Bank It or Plank It: Financial Bingo

My grandfather told me to pay yourself first and you will be repaid with security and freedom when you want it most. At 19 yrs old, I took his advice and set up an investment account and contributed to workplace savings options. At the time, my goal was to retire well before I am 65 years old. I enjoy what I do and I like to work so instead of retiring I might consider working less. I may or may not do that but it is a good feeling knowing I will have the option.

Both of my children have regular savings accounts and Edvest accounts, Wisconsin's college savings plan. One also has a Utah 529 plan. They receive paper statements and open the envelopes to review the balance and any gains/losses. We talk about what the numbers mean. For birthdays and holidays, my in-laws give a small gift and then write a check that is intended for their education fund. The kids sign the check just like adults and deposit it in their accounts. We also have very open discussions in our house about planning for vacations, retirement, paying bills, etc. Our kids do not know our income, but they can see how we make decisions.

I would love to hear what other people do too. How do others help their children realize the value of the dollar?

Jokes of the Sea:
Q: What did the pirate say when his wooden leg got stuck in the snow?
A: Shiver me timbers!
Batten down the hatches and put up your guard. With the holiday season fast approaching, marketers are busy filling your inbox with special offers enticing you to act fast and take advantage of special holiday deals.
The competition to snag your dollars is fierce this time of year. I create a holiday shopping list and stick to it. I use percentage-off coupons and special deals to save money on gifts. I buy only what I need and I do not charge more than what I can pay off right away. I am able to take some of my savings and give to Toys for Tots and put a little into my fun fund! It is a wonderful feeling to give a little more to someone who has less and to see a zero balance on my January statements.
How many marketing emails do you get? A few? Many? Dozens? Maybe more? Unsubscribe from a few of those emails. It can save you time and money. Do you feel like you’re missing out or are you enjoying having less “noise” in your inbox?

Jokes of the Sea:
Q: How much did the pirate pay for his peg and hook?
A: An arm and a leg.

What are you favorite financially savvy ways to use your “windfall” money, be that your third paycheck, bonus, second job, tax refund, etc.?

Depending on the situation at the moment, I have applied "extra" paychecks to car loans, home equity loans, or holiday shopping. I know it doesn't sound very fun, but it gives me peace of mind, and I'd rather do that than pay interest. Paying off loans, and doing so early, makes me very happy.

We save money by keeping a well stocked pantry at home. This (almost always) saves us from paying full price for a last minute need (think cake mix for a fund-raiser tomorrow, or ingredients for a new recipe I decide I need to try tonight)! We stock up on items when they are on sale (like the 10 cans of tomatoes that were advertised in this weekends paper) and when we have coupons.
We also use the store coupons and sale items to give to our local food pantry. We don't use much ketchup, canned spaghetti sauce or some other non-perishable items that the store offers in-store coupons for. But when items like this are on sale, I pick them up with the thought of giving. Buying smart only costs me a couple extra dollars each week, and gives our family a warm fuzzy feeling when we deliver a big box to the local food pantry.
**My best 'buy' for the food pantry was when a cart of dog and cat food was discounted due to the store no longer carrying that brand. I was able to buy boxes of cat food for $.50 and 7lb bags of dog food for $2.00. Expiration dates were well into the future, so I spent an extra $12 that day. Our local food pantry was so excited to receive pet food. They told us they can only buy 'people' food with their funds, but pet food is their #1 request from their customers.

We used this idea, too! Now that we're debt-free, I buy a CD or savings bond with the 'extra' check. It's an easy way to invest in our future!

For our pets, we use Chewy.com and just get a delivery monthly. It's over their $ amount for free shipping and cost less than going to the store and delivered right to your doorstep. Love it and don't every run out.

@alicjakal...Thanks for sharing! I haven't met a person yet who loves handling those heavy bags in the store and parking lot. What a great idea and a huge win on many levels!

If we receive a property tax refund, we usually use that to put towards a project on our house to keep improving and building equity in our home!