smart | life


Yo, I’ll tell you what I want, what I really, really want


Millennials have a serious problem identifying the “wants” from the “needs”


and our significant others to recognize what we bring to our relationships. And on top of all this recognition, we like to reward ourselves. Job promotion? New shoes. New boyfriend? Dinner with the besties. It’s astounding what we will buy


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because we think we need it. We crave that immediate satisfaction. Millennials have a serious prob-


lem with need and want. And when it comes to buying things we think we need, there is no one to keep us accountable but ourselves. My boyfriend needed (wanted)


Young Money Vanessa Kunderman


a new hockey stick last season, but since he’s dating someone in finance, he was put on a rigorous debt cancellation and savings plan. His spending money was limited. Despite his plan, he went and bought the hockey stick – and a new


helmet. Tis put him in the red. “But Vaness! I needed it!” Did he need it? Or did he want it? He should have waited


until his next payday or borrowed equipment from one of his teammates. Now, when he does get paid the following week, he’s already behind and playing catchup. If he has set bills that come out that week, he has already hindered himself by having less money on the day he gets paid. Tis was an impulse purchase. And this is what screws the


millennial. We have no idea how to decipher between need and want.


We all suffer from too much impulse purchasing. Te fact of the matter is, if you have to buy something and it


puts your bank account in the negative, you can’t afford it. So nip it in the bud before it nips you. If you have an overdraft attached to your chequing account,


make sure it’s under $500. Tis is not your money. It is borrowed money from the bank and at the end of each month, if you’re in


illennials like instant gratification. We like to be rec- ognized for our achievements in order to feel satisfied. We want our bosses to compliment our hard work,


Live for the best and prepare for


and the splendid scenery. What could go wrong? Tragedy can strike us anywhere, at any time. Our


I Open a TFSA to save for major items. Photo by Matthew Pearce.


the red, you’re probably paying for it. Keeping your overdraft in check only protects you and saves you from constantly liv- ing in the red. If you have a savings account that’s accessible with your


chequing account, get rid of it. You’re probably transferring money from your savings into your chequing and back and forth. So how much are you really saving? If you haven’t already, set up a tax-free savings account


outside of your bank that isn’t accessible online. Pay a portion of your paycheque to yourself each payday and treat your sav- ings like a bill. You will save much more this way and will have larger chunks of money at a time to buy things like that new laptop you need/want, or that vacation to Mexico that all your friends are going on. And to avoid the impulse purchase al together,


leave your credit and debit cards at home. Withdraw your spending money for the week and keep the cash on you. Once it’s gone, it’s gone – don’t reach for your card. Vanessa Kunderman writes every month on money issues fac- ing millennials. Email her at hello@vanessakunderman.com.


Because I’m Appy The top five apps to download a happier life


I missed my curfew. Now, everyone is connected to the digital world and you can do almost anything with a phone. I’ll often prescribe a


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technology detox to help clients disconnect from the e-world, and recon- nect with themselves. But for those times that you just can’t unplug – well, there’s an app for that. Here’s a roundup of some of my favourite (mostly free) apps to aid in a more mindful, posit ive and productive you. Lift


Tis progress-tracking


got my first cell phone when I was 17, and the only thing I used it for was to (not) answer my mom’s calls when


instead focuses on the positives. Users post photos and captions that


are inspiring, meaningful, powerful and full of good-feels. But don’t expect to be commenting on your friend’s lat- est photo. With no comment fea-


ture, no one will be rain- ing on your happy parade and posts are viewed only through the lens that they were intended to be seen: pure, purposeful and positive. Gratitude Journal 365 With a calendar-like


Note to Self Faye Armstrong


app has you set an inten- tion to create good habits (flossing and drinking more water are some popular ones, but they can be whatever you want). After checking off the tasks you completed each day, your results are tracked in a graph, giving you a clear visual of how well you’re meeting your goals. It’s pretty hard to ignore a graph


showing that you worked out zero out of seven times this week (whoops!). Do you even lift, bro?


Posi In the age of cyber-bullying, pics


from that weekend in Vegas that prob- ably should have stayed in Vegas and off the Internet, and that girl you went to high school with who won’t stop pub- licly fighting with her ex on Facebook, social media doesn’t always display the best of us. Tat’s why Winnipeg- gers Braden Pyper and Jason Berard created Posi – a social media platform that leaves no room for negativity and


November 2014


format, this app lets you keep track of the high- lights of each day. Upload photos and document moments of gratitude on a daily basis. This prac- tice is powerful because it forces you to stop and


think about all the awesome moments you had that day, from the major mile- stones (yay, new job!) to the simplest pleasures (OMG, pumpkin spice latte). You can also look back at those wins from days passed and relive the good vibes.


Proof! With this app, you select a challenge


(or make up your own) and post photos and videos proving that you completed the challenge within seven days. You can also nominate friends to complete challenges and compete with them for higher scores based on the number of challenges completed. Tink the ALS ice-bucket challenge,


except the challenge is whatever you want it to be. Tis one is all about ac- countability. Pics or it didn’t happen! Buddhify


Te $3 price tag on this gem is well worth it for newbie and advanced medi-


Buddhify is one of many useful apps that can help encourage good habits. Photo courtesy of 21Awake.


tators alike. Choose from a number of activities/moods like going to sleep, be- ing in nature, or feeling stressed. Your guided session is customized based on your selection. Tere are also meditations that let


you zen out with a buddy. Or, fly solo with non-guided meditations using the app’s timer and track your progress as you go. Te app also offers tips and techniques to help maximize your experience. Tere’s most likely room in our lives


to put the phone down and just be. But technology can also be an important tool in your development. If you’ve swiped left one too many times on Tinder and you need something with a little more substance, these apps might just do the trick. Faye Armstrong is a life coach based


in Winnipeg who is passionate about living life to the fullest and helping others do the same. For a little motivation or to learn more about personal coaching, visit www.fayeaarmstrong.com.


www.smartbizwpg.com


organization lost one of our members due to drown- ing, something no one would have ever conceived of hap- pening on a joyous occasion such as a trip to Hawaii. Tis is a jolt back to reality; none of us is immune to the prob- ability of loss. A comfort to this family was the background work they did to prepare for the unthinkable. When we talk about insur-


Financial Literacy


Janice Desautels


ance, it most often is around physical items that we place a high value on such as our home, car, electronics and jewelry, to name a few. How- ever, can you answer this


question: How would my family fare if I was not here to contribute? If the answer is that they would be worse off, then


shouldn’t the highest value be placed on your ability to generate an income? Over our working life, we use a substantial amount of money to live – money our family needs to reach its full potential. Mitigating risk is a part of our responsibility as


family members, especially if our income is required to support others. Te most economical way to do this is through life insurance and critical illness insurance. One of the most common reasons cited for not


insuring ourselves is the lack of knowledge about what to do, resulting in a reluctance to make a deci- sion. Tere are many companies out there all vying for your purchasing dollar, and good advice through education is essential so that you can trust that you’ve made the best decision. Te following questions will give you a good start


in finding the right coverage for you and your family. What type of insurance do I need?


Over our lifetime, we need to mitigate risks for


life events such as income loss, loss of health, debt repayment, children’s education and final expenses. So while income loss will need to be insured over your working life and may need to increase as your income increases, debt repayment may be a shorter timeframe. In the event of a critical illness, there can be treat-


ments and medication that would not be covered by provincial healthcare, that could potentially consume much of the household income and place a heavy burden on the family. Some types of insurance are on a term basis, with


coverage generally from 10, 20 to 30 years, which can be layered over each other so the insurance expires when you no longer need it. Tere is also permanent insurance which follows you through your lifetime should you need coverage for a longer period, or for final expenses and protection of your savings. Some types of permanent insurance and critical illness insurance provide a lump sum payment as a benefit. How much coverage do I need?


First, determine how much of your paycheque


is utilized. If there is nothing left at the end of the month, then the answer would be all of it. Field a dis- cussion with your family that answers: in the event of your death, how long of a bridge would they need to make up the gap from the loss of your income? A benchmark of 10 years is used in a simple calcu-


lation, but again, it is personal to you and your family so it may be more or it may be less. What is your debt load? Tis includes a mortgage and consumer credit. Te need for insurance is very personal and indi-


vidual. As with our savings goals, this shouldn’t be a “one product for all” approach. Te only universal advice is don’t wait, contact the Insurance Council of Manitoba for more information. Janice Desautels has been working with families


and individuals for the last seven years helping edu- cate in the field of financial literacy. She is a Certified Financial Educator with over 15 years experience in teaching and training adults.


Smart Biz 15


the worst Insurance ensures your family doesn’t have added stress in the wake of tragedy


’ve recently returned from a company confer- ence in Hawaii. Not a bad place to have to attend a conference – with sunny skies, warm weather


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