Author Archive: Natasha McKenna

Having A Family Conversation About Money

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family conversationsHaving a Family Conversation about Money

By: Family Service PEI & Credit Counselling Canada

Do any of these sound familiar?

  • The holidays are coming up and your adult children will be coming to visit.  You know that you should talk to them about money and your decisions for the future.  You are worried about having enough for retirement.
  • Your children are young and you know you should be teaching them about money.  Where do you start and how much should they know about your family finances?
  • Your kids are growing and talking about ‘what they want to be’ after high school.  How do you introduce the idea of saving for post-secondary education and what you might be able to provide?
  • You’ve just become engaged and you want to have the money conversation since you are concerned that your fiancée may be in debt and you need to have a plan going forward.

If so, it’s time to have the family conversation about money.

These conversations are always better held sooner than later.  Even in the case of an engaged couple, the money conversation should happen earlier in their relationship so that the two partners could determine their financial path forward.   Couples in longer term relationships need to talk regularly about handling debt, savings for emergencies, retirement and health care.

Let’s start with seniors and their adult children.  This is an important conversation to have as early as possible.  This is also one of the talks that you don’t want to have at holiday time.  Leave this topic for another visit and enjoy the holidays together without discussions that could be stressful.

Here are some additional tips to consider:

  • Have a talk with your spouse first and plan ahead before talking to your adult children.  Make a list of what topics you do and do not want to talk about.  The best way to prevent financial challenges is to plan ahead when you are physically healthy and still living in your home.
  • Take it slow, this may be an awkward and difficult conversation for them so be considerate of your adult children’s feelings.  It can be a tough conversation when talking about last wishes for burial/cremation, sources of cash flow, investments, assets and liabilities, insurance coverage, powers of attorney and wills.
  • Know that you will always have the final decision; after all it is your money and your life.
  • Ensure that you have follow up conversations particularly since they likely won’t have all the information in one sitting and they need time to assimilate and make decisions.

At the end of the day, what is really at stake is the opportunity for you to communicate your financial wishes, and get help to make those wishes come true. By communicating your wishes early on, you are:

–          Making it easier for your friends and family to help you with financial issues in the future.

–          Making sure everyone understands your wishes and desires, eliminating confusion.

–          Creating a support network with whom you can talk to about concerns, ask questions, or get advice from.

Everyone needs to have money conversations no matter the stage or age of your family members.  Sharing examples of things that you have undertaken may provide encouragement for them to do something similar.  For instance, having made a power of attorney for finances and personal care makes you feel more comfortable about any future situations.  This may ease the way for them to take this step.

Remember that money is a personal matter.  Everyone has boundaries around personal information and you should ease into these discussions with patience and empathy.

Put Your Christmas On A Budget: Why & How

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Christmas savingsBy: Household Management 101

When you think of Christmas on a budget perhaps you think of doing without, and everyone sitting around an empty Christmas tree looking sad. However having a Christmas budget doesn’t mean you are limiting your fun. Instead, it shows you are taking responsibility for your financial life and are taking steps to have a stress free holiday season.

After all, nothing screams stress like a credit card bill in January that you can’t pay!

Creating a holiday budget is something everyone should do, whether you are tight on cash this year, or are Uncle Scrooge rolling around in your money bin.

Each of us should be mindful of our spending, because Christmas, and the holiday season in general, is not about who can spend the most, but instead about love, family, friends, and faith. Money is not needed for any of those things.

How Much Do You Plan To Spend For Your Christmas On A Budget?

That being said, people enjoy giving gifts, entertaining, and traveling during the holidays. Those things cost money. Do you know how much you plan to spend on your Christmas budget this year?

In a Gallup poll Americans reported that they planned to spend $743 on Christmas, on average. When you are talking about spending that much cash, for any reason, you should have a written and thought out plan to make sure you can afford that much, and that you really need to be spending that much even if you can afford it.

You have heard and probably thought lots about the commercialization of Christmas, and the “give me” attitude of our children at this time of year. Celebrating Christmas on a budget can help you curb some of these more vice like characteristics of the holiday, and get us back to the core values we most cherish.

Create A Written Holiday Budget

I urge each of you to create a written budget for your Christmas purchases this year, not just one in your head.

The reason to write it down is that it is then more concrete, and you are more likely to take the exercise seriously and really think about the amounts in each category.

In addition, a written Christmas budget holds you more accountable because you can project the expenses now, but you can also write down how much you actually spent later, as the season progresses.

The first year you create your Christmas on a budget is the hardest, because you have to start from scratch with your numbers and form. However, save your budget form you create this year in your household notebook, and next year use it as a jumping off spot to make the budgeting process easier.

Christmas On A Budget – Categories To Consider

The most obvious part of a holiday budget revolves around how much you want to spend on gifts to give your family and friends. However, that is just one of many categories that truly reflect all that you will spend on the holidays this year.

The complete list of categories includes:

  • Gifts you will purchase (use this printable Christmas gift list to help you stay on budget for this category)
  • Supplies for gifts you will make
  • Wrapping supplies, such as paper, bows, gift bags, etc.
  • Decorations you want to purchase this year (and if you have a spectacular light display the increase in electricity that will cost, for example)
  • Christmas cards
  • Shipping, such as for boxes to be mailed to family far away, and stamps for your Christmas cards
  • Food, for parties, your own holiday celebrations, to give away as gifts, etc.
  • Any other entertaining expenses for those holiday parties you are giving or attending
  • Traveling expenses, such as gas, hotel rooms, etc.
  • Charitable giving this holiday season

I know this article is about Christmas on a budget, but I would suggest adding your planned expenses for Thanksgiving and New Years in there too, because this will more accurately reflect your spending for the whole holiday season, to make sure you can still afford everything you are planning.

Can I Still Afford This Christmas On A Budget Plan?

Once you see all the numbers laid out you may gasp, and try to grapple with the question of whether you can truly afford the amounts you have put down.

Frankly, that is a good thing. It is much better to make that realization on paper than after the spending has already occurred.

A good rule of thumb is never to spend more money for the holidays than you take home in your paycheck for one week. If you are in debt, or cash strapped, your budget may realistically need to be even less.

Keep trimming those numbers until they reach a total you can truly afford. This exercise will help you examine your priorities and values, which is always a good exercise around the Christmas season anyway.

The Most Important Step For Your Christmas On A Budget – Stick To It!

Don’t just fiddle with your numbers on paper until they look pretty, and then go off and spend whatever you want at the store. Actually commit to your Christmas budget, and don’t spend more than you have allotted.

If you have trouble with this, try using only real cash and the envelope method to pay for purchases. Make an envelope for each category and put in it the amount of money you have allotted for that category. Then, spend from that envelope and stop when you run out. This concept is very simple, but truly works wonders!

For even more tips on making your holiday budget check out this Christmas budget how to’s and video tips page, which provides more tips for making your family’s holiday budget, and tracking your spending to make sure you stick to that budget.

Merry Christmas, and may you truly enjoy your Christmas on a budget and stress free New Year!

*To access the tools that go with this article, go to the following source.

Source: http://www.household-management-101.com/christmas-on-a-budget.html

Surviving Loss During The Festive Season

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mother-son-christmasBy: Family Service PEI

Living through loss is something that everyone will experience throughout life.  There is no right or wrong way to grieve; each individual is a unique being who copes with loss in their own way. How you grieve depends on many factors, including your personality, your life experiences, and your coping style (www.helpguide.org). However, for many people, dealing with loss during the festive season can be extremely challenging. Social expectations  on  festive occasions   are that everyone  feel joy and delight. This can increase stress and pressure to conform and live up to these expectations.

Generally, when thinking of loss, the death of a loved one comes to mind. This is the more obvious type of loss, but not the only kind. As the festive season approaches, many people will be grieving the loss of their marriage, their job, health, pet, cherished dream, or their child who left for college. Although each loss will have its own intensity, often one loss (the loss of a pet) can stir up memories of other loses (death of a mother).

Dr. Nancy Molitor (www.yourmindyourbody.org), encourages speaking openly and honestly with friends and family about the experienced loss. This will allow the group to brainstorm ways to overcome the loss and create new traditions by scaling back, or transforming. If you have been laid off, look at starting new low cost family traditions, such as attending the local parade or tobogganing. Should the cost of gifts be a concern, explore the option of having a gift exchange, or limiting the dollar value. A fun family night of board games or Christmas caroling can often be enjoyed by many. When family and friends get together, consider  taking the time to  celebrate the life of  a  person who has died.  Tell stories, share pictures and videos, laugh together.

Having a close family member or friend absent from the celebrations for the first time can always be trying. Should a loved one not be physically present, Dr. Molitor suggests using alternative methods to communicate. This may include Skype, or making a holiday video and posting it on Youtube. Ensuring communication will help to bridge the distance gap and alleviate feelings of loneliness associated with loss. Additionally, there is always the option of inviting new people in to your life, which can be done by volunteering, or joining new groups.

In research on the topic of loss (and traumatic loss)  Dr. John R. Jordon  has found that formal and informal supports are most important for those grieving a loss.  He further suggest that our relationship to our lost loved ones does not end with death, rather, it transforms itself into a different type of relationship over time. This echoes the notion that our loved ones are always with us and go on through us.

The festive season can bring great joy. For some, it may take more effort and planning, but with open communication and innovation it is sure to be a success.

FSPEI Launches It’s Your Right Toolkit

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Bz7vqFHCIAAvaLBBy: Family Service PEI

On Tuesday October 14th we launched our new financial literacy toolkit for seniors- It’s Your Right- Protecting Yourself Financially As You Age. This project has been made possible through the Government of Canada New Horizons for Seniors Project.

Special guests that attended the launch of our new toolkit were: Hon. Lieutenant Governor Lewis, Hon. Minister Wong Minister of State (Seniors), Hon. Valerie Docherty Provincial Minister of Community Services & Seniors, MLA Mr. Aylward Opposition House Leader.  We greatly appreciated the attendance of all our special guests and all who participated in the launch.

Financial difficulties can happen to anyone.  This toolkit was developed based on the input of PEI seniors, and is designed to educate and empower the senior themselves, encouraging them to utilize available resources to take a pro-active approach to protecting themselves financially as they age.  Even though it was developed by seniors for seniors it is a great toolkit for anyone.  Increasing financial literacy at any age will decrease a persons’ vulnerability, and subsequently help prevent financial abuse.

The toolkit, It’s Your Right-Protecting Yourself Financially As You Age, has eight main topics.  These include:

  • Who Can You Trust?
  • Lending, Giving, and Donating
  • Talking About Money
  • Scams & Frauds
  • Tips & Safeguards
  • Planning For Your Future
  • Financial Abuse
  • Getting Help

The content of this toolkit has been derived from local, regional and national resources, including the Financial Consumer Agency of Canada, the Canadian Bankers Association, Canadian Anti-Fraud Centre and many more.

The toolkit can be found at www.ItsYourRight.ca.We would encourage seniors to take advantage of the hands on training session, which will teach the ins and outs of the toolkit and increase financial literacy. The training dates and locations can be found on the website or by calling 902-436-9171.

Knowing that not everyone has access to the internet, we have developed a print version of this toolkit. We are working hard to make this toolkit available to all PEI seniors through local libraries, seniors clubs and banks.

 

 

Asking For Help, And Why It Can Be Hard

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How-to-be-a-More-Assertive-Parent_ArticleBy: Suzanne St. Amour, Family Service PEI

At one time or another most people need help. That is a pretty straightforward statement.  It’s what happens after, that gets complicated. It turns out most people don’t like to ask for help. That may not come as a surprise. There’s even a gender difference. Women find it more difficult to ask for help than men.

So what’s up with that? One article I looked at said that HELP is a four-letter word (what does that tell you?). In North America, part of our culture is to be self-reliant. It is such an ingrained idea that most of us probably never give it a second thought; it just is, like the sky is blue and the grass is green. Hey wait! What if that is not the case? What if it’s all in our heads? We’ll get back to that later.

As I said earlier, women find it more difficult to ask for help that men. That does not mean that there is necessarily a huge gap between the genders, so men, keep reading. The main reasons that people give for not asking for help have to do with us wanting to protect our self-concept, or how we see ourselves. We avoid asking because 1) we don’t want to look weak; 2) we don’t want to look incompetent by imposing on friends of family; 3) it won’t be done right away if we don’t take care of it ourselves; 4) we were raised to be self-sufficient; 5) it won’t be done right if we do not do it ourselves.  Females (including myself) are particularly prone to # 3 and 5. We must have a high opinion of ourselves.

All kidding aside, the result of these beliefs cause us to work harder than we need to, feel like we’re doing it on our own, and no one understands how difficult our lives are. What’s the answer? There’s more than one way of dealing with it. The ways are not all equal. We can just suck it up and keep doing what we are doing (till or mind or body starts to break down).  Or we could consider changing how we think and feel about asking for help. It turns out that for some individuals there’s a crisis that forced them to ask for help. Often the reason is physical. For example, a person may get in an accident and may no longer be able to do the things they use to. Someone else may be pregnant with complications. Suddenly they find themselves having to face their limitations. Being forced to do something is not fun. No one wants to be forced. One alternative is to choose to chance not only how you do things but the beliefs that enslave you to doing more than is humanly possible.

Change how I think? Now there’s a new concept. How does one do that, you ask? Here’s the abridged version.  Keep in mind that this is not an easy process. Ideas and beliefs are like old friends that we do not want to give up because they are familiar. These ideas are also like stubborn stains or computer glitches that just won’t seem to go away. Here are some steps you can try.

1) Consider exactly why you think that asking for help is a sign of weakness.

2) Work through how not wanting to ever seek help is reinforced by unrealistic ideas and wishful thinking.

3) Think about whether your bias to not ask or seek help has any (actual) benefits to yourself or others.

4) Look to reality instead of relying on wishful thinking.

5) Expect some paradoxes (a paradox is something that seems self-contradictory or inconsistent, so they may make you wonder why you are trying to change).

6) Beware the illusion that all problems are easy or that problems needing solving only apply to some people (not you of course).

7) Prioritise your problems.

Sound complicated?

Perhaps you should ask for help.

Starting Your Emergency Fund

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241By: Ellan Dickieson, Family Service PEI

As a young professional who harps on others about being financially responsible, I figured it was time to start practicing what I preach. With the credit card debt paid off and the student loans on the way down, it was time to stop relying on the credit card for emergencies, and actually start an emergency fund. An emergency fund for what, I asked myself. I don’t own a house, or have kids; I have a full time job…what could possibly go wrong?

Oh yes- I do still have those wisdom teeth, and the car that, knock on wood, has been really good to me, but has travelled +250k kilometres, and I did take a job in the not-for profit sector.

Frankly, everyone has multiple reasons to start an emergency fund. The first step to starting is understanding what an emergency fund actually is: An emergency fund is cash that you’ve saved up for the sole purpose of helping you maintain a normal life through the emergencies that life hands you.  Most of the time an emergency fund just sits there earning a bit of interest, until you actually need it.

Some people may view this as a cruel sort of punishment. Here you have money sitting in the bank just staring at you waiting to be spent. Life is short; you should be using that money now, living life to the fullest, right?

Actually, it is quite the opposite. Having an emergency fund means you have peace of mind. You don’t have to live life holding your breath, hoping that nothing bad happens. You are armed, prepared, and ready to tackle whatever comes your way!

Getting Started:

Set a realistic goal of how much money you want to have in an emergency fund.  Start with a small amount, such as $250 or $500. This is a goal that you should be able to reach in a realistic time frame.

Next break that goal down into smaller pieces. How much can you afford to contribute per pay period? Perhaps it is $10, $20, or $50. Regardless of the amount remember, any savings is always good savings!

There are numerous options for finding that extra money every month; you may simply have to get creative. Could you make more money by getting another job, working more hours, or turning a hobby into income? Or perhaps spend less money, by packing your lunch, carpooling, writing a grocery list, or bottling your own wine…?

Make It Automatic:

The easiest way for me to save money is to not have to be responsible for taking it out of one account and putting it in another.  With online banking I was able to set up a second online savings account, separate from the one I normally do business with. This way, the money is automatically swept from one account to the other, and accumulates interest at a better rate.

The other benefit of my online savings account is that the money is not easily accessible. I can’t just run to the ATM and grab the cash, there are a certain amount of transactions I can make before I am charged, and there are limitations and rules. These limitations give me enough time to think carefully before I act.

Please note that different banking institutions offer different products, and therefore I would encourage you to shop around for something that suits your needs.

Continue to Set Targets:

With the money automatically being transferred, before you know it you are going to open up your online banking and see that $500 sitting there. And what a glorious feeling it is! Your account will have enough money in it that you will start earning a bit of interest and you will start to feel in control of your financial situation.

So, when you have something good going, keep on rolling with it! Set another goal of $1000, then maybe 1 month’s worth of living expenses, 2 month’s worth etc. If something unexpected comes up along the way don’t be afraid to tap into that fund, that’s what it is there for. Remember that paying to fix the car using the credit card means paying interest, and paying with your cold hard cash doesn’t!

The Challenge:

This all sounds lovely, does it not? But in the real world there are challenges. The first challenge I faced was not finding the money to save, but not touching the money I had saved. What can I say, we live in a society that focuses on the now, and when friends are heading to Vegas NOW, well I want the money NOW! Given my desire to travel and see the world, I have started a separate travel fund. For others this may be a “splurge fund”. Point being, do what you have to do to not touch the emergency fund.

Remember, life can throw us curve balls, and although we cannot always control what comes our way, we can prepare ourselves. Don’t forget, luck favours the prepared!

Preparing For Emergencies

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By: Denise Lockhart, Family Service PEI

Even though winter is fast approaching (yikes!!), we are not talking about the 72 hour emergency preparedness that will likely hit your radar at around December. Instead this month we will be talking about different types of emergencies that might happen in your life. But first, let’s set the stage a little.

What is an emergency? Well, an emergency can be anything. It could be a flat tire. A fender-bender. Losing your wallet. A death in the family. Becoming ill. Losing a favorite blanket or teddy. And the list can go on and on. Some people may also refer to an emergency as a crisis. The key defining points of an emergency situation are:

  1. The event is unexpected.
  2. The event causes some sort of harm or stress (an emotional or physical impact).
  3. Something needs to change or be rectified before you can move on.

So, if you look at key point number 1, you may at this point be asking yourself, “how can I possibly prepare for the unexpected????”

And the honest truth is – you can’t. To a certain extent, life is simply a ride that we cannot predict. Sometimes things will happen that are tough, and unexpected. BUT – there are things we can do to position ourselves to be able to cope more effectively with tough situations. And, hopefully, some of these preparations will also help us move past the emergency (or crisis, tough time, however you wish to refer to it) much more quickly.

Here are some tips that can help:

1) Take care of yourself – physically, emotionally, spiritually. Unexpected life events can really have an impact on our overall health. But, if you already are well rested, nourished, and overall happy and settled in life it will be easier to cope with the stress of an emergency. You will also be able to more quickly settle back into healthy habits that are familiar to you once the event has passed. This will help you move on more quickly and reestablish a level of ‘normal’ to your life.

2) Have a savings account — that actually has money in it! Some people consider this a rainy day fund. Sometimes, emergencies require a little extra cash. Especially if something needs to be fixed or you need to take some unpaid leave from the workforce.

3) Surround yourself with a support network. This might be friends, family, peers. It doesn’t matter who is in your network, just make sure you have one. And that it is supportive. Having toxic people in your life, as a general rule, can be unhelpful and stressful. But having toxic people in your life when you are struggling to deal with an emergency can really make things more difficult. And being alone is not helpful either. Social relationships take time and effort. Yet, at the core we need those relationships so that we can pull strength from them at difficult times in our lives.

4) Ask for help. The amount of information available to us in 2014 is unprecedented. Take advantage of this. If you have encountered an issue and you can’t seem to solve or move past it – reach out. Do an internet search to find out what sorts of services are out there. It’s highly likely that someone else, somewhere else in the world (or even in your neighborhood) has encountered this same situation and has overcome it. You can too. It just might take some time. And you might need some help.

 

What You Need To Know About Student Loans

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Canada Student Loans are available for students who need assistance with the costs of post-secondary education. Here’s what you need to know to keep your debt at a minimum.

By Renee Sylvestre-Williams from Canadian Living

Post-secondary education is expensive, whether it’s being paid for by your parents or through a combination of loans, bursaries, grants and a part-time job (or two). Here’s what you need to know about minimizing your debt after graduation.

What is a student loan?
Human Resources and Skills Development Canada offers financial assistance to Canadian students through both grants and loans. The latter — the Canada Student Loans program — is what we’re focusing on in this article. While banks will often offer financial assistance to students in the form of loans, they function like any other debt, whereas Canada Student Loans have their own set of rules and obligations.

Student loans are a blessing when you need help paying for tuition, books, rent and other costs of being in school. But you do have to pay them back. This means that even before you graduate and get a job, you’ve already got debt.

You have to start paying the loans back six months after graduation or if you’ve discontinued classes. Your loan goes to the National Student Loans Service Centre (NSLSC). There, your loan is consolidated so you’re only making one payment per month, even if you’ve received money from both the federal and provincial governments. The average loan is set to discharge in 9.5 years, and monthly minimum payments will be set based on that schedule. What to do when you’re still in school
So how can you minimize your student debt and pay it off? Honestly, it begins even before you start school.

• Don’t party it away

We’re not saying not to enjoy your post-secondary years, but do remember that every dollar you spend now will have to be paid back with interest later. You are allowed to earn a certain amount over your total loan via part-time work, so consider using that as your spending money. In other words, this is a good time to learn how to budget. Ask your parents for help, or see if your school has counsellors who can offer guidance.

• Apply for bursaries and grants

There are bursaries and grants available for students with all kinds of stipulations that might apply to you. For example, the Scarborough Campus of the University of Toronto has a bursary available for students enrolled in the co-op program in international development. Yes, some are that detailed. Do a little research and see if you qualify for any of the bursaries or grants — and don’t miss the application deadline.

• Look for loan forgiveness

If you’re carrying a lot of student loan debt, you may not have to pay it all off — there are loan forgiveness programs available across the country. What they do is help students reduce their annual loans so they end up paying less.

You don’t have to apply for consideration — you’re automatically considered when you submit your student loan application. There are some conditions tied to number of semesters, study period and amount negotiated for the loan. For example, in Ontario, if your study period was 21 to 40 weeks or two terms, you can limit your annual repayable debt to $7,300.

What to do after you’ve graduated

So now you’ve graduated and gotten your first job. It’s six months later and your student loan bills have started arriving in the mail. What should you do?

• Live like you’re still in school
Look, we’ve all been there — you get your first job and you want to buy a car, a home and drinks for your friends. But instead of splurging, why not continue your student life a little longer and use that income to pay off your loans faster? It will take you a bit longer to get the car, the nice home and those designer shoes, but at least you won’t have a student loan hanging over your head.

• Don’t forget the tax credit

Did you know you get a tax credit for the interest paid on your loans? The government will send you a document annually telling you how much you’ve paid. Keep it and use it.

• Pay more than the minimum
As soon as you can afford it, pay more than the minimum. For instance, if you get a raise that means an extra $400 a month coming into your bank account, call up the Student Loan Centre and increase your automatic monthly loan payment, too.

What to do if you can’t make your payments
If you’re unable to make your loan payments — for instance, if you’ve lost your job — then you can request a Revision of Terms, which will allow you to reduce your monthly payments and extend the life of your loan.
If you default on paying your loan — if an automatic deduction can’t go through because there’s no money in your account, for instance — you can risk your credit rating. That means you might have trouble getting loans for bigger items like a car or house. Is going into debt for education worth it? Well, no degree guarantees a job, but people with post-secondary degrees do earn more on average than those without. Just be sure to take those earnings and wipe out that debt as soon as possible.

Sourced From: http://www.canadianliving.com/life/money/what_you_need_to_know_about_student_loans.php

Should You Go Back To School?

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234How to juggle the demands of home and parenting when you go back to school.

By Deena Waisberg from Canadian Living

Forty students sit at long tables in an auditorium, listening to their professor deliver a lesson. Amid the 20-somethings who are simultaneously typing away on their laptops and checking their e-mail, sit two older students in their 40s, conspicuously taking notes in the old-school style, using pen and paper. They may be in the minority – and a bit less comfortable with technology in this setting – but more and more mature students are returning to the classroom. A 2006 study found that 15 per cent of mature women were taking post-secondary courses, and experts say the numbers will continue to rise.

Adults who have already followed one work path study part time for a second career because people are working longer these days due to most provinces not having mandatory retirement at age 65, says Marlene Haley, a career counsellor and president of Find Work You Love Inc. in Vancouver.

For moms, the return to school and the desire to start a new career is often prompted by a divorce or grown (or older) children. With divorce, the thinking is, Now that I’m a single parent, I want to return to school so that I can earn more money, explains Haley. In the case of grown children, moms have an opportunity to reconnect with a passion that may have lain dormant while they were busy raising a family.

Here, we share the stories of three moms who were brave enough to go back to school.

Paulette Dunn, 40 

In 1990, this Dartmouth, N.S., resident took a position as a secretary at Dalhousie University in Halifax because she wanted to return to school to learn about business and take advantage of a job perk that covers tuition costs for staff. With two young kids at home, Paulette waited until 1999 before embarking on a bachelor of management degree part time. She was nervous to start but dove in and plugged away. In 2006, a year before completing her undergraduate degree, Paulette and her husband launched Creating Dinners, a meal assembly business.

After graduating with her bachelor of management last year, Paulette soon began a master of business administration part time to hone the skills she needs to grow the company. After graduating in 2010, Paulette plans to devote herself to the business full time and open up franchises.

How she made it happen 
With a full-time job and the university picking up the tab for courses, Paulette has been able to manage her education costs. A greater challenge is juggling home life, work and school. Being organized is essential. “I know how much time it’s going to take to get an assignment done, so I make sure I have time for that and my kids have time with me, too,” says Paulette. Her husband, Greg, also helps by taking on the lion’s share of the household duties. Paulette’s son and daughter, now 9 and 12, are also considerate of their mother’s busy schedule. If they see that mom has her books out, they give her space to study.

Biggest challenge
Paulette loves learning, she but admits her memory isn’t as sharp as it used to be. As a result, she needs to spend a lot of time reviewing her notes and textbooks.

A+ moment 
Because she’s a mature student, Paulette enjoys a different relationship with course instructors, closer to that of a peer. And her instructors have generously critiqued her business plan and introduced her to business contacts.

Lesson learned 
“Protect your time because school is a lot of work; you are doing homework every night.”

Paula Sinnott, 51 
Paula (pictured right) had worked in the medical records field for 10 years in her native North Dakota. But when she married and moved to Canada, the stay-at-home mother of three worked sporadically. So, in 2001, when Paula and her husband divorced, she needed to find a new career to support herself and her youngest son and daughter, who were 14 and 12 at the time. “It was an ugly divorce. I had no money for a year-and-a-half. I needed to do something smart,” recalls Paula.

Inspired by the idea of returning to school, Paula got course catalogues from a few local colleges and came across an interior design program at Lethbridge College in Alberta. The profession appealed to her, and she could drive to school from her home in Pincher Creek, Alta. “I didn’t want to uproot my children,” she adds.

The two-year program wasn’t an easy ride, though. Paula had to take a math class to upgrade her skills, sometimes pulled all-nighters to meet assignment deadlines, and appealed a failing grade she was going to receive in a drafting class – and won. Today, with her diploma under her belt, Paula is employed as an interior designer, designing kitchens and bathrooms for homeowners and builders. Though the job provides a modest income, she loves the people she works with and has passion for her career.

How she made it happen 

“Whatever it takes” became Paula’s motto. She didn’t have any income so she paid for school and living expenses with RRSP savings and credit cards. (She tried unsuccessfully to get a loan from the bank and college.) Her kids also had to take on more responsibility, such as making some of their own meals and cleaning the house.

Biggest challenge 
Not being able to do as much for her kids as she wanted. “I remember sitting at my drafting table and my daughter was sitting at our kitchen island and we had our backs to each other, both doing homework. She said to me, ‘Could you be a mom for a minute and make me some supper?’ That was hard,” recalls Paula, who just kept reminding herself that school wasn’t going to last forever, and then she would be more available for her family again.

A+ moment 
Paula developed friendships with several of her classmates and enjoyed working with them on projects. “It was a very intense program for all of us, and you give and receive support from one another, which brings you closer,” she says.

Lesson learned
If you don’t have the funds to make your dream a reality, then try to get a loan from the bank. The investment will be well worth it, according to Paula. “A loan is nothing; this is your life.”

Carolyn Meredith, 39 
When Carolyn and her husband separated in 2002, she needed an income and wanted a job that would allow her to be on the same schedule as her kids. “I used to teach swimming lessons, and I loved going to all the mom-and-tot activities and volunteering at my kids’ nursery and elementary schools, so I knew teaching would be a good choice,” says Carolyn. So at age 34, she was accepted into the year-and-a-half master of elementary education program at Niagara University in New York. (Carolyn applied stateside because she was missing a math credit needed for teacher’s college in Ontario.) Her kids were two, four and seven when she headed back to the classroom.

After graduating, Carolyn landed a position at Holy Cross Catholic Elementary School in Georgetown, Ont., where she has been for the past three years. While there’s always “a ton of work to bring home,” Carolyn is quick to add that she “loves the job.”

How she made it happen 
Tuition costs, alone, were $28,000 Cdn, and the Ontario student loan program covered only $9,000. Fortunately, Carolyn’s father cosigned for a line of credit, and he also helped pay for her living expenses while she was in school. Carolyn’s retired mother pitched in, too, looking after her kids.

Biggest challenge  
Carolyn had a household to run and three young kids to look after. “It took the first two to three months to learn to balance being with my kids and absorbing all of this new learning,” she says. Her own studying commenced only after the kids went to bed at 8 or 9 p.m. Carolyn often ended up crashing on the couch at 3 or 4 a.m. for a few precious hours of sleep.

A+ moment

School was exciting because it was truly the start of a new life for Carolyn. For the first time since having her children, she had the opportunity to remember who she was as an individual. “I was in a class of about 36 people and we all took the same courses. The whole group of us would go for lunch, and it took months to get used to the fact I could just sit there and be with adults.”

Lesson learned 
Carolyn notes that for several years there was a teacher shortage in Ontario, but by the time she graduated, far fewer jobs were available and some graduates didn’t land positions. “If you’re deciding to go back to school, really research what the job market is like in your chosen field,” advises Carolyn. “Make sure you don’t invest all that time and money and then end up not being able to work in the field you chose.”

Virtual school
Can’t find the time to get to a campus? Study for a degree, diploma or certificate with distance learning. Here are a few options to look into.

• Athabasca University, which is funded by the province of Alberta, offers more than 700 individual courses.

• Canadian Virtual University, a partnership of universities, offers 2,500 courses, covering a variety of fields, including arts, science, business and administrative studies, commerce and more. You can take a bachelor of arts in women’s studies through Laurentian University in Sudbury, Ont., a master of counselling through Athabasca University, or a human resource management certificate through the University of Manitoba. Some courses are entirely web-based, while others may mail study packages or feature teleconferencing, computer conferencing, audiotapes and other technologies.

Sourced From: http://www.canadianliving.com/life/work/should_you_go_back_to_school.php

 

The Impact of Back to School

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233By: Family Service PEI

It’s been a while since you’ve heard from her, but this article is written by our Executive Director, Denise Lockhart. Please feel free to send your criticisms her way … especially given the topic she’s selected to write about:
I know, I know, nobody wants to hear that it’s already time for back to school planning. The bad news is that some experts would argue that we should be planning for back to school even before it ends. The good news is that around here at Family Service PEI, we are a little more realistic about how we like to fly by the seat of our pants a little more that might be recommended by ‘experts’.

In all seriousness, though, the events surrounding going back to school (or starting in a new school for those in transition years or those attending post secondary institutions), can have a huge impact – emotionally, mentally, and financially. We hope that our newsletter this month will help provide you with some tips to prepare.

The impact of back to school for students:

Going back to school for children can be something they look forward to, or something they dread. Regardless of the thoughts they have, positive or negative, any sort of change in routine is stressful. Even if they love school and are happy to be reunited with their friends – they are likely dealing with a new teacher, possibly a new school, and a change from the relatively unstructured days of summer. If they are not big fan of school, the stresses can be more dramatic. They may dread the structure, having to deal with certain peers or teachers, or even struggle with separation anxiety from their parents and/or siblings.

I uncovered a lot of resources with tips and tools meant to help parents make the transition of back to school easier for their children and families. I think the best overall tool that I found is actually an American website that you can find by clicking here: www.schoolfamily.com/school-family-articles/article/10654-back-to-school-planning-guide If you’re the type to worry and stress about all the things in life that you just never seem to get around to doing, I would recommend skipping the first section of this article (things to do 3 months before school starts). I know I looked at it briefly and then just kept going. The only thing I was thinking of back then was getting through the final weeks before summer could officially start!! And I refuse to feel badly about it.
If you do encounter any issues with school and your school age child, there is also a local link that you should be aware of: www.Helpmychild.ca Check it out to find details on various local services that may be needed throughout the year. It’s always better to address problems earlier rather than later… even if you do sometimes want to bury your head in our lovely PEI sand.

For those who are entering post-secondary education (some of you who are parents may also be in this category) – the transition in September is huge!! Even though it can be exciting, there are also likely moments of terror. The stress load is huge as students come face to face with new professors, the details of the expectations of their courses, new living arrangements, and the list can go on. Regardless of the number of ‘things to do’ and ‘issues to deal with’, there is one golden rule that will likely get you through – BREATH DEEP and SCHEDULE EVERYTHING. There are tons of resources at your disposal to help you adjust. Some of these may be self service technological tools (such as Google calendar that will allow you to track your classes time table, and your to-do’s such as working on assignments, studying, etc), and some may be student supports offered by your educational institution (such as how to study tutorials, student support groups, library lessons, etc.). If you need help with something – ask. And if nobody seems to have the answer, do your own internet search to see what you can come up with.

The impact of back to school on parents:
Students are not the only beings who have to adjust during this time of year. Parents also struggle with the change in routine, and ensuring everyone’s needs are met. Parents who have children who are going to school for the first time, are changing schools, or are going away to a post secondary institution have even higher stress loads than others. So don’t forget to take the time you need to take care of your own emotional and psychological needs. Ensure you are getting enough sleep, food, and exercise. And that you are using your own strategies to schedule the mountain of things that need to be done. Personally, I use a large calendar that communicates to everyone what the daily/weekly/monthly commitments are … and I mean I use that for everything. Garbage pick up, birthday parties, extra-curricular activities, meal plans. I confess that when I set this up in the summer, each member of the family is assigned a colored pen so that it is a visual cue as to who is doing what …. This level of detail is somehow lost by the time October is here. But I assure you, the overall usefulness of the calendar itself is worth it’s weight in gold. I also happen to have a fairly demanding career with a number of obligations that would not be appropriate to put on our family calendar (mostly because there would not be enough space for anything else). In addition to the family scheduling, I use my electronic calendar and to-do lists on my phone to ensure I am always (almost) in the right place and none of my commitments to home and work are lost (rarely).

Admittedly, one of the most stressful elements of back to school planning for parents is financial strain. It can cost a lot of money to ensure your children are properly dressed, have the right materials, and look the way they want to look so that they are social accepted by their peers. There are things you can do to reduce the strain … even if it is unlikely to be fully eliminated.

1) Set a budget. Stick to it. Track all your purchases, to ensure you stay within the budget
2) Watch for sales – this applies to school supplies and clothing. Only purchase at full price if it is an item that you absolutely need, right at this moment.
3) Keep your receipts. Don’t be afraid to return unused merchandise if you discover that you don’t NEED the item; or if you find it cheaper elsewhere.
4) Make sure your older children understand your budget. While social acceptance is important, that doesn’t mean you should feel a need to buy all name brand clothing and accessories at ridiculously high prices. Teens who are self conscious about what they wear can be given the freedom to choose their clothing – but within a very strict budget.
5) Look around the house to see what supplies you already have on hand. Maybe new shoes are not really needed until Christmas, or whenever the next growth spurt hits.
6) Do some research. While I don’t recommend spending a lot of money on things with a limited life span, quality is something to take into consideration when buying items like kitbags, lunch kits, footwear, etc. Purchasing a cheap product that only lasts a fraction of the time you’ll need it for might result in the spending of more money in the long run. You can find an online review for almost anything.

And finally – if you are having trouble sticking to a budget or are finding yourself spending outside your means, take a moment to ponder about your thought process. For instance, when I was little, my mother would always buy me a new outfit for special occasions or when I was feeling a little blue. You know – an outfit for my booster shot, a birthday party, because my crush broke my heart, a Wednesday. You get the picture. Not only do I have to fight my urges to buy my own children clothing for these same reasons … I also have spent many a moment fighting my own thoughts about when I ‘deserve’ something new.
Now, I could be a complete anomaly. Or maybe you might struggle with your own thoughts when it comes to making purchasing decisions too. Awareness is the key to change!!! New clothes help too … oops. I shouldn’t have said that.