Financial tips for parents with Lisa Van De Geyn
Want to raise money-smart kids? It starts by knowing how to financially plan for a baby. MoneySense Editor-in-chief, Sandra Martin, VP of Product at Ratehub.ca, Scott Affleck and I sit down with Lisa Van De Geyn to discuss. We interview Lisa, author of the book “Babies: how to afford your bundle of joy” – a detailed resource preparing parents for the financial whirlwind that is child rearing – about how to save and what to avoid. A casual chat loaded with great tips about parental leave, child care, government benefits, and ways to reduce expenses.
[0:00 - 036] intro
[0:37 - 4:57] Money mistakes - Not using extra money for investments, Buying nespresso extras, obsessively checking investments, black friday shopping.
[4:58 - 6:42] Why is this book important? What don't parents understand about money?
[6:43 - 9:40] if you budget, you’re ahead of other parents. Lisa admits her mistakes. Everyone thinks about diapers, but there are so many other variables. And a lot of stuff you don’t need. Maybe you want a diaper genie, though.
[9:41 - 10:47] What is a commonly held belief that parents always get wrong?
[11:50 - 14:24] How would you do things differently if you were to start over? Buy used. Do more research on strollers (don’t buy super expensive). Budget. Plan for the unexpected.
[14:25 - 17:48] What are some ways parents can save money? Childcare, daycare, and nanny share. Plan early. Child
[17:49 - 20:59] Tax considerations - Should you go back to work after maternity leave?
[21:00 - 22:35] How do parents save money as kids get into school? Support structures.
[22:36 - 25:34] When do you start planning for an RESP? Should we expect kids to pay their own tuition?
[25:35 - 27:14] When should I start teaching kids about money? How do I teach kids about money?
[27:15 - 30:38] What about allowances? Should kids get an allowance?
[30:39 - 39:18] Rapid Fire Questions - What’s in your wallet? A story about the tooth fairy. What’s a book everyone should read? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you?
[39:19 - 40:00] Outro