Family, Resources

Spreadsheet For Children’s Savings – Encourage Kids To Save

I recently created a spreadsheet to help my son track his savings.  He has moved beyond the simple three-jar setup that we used for his older sister – and I recently helped him open his very own Kids Savings Account from ING DIRECT. He really digs updating the spreadsheet, which helps him visualize just how much money he has saved.  Kids are visual – and explaining the concept of an online savings account can be rather challenging.  The spreadsheet keeps him informed and motivated. The spreadsheet – which is free to download below – tracks how much he has in his Totes Digital Football Coin Bank piggy bank, his wallet, and his savings account.  Screen shot – The spreadsheet is…

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Noted

No Credit Needed Weekend Roundup

Here are a few of my favorite posts from some of my favorite personal finance writers from this past week – From my fellow Money Tips Network members – Five Cent Nickel suggests four ways to save water and money at home. Generation X Finance has ideas for lowering the cost of Thanksgiving Day. Get Rich Slowly updates their 2011 garden project. Squawk Fox has some ideas for negotiating lower credit card interest rates. Money Talks News has five reasons for not signing up for department store credit cards. The Simple Dollar has a detailed post about the cost of making your own coffee. Wise Bread has shopping tips for what to buy and what to avoid during November. Mighty…

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Savings

Make The Payment To Yourself

My wife and I have been saving up for a new-to-us automobile. Instead of financing the purchase of a newer car, we have been making monthly payments to ourselves. Each month I initiate a transfer from my local checking account to my online savings account.  (ING Direct makes these transfers super-simple to set up.) The amount transferred is equal to the estimated cost of the vehicle, divided by the number of months until the purchase will be made. This approach works for any major purchase – and helps to keep us out of consumer debt. Obviously, we all know that we should save.  However, most folks never get to the point where they do save.  We look around and see…

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