I was writing the other day how tight it is right now and will be in the near future. We’re 1.5 years into a 5 year get debt free diet. I can’t wait to get to the end of that 5 years, let me tell you! We’re planning on buying a house in the next few months but other than that we will have zero debt. We’ve set things up so that we can’t get into more debt accidentally or even if we wanted to.
How did we get into debt? With a truck loan still not paid off, 6 months of no income because of dh’s job training in a new and more secure career and the subsequent low pay for the next couple years it just added up. We knew it was going to get better but there wasn’t anything we could until it did. We had to move twice in the last few years simply because of landlords not following through with their assurances to not sell and in one case the added issue of suddenly having an empty well. Not a great thing when you’re a few months pregnant and suffering a great deal from “morning sickness”.
Our priorities are straight despite heartbreakingly missing dear friend’s weddings taking place further than we can afford and family get togethers off island. Do they understand? I don’t know. I hope so. There are other things we want but haven’t been able to afford. We want a desktop computer and I want a better camera. There have been times when we think we can make one or the other happen but then something else comes up.
I decided to take a step closer to being able to buy the things we really want. Just waiting around for the money isn’t happening. I took all my saved coin and split it between the two jars and I’m going to try and take $5-50 from each paycheck to add to it.
This is where the kid’s piggy banks came in. Lily decided she wanted her own money collector and I remembered seeing one that you can colour yourself. We set off get piggy banks and return bottles along the way! Colouring these banks were really fun! The first thing Lily did after finishing colouring her bank was to go to my wallet and take all the change. Hmph. It may take me longer than I thought to save for that new camera.
Such a great lesson for your little ones to see. I love the piggy banks! Fauna is always picking up loose change and change from my bag as well. She is rather good at saving. I’m saving for a camera too, and a car. Good luck with your saving!
It’s pretty much what we have to do too – the piggy bank thing is something I have meant to do with the kids but haven’t got round to yet. I have a list of things I “want” but of course they are not essential. Our debts are related to our business so our priority is to try and make it work!!!
This seems to be quite the topic lately. On the weekend I was relating to M how my mom moved her earnings from after school care from “general revenue” to the travel savings account. It has made such a difference.
I’m happy you’ve starting a savings account for the ever elusive camera and that Lily and Lief are taking part in your project. When we were little our grandpa was all about saving for a rainy day and whenever we’d go to visit him he’d give us quarters and later, loonies to “help us out”. It took us a few years to understand.
I wish I’d continued applying his lessons as an adult as I didn’t understand just how much I was borrowing for university until afterwards. Since I came out here I’ve been focused on trying to reduce my debt and so I’ve maintained a savings account for those “big purchases”. It have it as a payroll deduction because that way I don’t miss it. It can be hard to stay motivated but without it we wouldn’t have a house or the option of me going to school next year.
Good luck on the new camera!
We too are learning alot about budgeting and the world of finances. We have 4 jars; groceries, family fund, transportation, and most important our supersaver! I too have piggy banks for the kids but they each have 2! I may be getting too complicated but I wanted to show my daughter about splitting the money. Some goes into her super saver that she will not touch as it will grow for her like a tree (my weird explanation) the other smaller piggy bank can be for something she wants to buy. So I hope she starts to understand the importance of saving.
We also have a game that if Daddy’s change has been sitting around for more than 24 hours it is free game!
I wish for our kids better financial health.
oooh, those piggies are so cute!
and functional, too, of course. :)