All the way, super tight budget for several years to work your butt off to get out of debt. We paid off a little over $40k in debt in about 5 years making around $30k a year WITH a family of 5.
It is possible people.
We have made a lot of scarifices to get here. And we will not buy anything unless we have the cash to do so. All that said it is super important that our kids learn this early. We make them WORK for their money, they don’t work, they don’t get paid. When they do get paid they make the choice of what to “give”, what to “save”, and what to “spend”. We talk openly with them about things we say “no” to because it just isn’t in the budget. They understand the must save up to buy what they want and not “borrow” money from anyone (including us).
So, when my credit union started a line of products meant for kids that reinforce these principles I was all over it! As the kids get older, their accounts evolve and the tools they are offered change to meet their age/maturity.
The real point of this blog though? To show you Tay’s pure excitement as she received her very own debit card. Linked to her very own checking account that she can deposit money into. She got her very own Online Banking account so she can keep track of what she is spending and very soon we will start her very own budget.
There is something pretty darn cool about seeing your kid take responsibility for managing her money the right way.
No comments:
Post a Comment