Thursday, June 26, 2008

Please Don't Grow Up

Each of the older kids has their own savings account, into which they're required to put 20% of their money. We started helping Keely and Noah set up an 'envelope system' after I read America's Cheapest Family and shared their ideas with Kevin. Prior to that, the kids had one of the Money Matters banks, with 3 compartments: store, church, and bank. We felt it was time to teach them slightly more detailed money management, so we broke out the envelopes. Keely's breakdown is this: 10% church, 20% savings, 50% Thailand (her own idea), and 20% fun money. Noah still has the main three categories, the difference being that he is able to see how much money is in each envelope; with the bank you kindof never know. We also help the kids 'divide' their money periodically--which is also a great way for them to begin learning percentages!

Yesterday on the way to swimming lessons, Noah mused, "I'm saving my money either for a house or a car. I think I'll probably buy a house, though, 'cause you can always drive me around." Be still my heart! Of course your Mama will always drive you around.

1 comment:

Anonymous said...

What a sweetie! Thanks for sharing and making me smile...
Mom, gma