Grandmothers Teach the Power of Savings
Planning and preparing for the future is important for many
parents. Most parents intent to start a savings
for college as soon as their kids are born. Gallup research indicates that parents intend to
pay for more than half their children’s college. To make up the cost difference
strategies and a good plan are required.
One colleague of mine, who is a smart business woman,
offered each of her 3 grandchildren a matching program. For every dollar they saved she saved the
same amount. Then they could put that
savings to their college education.
Another grandmother is teaching her grandchildren the power
of savings with a unique strategy. Each
child has three labeled jars. At the
beginning of the year each jar is labeled.
One jar is required for charity and the others are designated by the
child (with a little assistance from the parents). So far, all the children designate one for
their birthday and one for special things they would like to purchase during
the year.
She says, “I make it a big event and talk to them about why
it is important to plan what to do with the money and that money is a
resource we have to do things that will help us, help others and most of all to
be good keepers of what God gives us. During the year they will come to my
house where the jars are kept with money they received and this is only for
coins. I took them to open a savings account with their dollars received
for birthdays and other special occasions.”
She knew the message was starting to take hold. Recently, her eldest, granddaughter noticed
as her birthday was getting close that the jar with coins for charity was
higher, than her birthday savings. She wanted
to take some out to put into her birthday jar.
She explains, “I told to her that she had made a very clear choice at
the beginning of the year to save more into the charity jar, and during the
year she was very excited to see it grow, because she wanted to help
others. I continued to explain to her
that I would not allow her to take out money from one jar to put into another,
because you have to be committed to following through on your plan and that she
should remember how excited she felt to be able to help other less fortunate
children. She understood, accepted my
explanation and was happy.” Every year
it plays different. She concludes, “I do not know how that experience will play
out at the beginning and during the next year (2013), but I will let you know.”
Teaching kids for their future is an important role that many
parents and grandparent take pleasure in assuming. Another one of my colleagues is in
collaboration with her daughter to teach her grandchildren about their role in
the family. Melinda explains, “There are
certain chores kids should have to do as a member of the household without
getting paid. My 4 year old grandson
puts away all the clean plastic containers that his Mom leaves out after
dishwashing. (His handle is PlasticMan!) The 6 year old granddaughter puts away
all the silverware (as she can 'reach' the drawers) and the 8 year old
granddaughter sweeps the kitchen! They all "bus" their own dishes
after meals/snacks and are responsible to keep their rooms tidy. Then they can
have extra jobs and that's what the grandkids get paid for.”
These beautiful stories remind us of the importance of
savings and the creative ways to instill good behaviors. America Saves, and its local San Diego Saves campaign,
encourages and supports this type saving. It is simple. Set a Goal, Make a Plan
and Save Automatically. Research
indicates that over 80% of people who set a goal were able to achieve success. It
is easy, fun and supportive with San Diego Saves. First, make a pledge. A monthly eWealth Coach newsletter and
resources are available when you make a pledge.
Nothing is promoted and your information is protected. Everyone, even those
outside San Diego County are welcome to make a pledge and get started: http://www.sandiego.com
