Savings Account

Preston and I have been following the Dave Ramsey system of money management. Which is basically, all cash...all the time. We were never big credit card users (always paid them off at the end of each month) but we went ahead and cut those up anyways. Now, we pay cash or don't buy it at all.

We have also been sharing these conversations with our children, so while they may grow up in a credit card indebted society, hopefully they will understand the value of not being indebted to your debtors. Ashton saw a commercial on TV the other day about VISA and wanted to know what a VISA was...I told him it was a credit card and he said, "EWWWWWWW". Yeah baby...it's sinking in!

So anyways, while we already have the boys understanding about tithing we thought they needed to start understanding the principles of saving as well. So with their monthly commissions, they tithe 10%, save 40% and get to keep 50% for their own use.

To get the boys initially excited about parting with what they thought was their money they've been saving for something special, I told the boys that we would match anything they put into their savings account (figured this was a good way for us also to slowly put money away for them as well) thinking it would also only be a few dollars here and there each month. Well, little did I know we had little "Trumps" on our hands. Instead of keeping any money for spending they both wanted to put ALL of their money into savings, with me matching it 100%. They understand, as well, that this money is not theirs to play with. This is money that they are saving for a car one day, or for college, etc...

Off we went to the bank, money in hand, and each opened up a savings account! They were so excited and couldn't wait to see the account balance of how much money they have in their own personal accounts!