Early on my parents taught me the value of a dollar. Andy & I hope to pass on this value to our little munchkins so we're starting super early!
How do you save for your kids and still stay on a budget?
Our parents both paid for our college education - a gift that allowed us to start our adult lives debt free - a gift we hope we can pass to our munchkins, too. While saving for a house, saving for vacations & paying regular bills all on one income this will take some serious creativity!
Although the kids do not yet understand the concept of money we are beginning this now - it's only a matter of time before they catch on! :)
Every time we go somewhere the munchkins can earn $1 - it's within our budget, easy & will eventually teach them responsibility! Can they make it through a 20 minute Target run without screaming/biting/having to be carried? If so they get $1 in their piggy banks! Can they walk to Starbucks nicely? Do we survive the 1 hour car ride to Sheboygan? From just these past few weeks it is clear the boys will have WAY more money than Mackenzie!!!!
The long term plan?
Half stays in their piggy banks for them, half goes into their savings accounts. Once they have a certain amount we will transfer the money to CDs and then transfer to their 529 accounts. It's not a lot but a start!
Half stays in their piggy banks for them, half goes into their savings accounts. Once they have a certain amount we will transfer the money to CDs and then transfer to their 529 accounts. It's not a lot but a start!
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