Posts

avatar of @gillianpearce
25
@gillianpearce
·
·
0 views
·
1 min read

I was having a conversation about this only yesterday with a friend. I explained to her how I saved 10% of all my children's "income" for them (100% when they were given gifts as babies) and then taught them to do the same.

As soon as they were old enough to understand that money bought things I put any money they got into small enough coins that I could demonstrate removing 10% and then giving them the remainder to do with as they wished.

When they were old enough, I helped them to open a new bank account for themselves and showed them how to add the 10%s.

They are now both adults and continue with this habit. My son was able to buy his first car from his 10% account athough for the most part he doesn't touch it. He sees it as for big purchases that take a long time to save for.

For more expensive stuff that couldn't be covered out of his salary easily he has another account that he saves another small percentage in.

When I was coaching I used to encourage all my clients to do this too. If they were really strapped then even just 5% made a big difference. I found it's not only about the money itself but, knowing you have something saved, even if it's only a little begins to change your attitude and you see yourself as more abundant.

Posted Using LeoFinance Beta