So while cruising Pinterest, I came across this awesome idea. The parent had written a letter every year to their child on their birthday and stuck a twenty dollar bill in it. It is a gift for a high school graduate, which I thought was a cute easy way to give them a chunk of cash. But for me, I kept thinking I want to be able to give my kids MORE. I want to be able to not just give them a gift of money, but a gift of education. Being a college student myself I can tell you, paying for college is ridiculous. I am only a few years in (with a couple of changes to my degree) and am in quite a bit of debt with my student loans. The kicker is that I still have a few years to go. So I have come up with this plan for my boys:
For the first couple of birthdays, I’ve asked for no gifts but for college donations instead. This is a huge help to get the savings rolling. Right now, the money is just going into their bank accounts, which brings me to step 2 of our plan.
INVEST. My dad has an investment account for both boys going, and they both have more money than me. We want the money that we put away for them to grow, and become something that they can rely on. Having in sit in a bank account isn’t doing much for gaining anything extra.
Take a set small amount out of EVERY paycheck. This seems so simple, yet after all our bills are paid for it’s easy to forget that we also need to take some out for our boys. Therefore, we add this into our “bills” in a SMALL amount so that we remember to pull it out.
Change and bottle returns. Yes. The change that is left in our jean pockets on laundry day, the change that’s in the couch, and all of the bottles we return (worth 10 cents each here in MI anyway) all go to funding the boys college. This is actually how my dad gets all the extra money he buys the boy’s stocks with! The Coinstar machine is free to use at our credit union, so I don’t have to count it and I get the full amount!
While I still loved the idea of writing to them on their birthday every year, I will definitely be amping up the amount of money included!
Do you have a savings plan for your children’s education? We want to hear about it! Tell us your plan below!