Saving 4 the Future!

Kyle seems to be receiving such nice monetary gifts from our family members. And we keep letting him spend it. He has probably wasted a GOOD portion on "things" he that he can't even remember buying. Duane & I have been talking, & decided to open up savings accounts for our kids. It's the best savings account, nobody can take money out anytime soon! They have to wait! We can only put money in! We're trying to get on the straight & narrow to eventually be "debt free." Why not teach our kids this early in life to hopefully do the same? Earlier this Summer, Kyle mowed a lawn that was abandoned. Our HOA was quite impressed with him, and decided to pay him-which he was unaware of. They came to our home to explain to us that he could no longer mow for "accidental" reasons. However they paid him for his time-$70. He's mowed other lawns here & there, and received money in the mail for just being a cute kid. Instead of letting him spend ALL of his money, we'll be letting him spend a portion & save the rest. His saving goal is a car when he turns 16/17 years old. As well as some money towards college. Melanie has a savings account too. Her goal is also a car & college. I wish we would have started earlier with Kyle-but it's never too late to start saving.