Another school year is nearly complete and in our family we’re looking ahead to Summer 2017 with excitement. I long for the carefree mornings of no school lunches, and no noise, to be honest, until a few hours after the usual weekday time. A lot of our days at home in the summer are spent on our deck or in the backyard, simply enjoying the sunshine and Saskatchewan summer. This year, my kids are enrolled in a few activities. Instead, we’re savouring our summer at home and getting away for a week of family fun in Alberta.
Without a loaded calendar of summer camps, we have a little more money to put towards our summer holiday and when I explained this to the kids, they were in (of course, they’re not the mom losing her marbles at 2pm on a 30 degree day, but I digress…). It’s these basic conversations about money that help kids learn and grow when it comes to their financial literacy. While I don’t think kids need to know your mortgage details inside and out, I do think it’s important for parents to have an open dialogue about family finances.
Our holiday rule has always been that we plan certain activities as a family – for example, this year in Calgary we want to return to WinSport for a morning of Skyline Luge – and that any purchases outside of those family plans are up to them. So, we’re happy to cover the day at WinSport, but a souvenir or a special ice cream is their responsibility to pay for. This way, the kids learn to understand choices and budgeting.
One way families can save, and keep track of finances at a glance, is through banking online. EQ Bank is a digital bank that offers a seamless online and mobile banking experience. The EQ Bank Savings Plus Account is simple: no minimum balances, no monthly fees and unlimited day-to-day transactions. This enables you to build a family holiday savings account, for example, on a platform that the whole family can see and engage in, without your credit card or mortgage banking info a part of the task.
EQ Bank has blurred the lines between chequing and savings to help Canadians save more, faster. With the EQ Bank Savings Plus Account, you earn 2.30% interest on your money. This isn’t only for some deposits or only for some customers; it’s the current everyday rate for all EQ Bank customers! This is the perfect way to have an account specific for family savings that the kids can view with you and learn.
Beyond paying bills and saving for summer holidays, I appreciate that you can transfer your money with 5 free Interac e-Transfers® per month! This is perfect for booking activities for the summer, or paying our dog-sitter (even better if he, too, is an EQ Bank customer, because EQ to EQ transfers are always free!)
And, as a special treat for my readers to get your summer savings started, new accounts opened have the chance to win one of 10 $150 deposits into your new savings account! That’s the perfect way to get Summer 2017 off to an amazing start!