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Sep 18, 2015

Canadian Family Magazine Feature


Kathy Was featured in Canadian Family Magazine's April issue

Canadian Family Magazine Kathy Waite

"Teach your children about money, and help them understand how to save, spend and donate"

"House rich and cash poor isn't much fun!"

Click here to read some excerpts from the article

Kathy Was featured in Canadian Family Magazine's April issue

Canadian Family Magazine Kathy Waite

Kathy's comments on a case study:

"Steven and Cheryl are planning for the long term but living with day-to-day uncertainty. I think they need to look back through at least three months of bank and credit card statements and list everything they spent to have amore realistic idea of where they can cut back. When it comes to deciding between paying down the mortgage or saving for retirement, consider this: You can't sleep under your RRSP, so if there is any financial or job insecurity, paying off the mortgage is a no-brainer. Overpaying now could also lead to a mortgage vacation later, if you need it at times of high expenses. As well, paying down the mortgage now leads to more disposable income when the children are in university,easing the strain."

Kathy's comments on financial "things to do" in your 30s:

"Teach your children about money, and help them understand how to save, spend and donate"

"If there's any extra cash leftover, save toward something good (like a vacation) instead of spending on consumer goods. Have some great family vacations before your kids are teenagers and find you too embarrassing to be seen with."

"Make sure you have joined any company-matching RRSP programs, and save extra."

"Draft a will if you have not already done so."

Kathy's comments on another case study:

"When feeling overwhelmed by decisions, I suggest that families plan short-term and long-term. In the short-term, Lana and Dayle can potentially save $2,000 per month by reducing by half wha they sepnd on eating out, entertainment and miscellaneous expenses. They could also take a break from saving and put a pause on the $200 per month into the TFSA, because Dayle's company is matching his RRSP contributions. Stopping their son's daycare (while Lana is on maternity leave) will also save $800 per month. Long-term, I would suggest they put off moving until at least one of their children is out of daycare. House rich and cash poor isn't much fun!"