• About Me
    • Life List
  • Disclosure
  • Work With Me
  • Stock images by Depositphotos

Love and Marriage

And A Baby Carriage.

The $5 rule – Saving Money for Kids

mommyhood

Share38
Pin520
Tweet
558 Shares

A few months ago I started saving money for Brady by following the $5 rule that I stole from Whitney.   When Guy and I got married we started a small automatic withdrawal to a separate savings account to save for our future children.

That particular account is strictly for college but there are so many other things in his future he needs us saving money for; his first car, trips, camps, braces…  So that’s where the $5 rule comes in.

The $5 rule - Saving Money for Kids


It’s simple – every time you get a $5 bill you put it away.  I have a little envelope in the small planner in my purse that I put them in when I get them.  It’s too tempting to use it if it’s in my wallet.  Then I fold them up and put them in Brady’s piggy bank to wait for the next time we can take them to the bank.

The key to the whole process though, is getting the money into his piggy bank as soon as possible.  If the money is in your wallet, you’ll spend it, if it’s in an envelope in your purse you still might spend it… but if it is in your little baby’s piggy bank?  No way are you going to crack it open and pull some money out.

5-rule

I wonder though how we will change the saving when and if another baby comes around.  Split it?  Start a separate bank?  Who gets what?

How are you saving money for your little ones future expenses?

Liz Nieman

Liz is a just a mom trying to keep it real about how little she sleeps, how often she gets puked on and how much she loves them. You can find her here every day writing about real-mom moments.

loveandmarriageblog.com

Related posts:

  1. Yes, You Can Afford to Be a Stay-at-Home Mom!
  2. How I Quit My Job and Doubled My Income With This Blog
  3. How Moms Can Make An Extra $500 a Month
  4. Convergys is Hiring Work-From-Home Employees with Full Benefits

By Liz Nieman

Comments

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Recipe Rating




    This site uses Akismet to reduce spam. Learn how your comment data is processed.

  1. Sandi says

    August 24, 2011 at 6:41 pm

    We started a 529 account for college! Its strictly for college. As of right now we have $25 a month going into there for our little Madison. When we have extra we will add to it too. We also put all our change into her piggy bank, which then goes into her bank account.

    Reply
  2. Mommy McD says

    August 25, 2011 at 2:49 pm

    We save all of our change under $5 and put it into a general jar. Then the older boys are earning “allowance” and we just throw what’s left to the baby. (They each earn about $2 a week.)

    Reply
  3. Sarah says

    August 29, 2011 at 11:45 pm

    That’s such a great idea!! I need to start doing that for a “rainy day” fund!

    Reply
  4. Emily says

    September 11, 2016 at 9:31 am

    I love this idea, but I never ever carry cash. I have an emergency bill in my wallet just in case – but otherwise I swipe for everything. That way I get cash back! Lol

    So we just use the automatic withdrawal to save for my son’s college fund. But I agree, I’d like another fund for other things. He has a piggy bank that we always throw change in if we have it but I’d guess that has no more than $20 and he’s 2.

    Reply
    • Raquel says

      January 7, 2017 at 3:26 pm

      A great idea for those who swipe is to always get $5 cash back when you make a purchase. Then you can put that $5 into a piggy bank.

      Reply
  5. Emma says

    June 4, 2022 at 8:16 am

    Thank you for sharing your savings rules, it’s much appreciated. Regardless of the purpose for which you save money, it is important to be able to insure yourself against various external factors, such as inflation. I advise you to read valuable tips for savings here

    Reply
POPSUGAR Select PLUS

How To Start A Blog That Will Make Money

Start a blog and make extra money.
  • PARENTING
  • MARRIAGE
  • TRAVEL
  • Money
  • FOOD
  • Privacy Policy
cherrychocolatedumpcakefeat
Valentines Day Decorations
Copyright ©2023, Love and Marriage. All Rights Reserved. Custom design by Pixel Me Designs