Friday, September 9, 2011

Just a Thought for Small Savings with a Big Finish

I've recently had an idea to save money for things like Christmas and back-to-school shopping.  If (for each child) you put $2 a week into an envelope labeled "Back-to-School" and the child's name, you will have about $100 for each child by the time it is time to buy "back-to-school" items.  Saving for Christmas works the same way.  If you place about $5 (for each child) a week (starting the first week of November ending the last week of the following October) into an envelope labeled "Christmas" and the child's name, you will have about $260 per child saved for Christmas. 

I don't know about you, but this is a big deal to me.  Saving just a few dollars a week is not nearly as difficult as trying to come up with it all at once.  Just a few dollars can be spare change from your wallet, from the loose coin jar, from your car, the couch cushions, etc.  Instead of opting to buy the pack of gum and a soda at the gas station, put that money into an envelope for your child.  I also recommend having funds for various other things such as the TF (we loose teeth around here like crazy, last week we got a visit from the TF twice!!) because you never know when  you are going to need some one dollar bills (our child's teeth seem to be pulled around 8:30, 9:00 at night when no one wants to go make change at the gas station on the corner).

Another thing that we have recently started is a savings account for our third grader.  Ok, so her school actually promotes it with the local bank and they have "bank day" once a month at the school so we were strong-armed into doing it.  However, I did the math on this.  If we put $10 a month into a savings account for her from this school year until she graduates high school, she will have accummulated (just with our deposits, no interest) $1,200.  That money will be hers to use to help buy books for college.  We will do that with all of our kids (I make it sound like we have a soccer team, but there are just three even though at times it seems like twice that).

Just some thoughts I had while doing laundry, I hope they help you because everyone could use a few new ideas sometimes.

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