Welcome to another “Tuesday Tip Jar” where I will share awesome savings and financial tips as I find them. I might not have something for you every Tuesday, but when I do, you’ll find it here!
If you’ve got a financial tip you think others would benefit from, please send it to me via my contact page at the top of the blog!
My Dad spent every penny he earned. If he earned 10 bucks, he spent 10 bucks. If he earned 1,000, he spent 1,000. If he earned 10,000…
You get the idea.
My in-laws are similar. They didn’t put any money into savings for most of their adult life, and struggled to make ends meet for many years.
So my wife and I were raised with that mindset, and thus spent many years ignoring savings, living for the moment, and in general being pretty silly with our income. The result is a mountain of debt, this blog, and a promise to ourselves that we will break this cycle with our kids.
My kids don’t get allowance. We’ve always been of the mindset that their allowance comes in the form of friends staying over and eating our food, them going to movies, us renting movies at home, vacations, and all of that sort of stuff. They do chores, but we explain to them that it’s all just part of being in this family, and working alongside mom and dad to keep things in order.
What we have done extensively however is helped them to hustle. They sell things in yard sales, on Facebook, or via side ventures, and they make a fair amount of money that way. My son just recently self-funded the purchase of a iPhone (a generation or two old), and some AirPods. Hell even I don’t have AirPods!
The agreement we have made with them however is when it comes to saving and investing. Our formula for them works like this:Read More »