This week we had a challenge from Meridian Credit Union to do back to school shopping for all three of my kids ages 10, 11 and 12 for $100! Its crazy because before we got the collaboration opportunity with Meridian my budget for back to school shopping was $300. Let’s just say that went out the window really fast. Instead of spending $100 per child we only spent $33 per child!
A little about bit of background…
Meridian Credit Union is Ontario’s largest credit union offering the same financial services as bank but most of us don’t know that. This campaign’s goal is to encourage young families and millennials to start thinking about tomorrow rather than always living in the NOW. The goal is to SAVE. Lets be honest you don’t think about these things now or you wait for the perfect time to start . Meridian is offering an exclusive 90 day GIC with an interest rate of 2.50%!
What is a GIC you ask? A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time, most commonly issued by trust companies or banks. Due to its low risk profile, the return is generally less than other investments such as stocks, bonds, or mutual funds. However the interest rate with Meridian is amazing!
Here is how we did it!
I took the kids to Walmart and gave all three of them $33.00 each to spend. I asked the kids to pick up items they absolutely needed and perhaps one or two items that they may have WANTED. I wanted them to do this so that when we would get to the end of the challenge it would help them understand how many unnecessary items they ended up picking up vs what they actually came to buy. My youngest son was quite picky and observed the prices of many things before settling on a few items. He compared the prices to other similar items and went with the cheapest options and spent a larger portion of the money on things he really needed like a cool looking water bottle and pencil case. My middle son is quite reserved and is not a big spender so the challenge came natural to him. he ended up actually saving $4.00 and made use of the items he had from last school year. I was very proud of him. My eldest child, Jasmine is a bit of a spender. She likes LOTS of things lol. She can purchase multiple things without blinking an eye and she was horrified when I told her she only had $33 dollars to spend for back to school shopping. Anyways this challenge was the most helpful for her. She learnt how to pick less items and reuse old items. She also learnt to look for a better price before picking up the first thing she sees.
The entire challenge took us a little over 1.5 hours. We had to empty our cart a few times and calculate many items and have a few arguments and discussions about WANTS vs NEEDS but in the end we learnt a great lesson which is to curb your spending so you can save a little more. Even if its a couple of dollars on the bill it goes a long way. If we can educate and teach our children to set budgets then we have already solved the problem of our children going into high debts and learning ways to manage future spendings. #MeridianSpendingChallenge #SaveWithMeridian
Today’s millennial generation are known to spend everything we make which is why we cant afford to retire. Unlike our parents who paid of their homes and had enough in the bank to get their kids married and even buy them a property. Here is an interesting article that Forbes published about why we will be broke when we get older. You can read here. With Meridian’s GIC products you can save while still being able to do all the things you want. The point is to save so you can actually hit those goals you have for your future self. #savemore #letsnotbebroke
I hope this little post has inspired you to atleast check out this Link and #MerdianSpendingChallenge #SaveWithMeridian