BUDGETING FOR ADULTS AND KIDS

1yearsavingchallenge30days

Who doesn’t need to learn to budget their money better?  When polling grandparents about one of their top concerns about their grown children and grandchildren, it was how they manage their money. Sharing this post with them from our Facebook Page will give you an opportunity to give them some helpful ideas and tips without being too pushy.

I began using this system last year.  It was a slightly different template.  Last year Week #1 began with putting aside $1.00 and then continuing to double that each week.  It seemed really easy but when I had a need for some fast cash, I made the mistake of dipping into my savings.  I thought because it was such a small amount that I could easily replace that and continue saving.  That did not happen.  I also noticed that the larger amounts to put away were in December when I find it the hardest month to save money.  This new template allows you to start with a larger amount in the beginning and less money to deposit in December .  I am committed to trying this and have already planned what I would like to do with this savings at the end of the year.  It will be an emergency fund for my family.  I am currently trying to decide if I would save better if I transferred the money at the end of each week into a new savings account or if I should have the money in my home in my locked safe.  I believe whatever will work best for your family and make it easy to save and hard to spend.  This template is from one of my favorite blogs which is ThirtyHandmadeDays.com. Be sure to see the template made especially for kids.  As the grandma, it would be fun to make a financial binder and send it to them in the mail.  Maybe even give them a challenge that you will match the money they save.

Let me know if you have tried this or how you might execute this plan for this year.  I am anxious to read your comments.

Michele

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