After talking with the folks at Harwood Financial Group, it really lit a fire in me to start a savings account or even a big piggy bank in the closet for my kiddos.
We get so caught up worrying about IRAs and 401k's that we forget about the super simple things we can do to set our kids up financially for their college or just life in general.
I used to have a 529 savings plan for my kids' college funds and I hope to get back to that one day soon but I saw this ONLINE CALCULATOR that shows how much you could save for your child by 18 if you put just $1 a day away for them when they are born. Most people could scrounge up 4 quarters each day. It's an arcade game a day or a couple gumballs a day.
***If you started at birth with $1 a day, you'd have more than $13,000 to give your kid on their 18th birthday! Your investment would only have been half of that!
The calculator can tell you how that changes if you start at different ages and contribute different amounts.
I had a friend whose parents started saving their loose change every day in a big water jug in their closet when she was born and they bought a $7,000 car for her on her 16th birthday with it! It was amazing!
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