Financial crisis!

[FallenPixels]

I agree, I put myself through school with a student loan, and still graduated with good marks despite working

[pippinelkhound]

Paid, I meant paid.

[coupon girl]

you can always make homemade soup, if we have a small chicken , boil it up , throw away the bones add whatever you like to add, carrots, potatoes in little pieces, few spices -viola homemade soup then i freeze 4 small containers - take to work or at home. yummy

[Gsxrboy]

The child support thing. How old are the children by his first marriage? You mentioned that one child wouldn't have student loans. Well, when things get tough, the tough get going. My kids are working and paying their own way through school. I worked and payed my way through school. I kept my student loans to the minimum.

I just don't believe that parents are obligated to pay for post secondary school completely for their children. Help them out, not give them a free ride.

I agree completely. There is scholarships, not just academic scholarships but company sponsored scholarships, you just have to hunt them down and apply. For example, TD Canadatrust has a scholarship program available. Parents have to take care of their retirement needs first, pay off the mortgage and retire debt free. If you concentrate on paying for the kids school, what will you retire on?

[brunt]

I agree completely. There is scholarships, not just academic scholarships but company sponsored scholarships, you just have to hunt them down and apply. For example, TD Canadatrust has a scholarship program available. Parents have to take care of their retirement needs first, pay off the mortgage and retire debt free. If you concentrate on paying for the kids school, what will you retire on?

Not to mention that attending university for the sake of attending university usually has a very bad return on investment. Some professions require it - doctor, lawyer, engineer, teacher, and for those it is not an option to do without. But for many jobs, the extra four years of experience gained by not attending school may be a better idea.

If university is a must, then scholarships, ROTC (with the Armed Forces) and co-operative schools should be seriously considered. My parents had five sons, only of us 4 did post-secondary, 3 did ROTC, and I went co-op (Waterloo).

I had grown up with the idea that getting a post secondary education was my own responsibility. It is a good stand to take. I did 11 years of post-secondary at Waterloo, and my parents made a single contribution of just over $700 (1982 dollars). The rest was scholarship and money earned while on my co-op terms plus a $4,000 loan. I maintain that this was an extremely good idea as I learned budgeting and definitely learned the value of both my money and my education.

When considering university, especially if you are looking on behalf of an exceptional student, don't forget to look south of the border. I was offered a scholarship at UCSB that paid tuition, books, housing plus a stipend - I would have made a profit just by attending school. I ended up not taking it, but it does show what kinds of things are available.

[ashedfc]

Follow a Spending Record: it helps in finding where one can save.

Spending Record Form (fillable)

http://www.data.advisornet.ca/newsle...ing_Record.pdf

Either increase income, or decrease spending

[Andit]

Lots of wonderful suggestions here.

I live on a very tight budget (on disability). Here are a few things I do to help make ends meet.

For entertainment - volunteer work. Lots of entertainment-type venues utilize volunteers & not only do you feel good about helping, many give some sort of perk for doing so. I hang out at a theatre (I love plays) & in exchange for helping out, I get to see a $65 show for free.

My parents are the masters at making the most out of meat purchases. Go to grocery stores on days you know they'll be marking down various meats cause they're getting close to their best by date & need to be sold. There is nothing wrong with them, they just need to be off the shelf. Each store has a different day when this goes into effect, get to know your stores. I can often get chicken that's on sale, then discounted a further 20%. Yes, the meat has to be cooked asap, that just means a little extra work that day cooking up a few meals & then freezing them (so you have premade meals for days you don't have time to cook or premade lunches that are more exciting than a sandwich). My parents have a meat grinder (the best $60 investment they ever made). Instead of buying lean ground beef, they buy a cheap cut of meat, trim the fat off & grind it themselves (a huge savings).

Transportation is another huge expense. Combine all your trips, so you save on gas. Also, see if you can carpool with a neighbour to further cut costs. Or walk, if possible.

Not to mention that attending university for the sake of attending university usually has a very bad return on investment. Some professions require it - doctor, lawyer, engineer, teacher, and for those it is not an option to do without. But for many jobs, the extra four years of experience gained by not attending school may be a better idea.

While I agree that there are other options besides university (college, apprenticeships & some sort of trade school), these days employers require some sort of post-secondary school education. Very few companies will hire someone with only a high school diploma.

[Lexiesmom]

The child support thing. How old are the children by his first marriage? You mentioned that one child wouldn't have student loans. Well, when things get tough, the tough get going. My kids are working and paying their own way through school. I worked and payed my way through school. I kept my student loans to the minimum.

I just don't believe that parents are obligated to pay for post secondary school completely for their children. Help them out, not give them a free ride.

Oh I totally agree, I think she should get student loans when she goes to college next year...but we're dealing with an ex that doesn't want her daughter to have to start out life with debt

[Minou]

I haven't read all of the ideas, but why not check with your local school district to see if they have an International program? Parents in other countries pay to have their children 'go abroad' and learn English in public schools in Canada. If you have space in your house, you might take in a homestay student. In my area, room and board for an international student comes to $500-$600 a month paid to the homestay family.

[Bumper]

Here's a few cost saving ideas that have worked for me.

I get a lot of eonomical, healthy and quick & easy recipes for from www.realsimple.com

Banking at PC can save a bundle with no fees and PC point from bill payments MC purchases really add up to a lot of free groceries. I've been with them for years and the only downside I have come across is that the bank card doesn't work in Europe.

When my internet service provider was offering a 12 month special rate for new cusotmers, I called them and asked if I could have that rate too. They said yes right away. Saved me about $10 a month for a year.

[FallenPixels]

Oh I totally agree, I think she should get student loans when she goes to college next year...but we're dealing with an ex that doesn't want her daughter to have to start out life with debt

She would rather your child went without food?

Tell her that the kid can get loans and if she wants to help out on top - that is her choice.

[Woofy]

Actually...unless you have a job that tops you up to 93%, most people only receive 55% of their income while on mat/parental leave. That is not a lot money, regardless of what your regular income is.

The basic benefit rate is 55% of your average insured earnings up to a yearly maximum insurable amount of $43,200.

This means you can receive a maximum payment of $457 per week.

If you earn above $43,200, you will still only get $457 per week. And yup, you are right, it is not a lot of money, especially when your household budget has been accustomed to a higher earning.

[Ricki911]

I agree with whoever said dont pay for their post secondary education. My parents helped us out but for the most part who did it on our own. If we needed to borow we did but had to pay it back. We lived away from home so it cost about double or even more for everything. I look at kids I work with or whoI went to college with who lived at home they had it so good. I mean a 3 thousand dollar tuition I could make a month and half working at Timmies. They would be the ones out shopping and not having any money. I use to skim by with groceries and sometimes not eat. I had to pick between medication, rent, and groceries half the time. Even my 2 roomates still ahve their heads up their butts. I mean both their parents paid every last cent tuition, textbooks, gas, car, food, rent, and i mean everything neither have worked a day in their life. Whereas at the time my sister and I were budgetting and skimming by. I know work 1 full time job and 2 part time jobs plus looking for more. Im saving up to buy a house in full plus last year I bought my car in cash. Whereas both my roomates have nothing and still have yet to find a job. Parents dont see it though and lets say screwing their kids over in the long run.

[lekate]

Oh I totally agree, I think she should get student loans when she goes to college next year...but we're dealing with an ex that doesn't want her daughter to have to start out life with debt

At least once she's 18 you won't be obligated to pay! Tell the girl to get a job and save! Best life lesson ever. Student debt is "good" debt, so she shouldn't worry about that. Also, if she wants to go away and it's 10000$ a year as opposed to 5000$, she should pay the difference between staying home and going away! I stayed home and saved myself thousands by going to Carleton, instead of leaving Ottawa just because!

[Bad Kitty]

In an earlier post it was mentioned the obligation to pay for post secondary was not optional.

I see your points that they should not help out however.... As a child from divorced parents, my father was technically obligated to pay for half of my post secondary expenses. This is likely a court order in this case. To all previous posters, the obligation does not "go away" once a child turns 18.

It has to be tough to be a new mom and taking on someone else's financial responsibilities but remember those kids deserve the life they would've had with both parents contributing.