TFSA and Turning 18!

Ok, I know it has been forever.  I do have some great excuses - but for now the main one is that our oldest daughter graduated high school and turned 18!

Here is her graduation dress photo - we had a great time at her grad dinner and dance.

Yes, a milestone in any teenagers life (and also the forever young parents) but even more so when she is now eligible to open up a $5000 tax free savings account.

The agreement was that what ever the kids managed to save in their savings accounts (this money they could not access once the money was transferred in ) my husband and I would match it.

Now Alexis has been working since she was twelve and was "suppose" to save 40% of her pay.  That worked for a while till she got older and makeup, clothes and friends took priority.  So she says she became a little "lazy" in saving.  This changed once we reminded her of the "match your money" agreement.  Wow, that worked great.  (BTW, she has over $3000).

Though I do have a caveat on this - her sister who is 15 started working this winter once she was told of this race to save, she then replied that she would try to acquire $10,000 and we would have to match that! What?!  Ok, maybe we did not fully think this through - we had to put a limit to this - since we do have 5 more children up and coming.

So while we took our 18 year old out to dinner and celebrated her adulthood we discussed her opening up her own TFSA and teaching her how to research stocks and learn how dividends work.  Basically making her money make money!  She is so excited.

All we can say is that we wish we had this information or someone to help us out when we were her age and learn how to start off a financial life on a very positive note.

To her furture!!!  Happy birthday.