Somewhere on the list of parental duties is teaching children enough about money that they can go out in the world with a basic understanding of some basic rules:
- Spend less than you have
- Save the difference, and try to earn some interest on it
- Cash is a physical manifestation of the concept of money, but its role in the world is in decline
- Your financial skillset today must include managing debit and credit cards and, increasingly, pre-paid cards as well.
Parents, how do you teach your kids to handle money? If your kids are teenagers, please fill out the following anonymous survey. I’ll report back on the findings later on.
Subscribe to Carrick on Money
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.
Rob’s personal finance reading list
On July 21, Metro grocery stores in Ontario will stop participating in Air Miles and switch to a customer loyalty program called Moi. Here’s a review of the latest developments at Air Miles.
Signs of a tipping backlash in this CBC report on the popularity of social media influencers who are pushing back against ubiquitous prompts to tip in stores.
Camping enthusiasts tend to own all the equipment they need, but what if you want to see if you enjoy camping or only head into the wilderness once in a while? Renting your camping equipment is one solution - tents, stoves, sleeping bags and more. Now for details on a new advice helpline offered by Scouts Canada for people with questions about camping.
Buzzfeed readers share the one money-saving habit that has saved them the most money. Worth a read, even if you think you’ve heard it all on money-saving tips.
A British study suggests that saving money, even small amounts, can help you feel less anxious and sleep better.
Did your bank cut you off?
It’s rare but it happens: Your bank closes your account with minimal warning. There is no explanation as to why and no way for consumers to appeal the decision. The process is called de-banking or de-risking. Globe reporters Erica Alini and Alexandra Posadzki are hoping to speak to Canadians who’ve experienced debanking for an upcoming story. Please email: ealini@globeandmail.com
Podcast fans
Subscribe to Stress Test on Apple podcasts or Spotify.
Ask Rob
Q: What is the difference in dollars between pensions that are indexed and those that are not?
A: Payments from an indexed pensions rise each year by the inflation rate or by a pre-set percentage of the inflation rate. Non-indexed pensions, which are more common, pay the same amount of money annually and thus offer nothing to offset rising living costs.
Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity.
Tools and guides
Government grants to help seniors stay in their homes – a province-by-province roundup
In the social sphere
Social Media: Rents vs. mortgage payments in Toronto. Ugh.
Watch: How to draw down a registered education savings plan when your child attends college, university, technical program and so on.
Money-Free Zone: Paul McCartney takes TV personality James Corden on a tour of Liverpool, with a stop at his family home. Later, there’s a surprise set at a local pub. Props to Dan Rather for including this in his Steady newsletter.
More PF from The Globe
- It pays to be cautious when withdrawing from retirement savings – and we have 30 years of proof
- Two risks of taking too many risks with your TFSA
- Taxpayers’ ombudsperson launches investigation into CRA’s handling of bare trusts rules
- Canada’s next housing crisis: Who is going to build millions of new homes?
