.
“This is my all-time favourite,” says the owner of Kaboodles Toy Store (http://www.kaboodlestoystore.com/) in Vancouver and Victoria. “It really teaches younger kids, up to about age 10, how to separate their money. They can visually understand the concept of saving for something in the future, even if that future is in only two weeks. Also, so many parents these days are trying to teach their children about giving to others, and this is one way to do it. It’s also a way to teach fractions and percentages.”
A home-made spin on this, Mandelcorn notes, is to take four mason jars, let the kids decorate them, and label them Spend, Save, Invest, and Give.
Other toys for kids aged three and up, Richmond says, include the Teaching Cash Register by Learning Resources, which contains Canadian play money, an LCD screen that displays transactions, and a talking checkout scanner; and Star Wars Math Workbooks from Thomas Allen Publishers.
Then there are board games.
“Monopoly is a great game for kids to understand the value of money and how to save, spend and invest,” Mandelcorn says. “The traditional game is the best.”
For teenagers, she suggests Living Me to We: The Guide for Socially Conscious Canadians or Craig Kielburger’s Lessons from a Street Kid.
“Find a book that your teen would connect to,” Mandelcorn says. “It can inspire your to give back. Giving is a huge part of receiving, especially when it comes to money.”
This idea is better for older kids, since little ones still like having something to open on Christmas Day.
“A Christmas contribution during the teenage years allows you to start the conversation about post-secondary education,” Mandelcorn says. “What are the expectations? What portion will you pay for? Teaching your children about the cost of education early allows for you to plan together. Show them their RESP account and how they receive grant money and about the power of compound interest and the benefits of investing over the long term.”
Just be sure to check with the parents to make sure the gift doesn’t result in an overcontribution, Coleman notes: there are limits in place and excess contributions will result in negative tax implications.
Purchasing stock for a grandchild isn’t that common a gift these days.
“I think it’s great, but I don’t think kids get much out of it,” Coleman says. “It sounds interesting, but I don’t think the kid cares. They get a stock certificate and they just don’t understand it.”
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting
(Reuters) -An S&P Dow Jones Indices executive told Reuters on Wednesday it has removed electric carmaker Tesla Inc from the widely followed S&P 500 ESG Index because of issues including claims of racial discrimination and crashes linked to its autopilot vehicles, and Tesla CEO Elon Musk responded with harsh tweets including that "ESG is a scam". In it changes, effective May 2, the sustainability index also added soon-to-be-Musk-controlled Twitter Inc and oil refiner Phillips 66 while dropping Delta Air Lines and Chevron Corp, according to an announcement. The back-and-forth over the index changes reflects a wider debate about the metrics used to judge corporate performance on environmental, social and governance (ESG) issues, a growing area of investing.
Environmental activists briefly disrupted BNP Paribas' annual shareholder meeting in Paris on Tuesday, accusing France's largest listed bank of being Europe's main financing partner for the fossil energies sector. Fourteen activists sounded portable alarms when the bank's executives presented the firm's targets and actions in the fight against climate change. In a statement, the activists also criticized BNP Paribas' ties with TotalEnergies, pointing out BNP Paribas' financing links with the French oil and energy giant.
Companies including Microsoft Corp, Amazon.com Inc and Tesla have rushed to the aid of their U.S. employees as several states tighten abortion restrictions. The country's top court is also set to overturn a 1973 ruling which legalized abortion nationwide, according to a leaked initial draft majority opinion by the U.S. Supreme Court. Citigroup Inc began covering travel expenses for employees who go out of state for abortions in March, the first major bank to do so.
CHICAGO/WASHINGTON (Reuters) -United Airlines said on Tuesday the Federal Aviation Administration (FAA) has cleared its Boeing 777 planes equipped with Pratt & Whitney (PW) 4000 engines to return to service, while the wide-body jets are expected to begin flying next week. Andrew Nocella, United's chief commercial officer, said the FAA issued the final paperwork for the planes late on Monday. Separately, the FAA confirmed it has approved the service bulletins that will allow the Boeing 777-200 with Pratt & Whitney PW4000 engines to return to service.
While Europeans bask in the warmth of spring, governments are in a race against winter. Europe is trying to cut use of Russian natural gas because of the war in Ukraine, but still find enough fuel to keep the lights on and homes warm before it gets cold again. That has sent officials and utilities racing to fill underground storage with scarce supplies of natural gas from other producers — competition that further raises already high prices as utility bills and business costs soar. Italy has ann
SEIU Healthcare, a union bargaining on behalf of more than 17,000 workers in Ontario's hospitals, released results of a survey that shows Doug Ford and the Ontario Hospital Association (OHA) are undermining frontline staff.
BERLIN (Reuters) -Daimler Truck Holding said rising raw materials prices and inflationary pressures could weigh into its second quarter, but the truckmaker expected to continue passing high costs to customers amid record levels of demand. Once costs begin to decrease again, it could lower customer prices, Chief Financial Officer Jochen Goetz said on an earnings call. "We are not increasing prices just for the sake of profit, but pure necessity," Goetz said.
Bank of England boss Andrew Bailey is sorry for an "apocalyptic" view of the world, saying that monetary policy faces its biggest test in 25 years with surging inflation exacerbated by war in Ukraine and China's COVID lockdowns. Federal Reserve chief Jerome Powell, who warned last week that taming inflation will "include some pain", and European Central Bank president Christine Lagarde speak later on Tuesday.
Climate change is hurting the insurance industry and only 8% of insurers are preparing adequately for its impact, consultants Capgemini and financial industry body Efma said in a report on Tuesday. Insured losses from natural catastrophes have increased 250% in the last 30 years, with perils such as wildfires and storms, seen as particularly impacted by climate change, causing an even faster rise in insured losses, the report said. Insurers' main catastrophe risk in the past was typically from hurricanes in U.S. states such as Florida and Texas, Seth Rachlin, global insurance industry leader at Capgemini, told Reuters.
STOCKHOLM (AP) — Turkey´s president on Monday complicated Sweden and Finland´s historic bid to join NATO, saying he cannot allow them to become members of the alliance because of their perceived inaction against exiled Kurdish militants. President Recep Tayyip Erdogan doubled down on comments last week indicating that the two Nordic countries´ path to NATO would be anything but smooth. All 30 current NATO countries must agree to open the door to new members. Erdogan spoke to reporters just hours
Canopy Growth Corporation ("Canopy Growth" or "the Company") (TSX: WEED) (NASDAQ: CGC) and Lemurian, Inc. ("Jetty"), a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, announced today that they have entered into definitive agreements (the "Agreements") providing Canopy Growth, by way of a wholly-owned subsidiary ("Canopy Sub"), the right to acquire, upon federal permissibility of THC in the U.S. or earlier at Canopy Growth's election, up to 100% o
Construction equipment maker Caterpillar Inc believes demand for critical minerals as the clean energy transition gathers pace will translate to solid returns for its mining business, CEO Jim Umpleby said in an interview on Tuesday. The company is aiming at a global market worth about $5 trillion for energy transition infrastructure between 2021 and 2040, Umpleby said. "Mining capital expenditures have been relatively subdued over the last few years and we believe that will increase," he told Reuters after the company's investor day meetings.
OTTAWA — Prime Minister Justin Trudeau says the new national child-care deals are saving Canadians thousands of dollars and helping offset the hits that keep coming to grocery and gas bills. But the prime minister appears to be rejecting a call from the NDP to hike the GST rebate and Canada Child Benefit cheques this year, noting both are already indexed to inflation. NDP Leader Jagmeet Singh wants the government to double the GST rebate and hike the child benefit by $500 per kid to help Canadia
Given their high-growth potential and attractive valuations, these three stocks could be an excellent addition to your TFSA. The post 3 Cheap Growth Stocks to Add to Your TFSA appeared first on The Motley Fool Canada.
Magna (TSX:MG)(NYSE:MGA) stock has grown 8% in the last week but is down over the last year. So is a dividend enough to allow investors to buy and wait? The post Magna Stock: Is a 3% Dividend Yield Enough to Make Investors Stay? appeared first on The Motley Fool Canada.
COLOMBO, Sri Lanka (AP) — Sri Lanka's governing party on Tuesday defeated a move in Parliament to urgently debate a motion that would censure President Gotabaya Rajapaksa for the nation's worst economic crisis, which the prime minister said has left only enough gasoline for one day. It was unclear when the motion will be taken up again. It would not legally require Rajapaksa to quit, but his refusal to do so has already roiled Sri Lanka, which is on the brink of bankruptcy as it negotiates an ec
If you're looking for growth stocks with a strong rebound in the next year, these two tech stocks are definitely worth looking into further. The post 2 Growth Stocks Already on the Rebound appeared first on The Motley Fool Canada.
Sitka Gold Corp. ("Sitka" or the "Company") (CSE: SIG) (FSE: 1RF) (OTCQB: SITKF) is pleased to announce assay results from diamond drill hole DDRCCC-22-023 (the "drill hole" or "Hole 23"), the second drill hole completed during the Company's 2022 winter exploration program at its road accessible, district scale RC Gold Project ("RC Gold" or the "Project") located within the Yukon's prolific Tombstone Gold Belt (see Figure 1). Four diamond drill holes were completed during the 2022 winter drillin