Divorce wiped me off something I would have been entitled to. That didn't bother me a hoot thanks to financial independence. But when the almighty ex-MIL cancelled my son's trust fund (long story, complicated) I had to look beyond mall windows to think.
The realization that I am responsible for the loss of what is due the kiddo (we're talking more than a few digits here) horrifies me. Add the thought of giving up fine dining and entertainment, holidays abroad, and I'm twirling a nightmare in manicured fingernails.
The situation provides a steady supply of adrenaline as I scramble to adjust priorities hopping from one advice to another, experimenting, analyzing and trying out examples. Who wants a nightmare when life can go on nicely with some practice of what has been an option all along? Saving it is. A Yahoo Finance article shows readers how to live well on $40,000 a year. It looks feasible and motivated me to set a financial goal for CJ that will teach him how to spend, share and save money.
Three S's - save, share, spend: two in water canisters and one in a cookie can. We upgrade to proper jars or milk cans later. I will be giving CJ $10 a week = 4 dollars to save, 3 to share and 3 to spend.
Things are about to change for my Little Professor. He will earn his money by doing chores. It's time to appreciate hard work that goes with money acquisition. This is all new to him, and to me as well. But I'm eager to execute the plan. If he wants things badly enough then he will have to sort out schoolwork regularly and take violin lessons.
Times indeed have changed. When I was my kiddo's age I was forced to take up piano lessons without pay. Now he is getting paid for doing things he is supposed to do anyway. But since the goal is to teach him about money, this means will be an exception.
If all goes well, i.e. this money management runs smoothly and CJ does well in his job on top of the trust fund I set up for him myself to make up for the one canceled by his grandma, he will be like little Ava in that Yahoo article that inspired this plan, 'wealthy in more ways than a fat bank account can show.'
Can your ex-MIL be any more cruel? Why did she have to cancel your son's trust fund? Anyways, it's good how you're teaching him the value of money. That's something even we adults should learn. We should allot a certain portion of our monthly earnings for savings and sharing.
ReplyDeletesave and spend is what i only, for sharing is always included in the family budget for i am supporting my parents on their financial needs. the three canister idea is pretty good :)
ReplyDeleteWow, this can really help us save our money.
ReplyDeleteSAVING...that's one of my struggle right now. I'm really trying to be wise in spending and saving at the same time.
ReplyDeleteIt's important to save and share and most of all be wise on the spending part. The little things you save can mean a lot.
ReplyDeleteSave a lot. Spend wisely. Two simple things that my parents taught me and I appreciate those occasional prodding that they gave to me. I am still hoping for financial independence before building my own family in the future.
ReplyDeleteit's vital for the kids to know how to save and how to spend wisely.
ReplyDeleteas for the MIL, well... enough said.
Oh no! tsk tsk,,, o well, time to be strong and independent for your son. that's good you are teaching him to value money as many kids nowadays think we only pick money up on the streets. :(
ReplyDeleteAt first I thought it was the ex-hubby, wow to a cruel ex-MIL...this is living the saying "when life gives you lemons...." :) Keep it up!
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