Wednesday, September 10, 2008

new way to handle allowances

I've thought of a new way to deal with the kids allowances and savings.  I checked with ING and I can set up accounts for the kids, linked to our checking account.  Then if they want to put money in the bank, they give it to me and I transfer money from our checking to their savings, electronically.  I'm hoping that this gives them a little more incentive to save - or at least they will be earning some money (albeit a rather small amount) while they save up.  

The kids seem to think this is a great idea and were disappointed that I have to wait until my ING account is open before I can open up theirs, probably Monday.  

About a year ago, we opened up savings accounts for both kids at the local credit union, but it was too much hassle to go up there to deposit/withdraw money, so we didn't do it much (umm, maybe 1 deposit and 1 withdrawal).  I think this will work better, and since M is still saving up for that iPod touch, he's all for anything that will get him more money - especially if painlessly!

Oooohhh, M will be all excited!  The iPod touch he's wanting has come down in price - by a good bit.  The 16GB that he's been wanting was $299 refurbished - now its $239.

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