Sowinng Financial Seeds

I would like to dig a little deeper into my last blog SETTING UP THOSE SPECIAL SAVINGS ACCOUNTS. There was a flood of questions about setting up multiple saving accounts.

In gardening a seed represents growth, development, and strength. If you don’t tend to that seed and give it attention which it needs, the seed won’t grow. It doesn’t matter how small the seed is, only that you tend to it, water it and encourage it to grow.

When I was setting up my multiple savings accounts, I was planting many tiny seeds and I knew that I needed to invest in them in order to see them grow.

In this blog I will address 2 of the top questions from my previous blog.

  1. Why would I only save between $3.75 & $11.75?
  2. What can that small amount of saving do for me?

In order for me to answer those questions, I have to first give you a background on those five savings accounts.

When I opened those accounts in 1970, we had very little money to spare and our income in those days was not bountiful by any stretch of the imagination. Cost of living was also significantly less expensive than it is now.

After paying our bills, all we had left to save was $18.75 bi-weekly. I had to divide that into the five categories, which I convinced my husband was perfect for our future financial needs. Now my husband was not in favour of five accounts, he too thought that only saving $18.75 was meager and useless. He had no idea how to tame me, so he shrugged his shoulders and left me to my own financial devise.

And so I tended to my financial garden.

Here’s how the funds were divided:

  1. Buying a home   = $3.75
  2. Vacation               = $3.75
  3. Emergency           = $3.75
  4. Starting a family = $3.75
  5. Buying a Car       = $3.75

Total                                         $18.75

The next step was making sure that each raise we received was placed into those accounts. Seven years & several raises and job changes later, we were eventually able to save $82.00 bi-weekly.

At that time, our home buying account had $7,000.00 in it. We purchased our home with $5,000.00 down, paid our legal fees and shopped for used appliances on Queen Street with the rest. We bought a stove with a solid white door but no glass, a fridge, and a washing machine but no dryer. We hung our clothes out to dry in the basement. We bought nails and twine at Honest Ed’s, and used a brick as our hammer to set up our dryer line.

Honest Ed’s was our shop of choice – we were there every two weeks. We also frequently shopped at Knob Hill Farms, Bargain Harold’s and Bi-Way because back then they had the best deals. We kept saving and being cautious with our money.

All that I have financially today comes from that $3.75. Without it I could not be here in my present financial situation.

My small bi-weekly savings didn’t seem like much, but I was sowinng my financial seeds. My small savings were lettuce seeds.

As an avid gardener I can tell you lettuce seeds are tiny, but from that miniscule seed grows this huge head of lettuce.

I’m reaping what I sowed and I am helping thousands of people start their successful financial journey.

We’re all inherently gardeners in some form or another, but ask yourself, are you sowing your financial seeds?

Give it a try: make note of where you are today, date the page in your notebook and write the exact amount of savings you have today. The next step is setting up automatic transfers into a savings account. Calculate whatever amount you’re able to put away bi-weekly for one year. At the end of the year, compare your savings to what you had at the start. I can guarantee a big a-ha moment and a huge smile on your face.

To answer your question “what can a small amount of saving do for me? It can eventually give you financial freedom. Such a simple concept, with monumental results.

Let me know if you are going to take on the challenge. I will be here for you every step of the way.

Send me an email if you want to talk further about growing your financial lettuce.













What is a Tax Free Savings Account?

Recently I have noticed a trend that many Canadian and especially new Canadians are not taking the advantage of owning a Tax Free Saving Account.

With this in mind I have decided to write about a TFSA .

Who Can Open a Tax Free Savings Account?

Any individual who is 18 years of age or older and who has a valid social insurance number is eligible to open a TFSA.

What is a Tax Free Savings Account?

A Tax Free Savings Account is a special account where an individual is able to save money over their lifetime without any tax implications.

The Tax Free savings account started in 2009. The government of Canada created the account to encourage Canadians to save money and no matter what the growth of that account no interest will ever be paid.

This account started in 2009. The limit from 2009 to 2012 is $5000.00

From 2013 – 2014 it increased to $5500.

Then in 2015 the government increased it to $10,000.

The amount was decreased by the new governmentin2016 back to $5500.00

If an individual has not made any contributions and was 18 years or older in 2009 they may make the contributions from 2009 to 2016. You do not lose the contribution if it was not done in the prior years.

The money contributed to a Tax Free Savings account is NOT tax deductible.   The contributed amount cannot be deducted from your taxable income.

Any amount contributed or any investment income made is non-taxable.

You may have more than one TFSA but the amount between the account may not exceed your annual contributions.


Depending on the type of investment held in your TFSA, you can generally withdraw any amount from the TFSA at any time. Withdrawing any amount from the TFSA does not reduce the total amount of contributions you have already made for the year.

Replacing withdrawals

If you decided to replace, or re-contribute all or a portion of your withdrawals into your TFSA in the same year, you can only do this if you have available TFSA contribution room. If you re-contribute but do not have contribution room you will have over-contributed to your TFSA in the year. You will be subject to a tax equal of l% of the highest excess TFSA amount in the month, for each month that the excess amount remains in your account. Before doing a re-contribution talk with your financial institution about your re-contribution.

After following all the rules a TFSA is a wonderful savings vehicle to assist you in meeting your future financial goals.









My Mother the Entrepreneur

My Mother the Entrepreneur

A student once asked me, “What is it that makes you who you are?”
“It must be your mother”, another replied.
I smiled and remembered my mother – the Entrepreneur

My Mother spoke about money like it had a life with a pulse and a heart beat. She had very strong feelings about money and several other things. I thought I’d share a few of the things she was passionate about.

She believed that a woman should always have a career, her own money, her own bank account, keep her father’s name after marriage, wear slacks when travelling and make sure to always cast her vote (since women were beaten by their husbands, fathers, and brothers), not to attend the suffrage movement which gave women the right to vote and that your wallet or purse should always be tidy.

She knew at all times how much money she had and how much she owed. Her money was placed in her wallet with the faces up and if she had a wrinkled bill she would iron it out until it was smooth. She believed that if you took care of money that money would love to be with you, therefore, you would always have money and increase your wealth.
To always be in debt, she believed, was a sign that you are not managing your money properly or that you are living beyond your means.

I grew up listening and observing her. She never ever left her bedroom without being made up and was always ready to face the day. The moment she stepped out, whether it was to her bakery, her grocery store or to communicate with her employees, she was on stage.

She gave her full attention to whatever project she had for the day. She spoke to us often about our behaviour and decorum, instructing us to walk with heads up high, no slouching, looking at people in the eye when speaking with them, that there were no stupid questions and to always remember that if you do not know the answer then you can only learn it by asking the question.

Her Entrepreneurship started after her marriage to our father. She began by making eggnog and topping it with the whites of eggs that had been beaten into a peak and sprinkled with cinnamon. In those days it was okay to consume as many eggs as one wanted and she began selling them every day at the factory owned by our father’s family. Eventually she included cakes made out of coconut and other special baked goods. On Fridays just before the men lined up to be paid, she would be back at the factory to collect her money – a minimum of five shillings just for 5 glasses of eggnog from each of the men and the cakes were extra.

The baking took off and my father built her a tiny oven. This eventually grew to a very large bakery where all of us children had to do our part. Some of us would get up at three am to wake the baker and drive him to the bakery, while others counted or delivered the bread to the shops and customers. From the bakery she opened a grocery store and a bar. Above the store was the dance hall where dances were held every Friday and Saturday nights. The businesses were very successful and she was able to share this experience with the community by employing families in the neighborhood.

My mother always saved 15% of her sales to build and develop her business ventures. Quite early in her career she decided she wanted to purchase land. This was in the late forties when women were still housewives, but not her. She was out there competing and pushing her plans. She spoke often about the time when she attended an event (the only woman, no less) where a parcel of land was being auctioned and she won. She said, “I had my money and I was prepared. I knew who the other bidders would be and they were shocked to see a woman there amongst all the men. I wanted the land more than they did. Then, I found out that I had more money to bid than they had. I came to win and was completely prepared to win that land. No one was going to out bid me.”

My mother continued increasing her net worth throughout her life. What was even more fascinating about her was that she also encouraged others to follow her lead. I often heard her telling the people who were renting homes from her, how they too could own their own home and went so far as to take them to the Credit Union to begin their savings plan.

Many people, when told that my mother was only 5’ 2” tall, were quite surprised. “She seemed so much taller!” they said. She was a formidable woman who always took the time to study her opponents and her plans. When she executed a plan it was well thought out. Her behaviour and attitude made you believe that she was tall and powerful.

She was a strong woman and amazing planner who was always writing, reading and thinking. She woke up early just so she could have time for herself and her thoughts. At 5am, she said, the world is still calm enough that you are able to think without being disturbed. She also believed that if you made a decision and the outcome was not what you expected, or wanted, that you should look at the experience and continue on the journey without looking back since you are not able to affect the situation any longer.

The businesses she started all those years ago are still thriving today – the plantation is running and the houses are being rented. She was a real pioneer who never stopped planning and developing new ideas which often came to fruition. The day before she died she was still giving orders to my brother telling him what should be done, when, who should do it, and how much should be paid.

Once when she was visiting Canada she told me that this place was a gold mine and with a little planning and some thinking – anyone could make it here.

Having had my mother share her life experiences with me made it possible to make the choices that I have made in my financial life. There are no regrets – just lessons learned and I am constantly learning and growing.

The young man from the beginning of this story, who questioned what, makes a person who they are, made me stop and think about who I am and what I have accomplished. I realized that it all comes from being the daughter of a woman of substance.

I spoke with my siblings about what the young man said to me that day. They all fell silent until one of my brothers said, his voice full of emotion, “She was, wasn’t she?

My mother taught me at a very early age about setting goals, making plans and working diligently to acquire them.

What kind of impression have you made on your children when it comes to managing money?

What are you doing to help your children set goals, work towards them and to stay focus on those goals?

Tessa- Marie Shillingford is the author of Controlling the Debt Monster. She is Personal Financial Planner, with a designation from the Institute of Canadian Bankers, and a Financial Counselor certified by the institute of Canadian Banker. She is presently a Program Facilitator of Financial Literacy at JVS Toronto. Tessa- Marie was employed by TD Canada Trust for twenty years in the retail section of the bank. During her tenure at TD Canada Trust she held various positions interacting with customers of the bank. As a Financial Advisor and Manager of Financial Services she led a group of Financial Advisors in helping customers of TD Canada Trust successfully manage their finances. Details of her book… Controlling the Debt Monster, can be found at