Good with money? Money skills for kids

A friend recently told me of her frustration that her parents had not prepared her for handing her money as an adult.  “They figured I already knew about money so they thought they were doing the right thing just buying me everything”.  From her perspective, she was set up for failure as she never learned how to manage money, and she wishes her parents had taken a different approach.  I grew up as the child of a beneficiary, who was very good at making the benefit stretch so we usually had what we needed.  There were definitely tough times, and I missed out compared to my peers, however I learned to work for what I wanted, and a lot about managing money!  I want my kids to understand the value of money, the importance of working, earning and saving, and importantly not to take it for granted.  I want them to be ‘good with money’.

I don’t believe we do our kids any favours by taking the approach of making up for what we missed out on, or by trying to keep up with others.  I love the saying that we should indulge our kids with our time, but not with things/money.  Is it a vicious circle that we are short of time so buy happiness, but are short of time because we need the money to buy things to make us feel happier?  Affluenza?  So, how do we raise kids who will be good with money?  Here are some ideas:

1. Be generous with your time. Save gifts for birthdays and Christmas.  You might be in the position that you can afford to buy your child toys and other things they want any time.  However is getting what they want whenever they want it a reasonable expectation for a child to have?  How will than pan out when they are financially independent?  Or will it mean that they won’t be financially independent (and/or in debt) because they cannot wait to have whatever it is they desire this week?  When people reminisce about happy childhood memories it usually involves special time spent together rather than consumption.  
2. Encourage them to save for the things they want.  My daughter loves ‘My Little Pony’ and desperately wanted more of the toys.  She didn’t want to wait until her birthday or Christmas, so she decided to save for what she wanted.
3. Teach them the value of shopping round and buying second hand.  We compared the prices of new toys and ones on Trade Me.  She quickly decided for herself that she would get much more for her money buying second hand.  She has also become adept at rummaging in op shops to find treasures to add to her herd.
4. Encourage them to earn.  Develop a family approach to pocket money that you can all agree to.  Some families have chart systems where pocket money is paid according to chores completed.  We split ours into ‘save’ & ‘fun’, with ‘save’ going into the child’s bank account and ‘fun’ into their wallets.  Other families use the categories ‘save’, ‘spend’ and ‘share’.  ‘Share’ is for gifts and charity giving.
5. Teach them the value of money by using comparisons.  e.g. “that toy costs the same as the groceries to feed our family for a week”, or “you can get three of these for the price of one of those”.
6. Be a role model.  Talk about your money choices: things you want but don’t get because you have other priorities; things you are saving for; how you save for family holidays; why you shop around to save money; why you choose to shop at the supermarket rather than the dairy; how much it costs to fill up the car.  Of course you are not trying to create stress or guilt for your child, but instead trying to help them see you making responsible choices.
7. Give them the opportunity to manage a budget.  It could be as simple as the budget for a day out at the school fair; or more responsibility with managing their clothing budget for a year.  A friend with a mixture of primary, intermediate and secondary aged kids gave them each their clothing budget for the year to manage.  The fashion conscious teens and tweens soon learned that if they blew the majority of their budget on designer jeans they would be shopping at the op shop for the rest of the year.  The primary aged kid spent the minimum in budget shops and sales and saved the rest to use as spending money on the family’s holiday!  The key to giving kids a budget to manage is the lesson that ‘when it is gone it is gone’, so no bailing them out (unless you want to teach them about interest and debt!).

Here are some excellent resources if you want more ideas or information:

http://www.familytimes.co.nz/books/parenting-books/gold-start-teaching-child-money/

http://www.familytimes.co.nz/articles/teach-kids-save-money/

YouTube Vidoes from ASB: https://www.youtube.com/user/ASBBank/MoneyTips?x=savings_investment/202

Great ideas in the NZ Herald:

http://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=11398262

Podcast from Radio New Zealand National

Setting kids up to avoid financial disasters as adults

Lake Taupo Cycle Challenge - I did it!!!

With much pride and satisfaction I report that I completed the Lake Taupo Cycle Challenge on Saturday 29 November 2014.  As a first timer he is some info about my approach on the day and what I learned.

Approach: My goal was to finish and feel good.  This meant I trained lots so that I would be physically and mentally ready for an endurance event.  But I didn't go hard out on the day or focus on a completion time.  On finishing I felt really great, which means I probably could have gone faster/harder but that was not my goal!  I approached it like this:
1.  I chose a suitable start group.  The woman's W2 start group was great for me, friendly and not crowded.
2.  I rode at my own pace, and kept in mind the advice to treat the first 80 km as a warm up.  This stopped me from going like the clappers and running out of steam.
3.  I took some brief breaks.  More than I did in training actually.
4.  I took plenty of food and ate and drank per my nutrition plan.
5.  I made an effort to chat with those around me, encouraging others, having a bit of a joke and being friendly.
6.  I expected the weather to be a mixed bag/unpredictable.  It was, and that was okay.

Main thing I learned.  The thing I had worried most about was bunch riding and being crowded.  By starting in a back of the pack start group, the vibe was really relaxed, I had plenty of space and bunch riding was purely optional.  I found myself with the same riders over time, although that changed if I took a break.  I found I was faster up hill, and then overtaken on the downhills.  So for my time goals and start group, bunch riding was purely optional.  The cycle skills on the course were mixed, so it definitely pays to have your wits about you and be comfortable with bunch riding and etiquette, but it is certainly not necessary to be a bunch expert.

Things I would do differently next time.
1.  Peak Fuel carb drink was supposed to be available at most aid stops, so I only took 500 ml of it in one bottle and water in my other.  However they ran out of it at most of the stops where I wanted to refill it, so I was left with water as my only option.  So next time I am not so sure if I will be loyal to the sponsor Peak Fuel, and will probably go for another product and carry enough to make up for the entire 160 km.  Poor sponsorship really.
2.  I might go harder now I know what to expect
3.  I would put some non cycling shoes in my drop bag to change into at the end.
4.  I would win the spa!!!!!! (if only!)

The event is well organised, the drop bag system works well, and overall the whole thing is an amazing feat of logistic management.  Well done to the organisers!

Taupo cycle challenge FAQ

Here are some questions I am frequently asked about my training for the Lake Taupo cycle challenge (LTCC).

1.  How many hours a week do you train?

This has varied because I am following a training plan, where the volume and intensity of my training increases over a 3-4 week period, followed by a recovery week, and then back to increasing.... And so forth.  But for example, in week 10 of my program I trained for 10 hours on the bike or RPM; add to that three non-bike gym sessions of between 30 mins and 2 hours.  Many would not bother with the gym sessions, but I needed to balance out my training with core and stretch work, and did not want to lose the gains I have made in strength training by giving it up altogether.

2.  Where did your training plan come from / have you got a coach?
I don't have a coach.  My training plan initially came from the LTCC website.  I then borrowed the book Taupo 101 by Matt Oliver from the library and pretty much adopted his beginners program with some variations.  I also referred to some other books to understand more about how I could effectively tweak the program to suit me, e.g. it was okay to split a longer ride into two rides on the same day, etc.

3.  Why are you doing it?
In 2008 heard about the challenge and thought it sounded good, so gamely stated that one day  I would do it.  What I didn't know was a) how long it was and b) how hilly it was.  When I discovered those two things my resolve faltered - I didn't know how I would be able to build back up to that level of fitness (as I had been before kids).  Allowing myself the space to train once my youngest started school took care of the time to train aspect, and I also allowed myself plenty  of time to build my fitness back up.  My husband has been unfailing in his conviction that I can and should do it, and his support of that goal.  I am so lucky!

4.  How long does it take you to cycle 160 km?
Good question! I don't know because I've never done it.  I know some people can do it in 4-5 hours but I am not one of those.  I know I can do 140 km in 6 hours moving time.  So my goal for Taupo is 7 hours.  More if I get a puncture or any other problem.

5.  Where do you ride?
It has been great fun finding training routes and discovering how close I live to lovely farm and bush land, great coastal roads and challenging hills.  You can see where I ride on strava.

6.  Who do you ride with?
I mostly ride on my own because I train mid week, during the schoolday, and don't know any other rider as lucky to have that opportunity.  I have also practiced group riding with a great group called 'The Hub' who ride from Petone fountain each Saturday morning.  

7.  What do you do for water/toilets/food whilst riding?
I carry two 750 ml bottles, one with carb-mix and another with water.  On a ride more than 4 hours I usually need to refill my water and go to the toilet.  Usually one facility will do for both.  If only water is needed, school bubblers can be handy (on weekends).

8.  How many weeks have you trained for?
I have a 12 week training program, but started early so I would have a week up my sleeve for illness or injury.  So it has been 13 weeks.  However prior to that I worked systematically tracking my cycling volume and adding to it as needed in order to build up a 'base' I could build on.  I did not want to risk injury by launching into week 1 of a training program if it was too big a leap from what my body was used to.

Cycle Training: Should Have, Could Have, Would Have....

Isn't hindsight an amazing thing.  So in that vain here are some quick hindsight learnings from my training for the Lake Taupo Cycle Challenge.  The context here is that I am up to week 9 of my training and the body is starting to present a few niggles!

1.  Bike Fit
My road riding bike is a flat bar road bike, purchased about ten years ago.  It has had a great deal of 'time off' whilst I did my baby producing and rearing bit.  I did have it well fitted to me when I bought it, so figured I would not need to take the precaution of having a professional bike fit prior to starting serious training.  What I did not factor in was: 1.  Woman's bodies change with babies (e.g. my feet are a full size bigger), 2.  My husband had borrowed my bike and altered a few things, 3.  There was a different saddle added somewhere along the way.
Hindsight: If you bike or you have changed, go for a proper bike fit.

2.  Cycling shoes
My beloved ten year old, much travelled, cycling shoes were showing signs of age and wear.  I boldly denied the need for new ones, applied some glue and generally ignored reality.  The result: shoes literally falling apart 20 km into a 120 km training ride!  Some electrical tape got me through the ride, and I had  them repaired, but there was no denying the need for new shoes.  Being tight, I bought some on sale, and was assured they would stretch.   So far, not so good.
Hindsight: Buy the shoes that best fit your feet when needed.  Get repairs done professionally before they become urgent.

3.  Muscle balance assessment
As a regular gym goer whose training is broad and includes both strength and flexibility workouts, I figured I would be okay not not need a muscle balance assessment by a physiotherapist.  My current niggles would suggest otherwise.
Hindsight: if you are over 40 and/or have had previous injuries, prevention is better than cure.  Get an assessment done prior to the training season so you can work on any potential problem areas before they become real problems.

Some great training rides around Lower Hutt

All my previous cycle training was done around the northern reaches of Sydney.  I was fortunate to belong to the very active 'Bike North' bicycle user group, whose rides enabled me to learn great places to ride and ride with a lovely bunch of people.  Fast forward to living in Lower Hutt, New Zealand.... after years of parenting taking priority over riding time, I had no idea where to ride for longer training rides.  Here are the results of some exploration, along with approximate distances.  For more detailed route information you can check me out on Strava.

1.  Round the bays - 75 km return
Cycling from Lower Hutt toward the city, around Oriental Bay, out to Scorching Bay, through the pass of Banda to Happy Valley Road, back into the city and out to the Hutt again.  A fairly flat route, great for a longer easy ride.  Very scenic.

2.  Moonshine Hill, various distances, starting at 30 km return
This was a celebrated find!  Cycle from Lower Hutt up  SH2, turning off at Haywards.  Cycle up to Moonshine Road turn off on right.  Long steady upward climb of around 6 km.  Then choose whether to descend to Riverstone Terraces and return via SH2 or descend, climb back up the steeper side back the way you came.  Sometimes I like to cycle up SH2 to Riverstone Terraces turn-off and do some hill repeats on the steeper side, which gives you a meaty 3km odd climb.  A beautiful scenic route.  The road is narrow, so not sure how it would be with weekend traffic.

3.  Blue Mountains, various distances with Te Marua route clocking in at 75 km return.
Head up to Silverstream, either via SH2 or Western Hutt road.  At Silverstream follow signs for Blue Mountains.  A lovely big climb takes you to Whitemans Valley road.  From there you can do a shorter route returning either via Wallaceville Hill or Mangaroa Hill, or the full route via Mangaroa to Te Marua, where you can head back to the Hutt via SH2.  I have also completed this one as a 107 km circuit.  On the first loop headed back to the Blue Mountains for a second climb after turning back at Te Marua, then made the second circuit smaller by turning back via Wallaceville hill.

4.  Akatawara, Waikanae, Haywards, 107 km loop
Head up SH2 to Akatawara turn off.  Enjoy a lovely rolling climb to the summit.  A glorious descent to Waikanae.  A fast ride along SH1 to the Paekakariki turn off, a great climb to a amazing view at the top.  A rolling descent to Pauatanui, then more climbing to return to the Hutt via the Haywards.  A great work out!

5.  Hill Repeats - a 2.5 km 7% climb to repeat to your hearts content
From Normandale Road turn off to end of Poto Rd gives you a great 2.5 km 7% climb to practice hill repeats on.  There is other lovely riding up there too, with Sweetacres drive and Belmont Hill Road to enjoy.  A great change from the valley floor and easy to access.

Learning Curve and Other Hills

The Lake Taupo Cycle Challenge is a hilly 160 km.  It is a bigger days cycling than I've done before, and will be busy, with 10,000 odd cyclists participating in a variety of events.  As such I figured I needed to not only train, but also do my homework.  Here is some things I have learned so far:

1.  Nutrition

I eat pretty healthy, but not for 'performance'.  On long rides in the past, I've drunk water and casually munched various muesli bars or whatever food is available along the way. Scotland meant oat cakes and tablet (like fudge, yum); in Vietnam it was noodle in beef broth and long necks of beer (along with some mysterious packaged things we called 'roadfill' because of its texture!); in France it was bread and cheese.  Get the picture?  So after seeing various  info about personalised nutrition plans, etc etc I figured I had better get informed.  What I learned, in a nutshell is that when you  are out riding hard for more than an hour or so, you  need a plan for eating and drinking right from the start.  That will ensure performance, recovery, best possible training outcome and avoid the dreaded bonk (which I think in me manifests itself in a lower form known as extreme grumpiness!!!!)   I follow the this formula:

After 15 mins drink water (sips)
After 30 mins drink carb mix (powdered sports drink made up with water)
After 45 mins have a bite (literally!) of food to eat plus some water
then alternate, every 15 mins, between drinking carb mix and bite of food and water.

This seems to work pretty well.  It is advisable to find out what carb mix will be available at aid stations on the day and try it out ahead of time.

Another useful piece of  advise is about refuelling after the ride.  For best recovery, which helps consolidate the training, consume at least 50 gm carbs within 30 mins post exercise.  This is a stop gap to having a good square meal with plenty of carbs.  Consuming carbs within 4 hours of exercise apparently has lots of beneficial effects - which you can read more about in this article.

2.  Recovery, graduation and intervals

A good training plan allows time for recovery, both active recovery and full rest.  A plan may include increased training over a period of 3 - 4 weeks, and then a rest week with a much much lighter training schedule.  Each training week should incorporate 1 -2 rest days.  Week over week increases, measured in distance or time, should not exceed 10% else there is risk of over training.  I am following a 12 week training plan suggested in the book Taupo 101 (Matt Oliver), aimed at beginners.  I've adjusted it a bit for my own purposes.

3.  Group riding

Cycling with my kids is sort of good preparation for cycling in a bunch.  In that I tend to be very very aware of what the rider in front of me might do and expect the unexpected.  On the downside, cycling with kids has taught me to hang back and allow a decent following space so I can avoid their somewhat erratic manoeuvres!  Given I've not done real bunch riding before, I am really stepping outside my comfort zone to try and learn this skill.  I seem to have found a lovely bunch of riders tolerant to a beginner such as myself, so I look forward to learning and improving in this area and will share any tips I might learn as I go.

4.  I love hills

I think I knew this one already, but it has been way fun to be reminded of it.  I make up assorts of natty hill climbing songs, often based on kids songs, to keep me occupied as I make my way up up up!!!

Training for the Challenge - a plan

I'm entered in the solo category of the Lake Taupo Cycle challenge (see tab), so am training for a 160 km ride with plenty of hills.  Bearing in mind my cycling has been pretty much confined to trips to the shops and around town for 8 years, I knew I would need a good plan.  I also needed to ensure my ramp up was gradual enough to avoid knee problems I had experienced in the past.  As an avid gym go-er, and active transport enthusiast, I had a good base level of fitness to build from.  But could I build up to 160 km?

I started by figuring out what my base weekly cycling added up to in kilometres.  I then devised a plan figuring out where I would get to if I added 10-20% to that each week.  I also factored in the training information given on the Lake Taupo Challenge website.  Time available to train was another big consideration. However my daughter was due to start school in mid August, and the challenge is end November, so I knew I would have some extra training time available.  Putting all of that together helped me be confident that I could put in the training required, so I booked our Taupo accommodation and made a note to enter the challenge on the day entries opened in July!

My plan has evolved... I read a few books on the topic and have taken the plan from the book "Taupo 101" and adjusted it to factor in the Les Mills RPM sessions I do each week.  It is a 12 week plan, but I started training prior to that, enabling me to build up my base slowly and ensure I had time to adapt.  I'm also doing plenty of cross training at the gym, as I want to ensure my body is well balanced, with plenty of core strength and flexibility work, as well as working the parts of my body that get less of a work out with cycling.

So I am now in Week 5, which is a recovery week.  Probably why I have time and energy to be writing this.  Training on the bike affords lots of good thinking time, and I often think of things I would like to write, or people I would like to contact.  Perhaps I need some dictation device!  Last week I did 10 hours 21 minutes riding.  Actually a bit more than planned, but I wanted to join a group ride on Saturday to practice my bunch skills which are practically non-existent.  Thankfully cycling with kids has made me a vary aware rider, the downside is it has taught me to hang back a bit more than is best in bunch riding.  My typical training week includes a couple of Les Mills RPM sessions, a hill training session of two hours or more, and a long ride, four hours or more, with plenty of hills.  I also do a strength session at the gym, one or more core training sessions and a couple of yoga/pilates classes to balance it out.

Two weeks ago I completed my first 100 km ride since I became pregnant with my son more than 8 years ago!  It was so exciting to be out there doing that kind of distance.  It felt good.  Yes I was super tired afterward, and it is a whole different deal to come home to family duties as opposed to the no-kids life of coming home and flopping on the sofa!