I would like to introduce you the way the Ramsey kids saved money.
I have a serious question – I am considering withdrawing at least a portion of my 401K to pay off debts. My husband, through no fault of his own, is without work and has been for 4 months. We are sinking fast!
I’m curious to hear the rest of the story. Where’s the car now? How long did you end up driving that car? If you got rid of it, was it emotionally difficult since you had worked so hard for it? As a long-time Dave fan, I’ve heard this story about your car and the 401Dave many times. It’d be fun to hear a new piece of it.
How do you recommend a parent / teenager deal regarding the paying for car maintenance, repairs, insurance, and gas for this additional car?
I love this plan. Our kids are young (4 and 2). Our 4 year old has his giving, saving and spending banks and is saving for a “big blue car” when he gets older so he doesn’t have to walk thanks to the Junior series. We’ll introduce the match when he’s older. For now, we’re teaching him that when he saves money in the bank, the bank will pay him even more money to reward him for saving. He loves that. We’ll add details later. nnnMy two year old just loves the sound of coins in her banks. She loves separating coins into the three banks. That’s about all the detail we go over with her. That a pile of coins go in three different places. We say giving, saving and spending when she does it. 🙂