Saving plan
Hi,
@eddie-earner posted a new challenge for the #saturdaysavers post by @susie-saver. Details can be read in here..
For our son, beside the different forms of savings and investment opportunities that we started since his birth, we decided to do a separate one, the penny a day challenge, in our case the eurocent a day challenge as it is the easiest due to the funds available. He gets more in Hive and other cryptos, and also he gets in an account every €5 bill that we receive.
Now back to the challenge. I've created a spreadsheet that can be easily field and when a field is filled, it gets added automatically to the total sum in the end. Like this we can keep track of the value saved. We put all our coins into a stash and pick up the needed sum for this. As we deal with cents the sum is not so high, not even in December, where we would have a value of €108.5. If we had done the € challenge it would have been tough in December, as there we would have been €10850, which is way over our financial level at the moment.
Why saving € and not Hive? Just because € has a higher value at the moment, and it is easier to track and handle. At the end it will be turned into an investment as every year we try to invest into something for him. We did not decide yet in which field and what asset it would be this time.
He has a Hive account with 5 figures, some Satoshis, some Leos and the stash is growing. He is not doing bad for a 2-year-old.
On the savings plan, I let him put the coins in the piggyback. We try to give him a financial education, that we did not receive. We have been financial illiterates when we finished school, as in school this is not taught, or it is not taught for the level we want. There are good business schools, but I went to engineering (not financial engineering) and that was far from financial reality. So, he gets to learn from small on how to manage and what to do with the money, so that it works for him in the end.
Do you save? Do you have a plan for saving? Do you help your kids, if you have, with investing?