80-10-10

When my children were younger and started earning allowances, we started them off with the 80-10-10 savings plan:  10% tithe, 10% savings, and then you can spend the other 80%.  Although my children were good savers, and usually saved way more than that, it was a good exercise to get into early.  I as happy to hear the financial analyst share the same formula at our Financial Seminar last week.

Challenge:  Even with just a little money, get your children used to good savings habits.  If you begin early, they will keep the good habits you instill in them!