One thing that I've noticed about setting a budget and working with it is that I am much more aware when an opportunity comes up to save money.
We accidentally thought up a way to double our money with barely any effort the other day when we were driving home from looking for a cell phone for my daughter.
She was disappointed that she didn't get one and looking on the bright side said, "Well now you have another $10 for your budget."
OK, she wasn't overly cheery about it, but she was thinking ahead.
So kidding I said, "yeah, that's 10 x 12 = $120 per year. In 10 years that's $1200!
Then I said, "hey, I think that I am going to start putting $10 a month away and see what I have in 10 years."
Then I asked them if they wanted to pitch in $2 a month. If all of the kids do and my husband and I it will divide out perfectly in 10 years.
I figure that we can buy Canada Savings Bonds with what ever we have when they come around or put it in something when it hits 2-500.
It may take awhile and sound like not much but it has 2 things going for it.
The obvious – $2 per month won't even be noticed, but in 10 years, who knows what kind of relief it may be to have that little bit tucked away.
I am certainly going to be tempted to add to it, so I will probably ask them if they want to top it up before we buy the Savings Bonds or something. It will still be painless but we will probably double our investment in that way and have even more when 10 painless years roll around.
It's a great way to teach the kids the power of compounding any effort. Me too.
Want to try it? See how much money you can have in the booty in 10 years?
You never know, it could be enough to finance some family time when the kids have grown and moved away.
Let me know if you get the ball rolling at your house.
Watch next week for a great way to get things done around the house and save money for yourself too.
HOW ABOUT YOU?
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