Hey guys, Happy New Year! Today I am here with a really exciting video. I am part of a collab with the YouTube Mommy Meetup Girls again. And every day in January, we're going to be posting a video about budgeting, money management, saving, keeping your grocery budget low, things like that along those lines. And today's my day. There are over 60 participants in this collab, so I definitely recommend that you check out the playlist. I will link it down below. And check out everyone's videos throughout the month so you can get some good tips on saving money, spending money, budgeting, and things along those lines. So the past three videos have kind of been about budgeting and keeping track of your money. Dana talked about her cash envelope system, Haley from Mama Haley, talked about using the 50-2030 system, which is really interesting. I definitely recommend you check that out. And Amy from Dream Flight 6000 talked about how she keeps track of her money to stay debt free because she already is debt free. So those were super interesting topics, but I'm going to change it up a little bit and I'm not going to actually talk about budgeting. My husband and I have an interesting way that we budget. I can do a whole video about that if anybody is interested. Just leave me a comment down below. And I can have him sit down with me and do it because it's kind of his way and his whole, the whole system is something that he created himself. So I didn't want to really bring that into a video because I guess even though I know how it works and we've been doing it for years, I think his input is very important in that video. But I wanted to talk about saving money and in particular saving money for your kids. So I know as parents we think about college funds and cars and all these things that are going to happen when our kids get older, how are we going to pay for those things, how are we going to have money saved up for them, maybe for them to buy their first house and things like that. And it's something that can weigh heavily on your mind, especially when you're on a budget. For us, we are currently a one-income family. And it's just something like I have two children and I want to make sure that I am saving up money for them. I teach them to save when we pay them any type of allowance. They are told they have to save half of their money and then the other half can go into spend. So even though I'm teaching them to save and I'm teaching them to deposit money into their savings account, I want to also input some money into that. And when we started off, we opened saving accounts for them when they were first born in Puerto Rico. It's a credit union that our whole family uses. But it has gotten harder and harder for us to actually get money into that account. So we actually ended off closing that account once we moved to Georgia and we decided to open an account here at the credit union that we used for our banking. And it's a really good savings account because it's kid-based. They send them notes, letters, news letters every month so the kids can learn about saving money and they have coloring pages. They also do things for the older kids. Like Kayleigh is eligible to go to them when she turns eight where they do kind of workshops at the bank talking about saving money and things like that. And I think it's awesome. It's extremely beneficial to them because as someone who wasn't really money savvy when I became an adult, I knew things were expensive, things were cheap. But I didn't really know the best way to budget money. I want better for my children and I think we all do. We all want better for our children. So what I came up with was kind of a weird system but I think that it could work for anybody and it's such a small amount that you're putting in that you don't feel it. But then once the end of the year comes around, you realize you've saved so much money. So what I do is I go by the age of my children. So what I do is every week for the year, there's 52 weeks in a year, I put $7 into her savings account. So for when she's seven. So seven times 52 and that comes up to $364 a year. So I'm saving $364 a year for her. Now she's going to be eight. She has a January birthday. So for the first two, well it's really for the first week of January, I will just put $7 and once she turns eight, it'll be eight but it'll be times 51 weeks. And that'll be $408 plus the $7 I put in the first week of January. So by the end of this year, she'll have $415 in her bank account. And it doesn't break the bank. Every single week, I just take $7 for Kalees and $6 for Junior because he's six right now and I just deposited into their savings accounts. It's not a big deal. So let's say you have a one year old and you are, I mean if you have a baby, we didn't really start putting much money into the kids accounts until they were one years old. For their first birthday, they got a lot of money and we put most of that money in their savings account. We did use some of the money to buy them things they needed. But otherwise we just put the money in their savings account. Once they were one years old, we started just putting money in random amounts here and there. And then Junior's Godfather sent him money for his birthday. It's always a larger amount and it's always, he always specifies by him something he wants something he needs and save the rest. So that's exactly what we do. We use his money for what he wishes we use his money for many times their Godparents and the money their grandparents and the money. We don't like to let them just spend it all because even though they could and I'm sure they could walk around as a toy store and find something that they think is cool, they don't need. And we like to save their money and we tell them you save this money you might be able to buy yourself a car or a house or pay for college. And it's something we really want for them and we make sure we explain it to them. So let's say that you have a one year old you're going to put a dollar a week in their account and by the end of the year they're going to have $52 in their account for a one year old that's a good amount of money. And then you're going to move up to having a two year old and your two year old by the end of the year will have $104. Plus the $52 they had from the year before they're up to $156 in their savings account. So if you start from one year child is one year old just putting $1 in every week and then two years old two dollars in every week and so on and so forth. By the time your child is 10 years old they will have $2,860 in their savings account. And I think that's a great amount. It's not a ton of money but you're going to continue when they're 11 years old every week you're going to put $11 and you're just going to keep going. And by the time your child is 18 years old if you've started from year one they'll have $7,976 in their savings account. And it might not seem like a ton to some people that can save much more for their children but for someone who's on a tight budget. I feel like that's again a amount and you're going to add in any birthday money, Christmas money, money that they've saved along the way. Once they're working age they can save money and then have a really good amount of money and that's just by their 18th year. If you continue to save for them for example if you continue to put money in while they're in college then you could be saving up to their you know 23, 24 even. And you continue to be putting money into their account to help them out. My plan like I said I always tell my kids when they earn any type of allowance half of it needs to go into savings and then we take that money and we deposit it into their bank accounts. So once they're working I would like them to do the same because when they're teenagers and they're working there's going to be things they want. I will let them use money for things they want and once they're driving they'll need gas and stuff for their cars. But I want them to know that you need to save money. Saving money is important. So I want to you know teach them to save when they're working too. So they'll have much more money in that savings account and they'll have access to it once they're 18 and it's a good amount of money to save up for your child. And it doesn't hurt the bank because you're just doing a small amount every week. Once they get older it's a little bit more you know $15 a week and stuff like that but that's still not going to break your bank and you're doing something on a constant that's going into the account and not just randomly here and there. So like I said by the time they are 18 years old by their 18 year 18 year of life they'll have $7,976. I hope that that was helpful to you. Let me know down below if you have any other ideas of ways you could save money for your children. Like I said this is just something I came up with one day I was like how am I going to make this work? I have two children we're on a tight budget. How am I going to save a good amount of money for them and that was the idea I came up with and it works and if you do the math it's pretty good amount of money for your children especially if you're on a tight budget. I hope that helps. Thank you guys so much for watching. Like I said don't forget to check out all the other videos. I will link the playlist down below there's awesome tips there and awesome useful money tips that I think everyone can use and everyone can find useful in some way. Go ahead and hit that subscribe button down below if you haven't already. I have let me know down below if you want to see more about how we budget and I will talk to you guys later. Bye guys.