We added a category called "Kid's commission" in the budget last month. We also opened a savings account for each of the kids last month. At the beginning of the year, we let the kids know if they want money all they have to do is ask for a job, and we'll give them one. We were paying out so much money out of our blow money we decided to make a category. We pay the kids by the hour. The only catch is, They have to put half of what they earn into their savings account. And the other half they get to have to spend. If its been a while since they asked for a job we'll give them one anyway. Also if we need help with something we'll make them help and pay them for it also. But they are learning that if they want money they have to work for it. So now after the first couple months, if there is something they really want to buy and want the money fast, they will ask for a job everyday until they have enough money for it.
The eleven year old, has also been searching out alternative means to make money, so he has been trying to sell some old toys to his friends. He was able sell a few of the toys and took that money to buy a toy he's been wanting from another friend. He is learning how to make deals at an early age.
Our kids may not know it, but they are on their way to Financial Peace also.
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My families journey down the road of becoming debt free and finanicially sound.
Baby Step 3 Status
$10,000 emergency fund goal
Paused Baby Step 3 at $2500.00
Paused Baby Step 3 at $2500.00
Baby Step 2 Status
Started Total our Total Money Makeover on January 1st, 2010 with $49,705.46 in debt, not including our mortgage.
April 13th, 2012 we paid off the last of these debts. It took us 28 months and 13 days.
April 13th, 2012 we paid off the last of these debts. It took us 28 months and 13 days.
The Road to financial peace.
This is a record of our journey in finding financial peace. We are using the baby steps in Dave Ramsey's - Total money makeover, book. We will be trying to follow his plan as close as we can. We hope to have an end result where we have no debt, have a large emergency fund, are saving for buy everything, are saving for our kids college, and are building wealth for retirement.
When we started this plan on January 1, 2010. I was 32 years old and my wife was 31. We had been married for 4 years. We knew this plan would take a few years before we were on the last step in the baby step process. But we are dedicated not to give up.
This blog is to help us keep on track, and keep us focused on our goal.
When we started this plan on January 1, 2010. I was 32 years old and my wife was 31. We had been married for 4 years. We knew this plan would take a few years before we were on the last step in the baby step process. But we are dedicated not to give up.
This blog is to help us keep on track, and keep us focused on our goal.
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