Have you ever heard the following sage financial advice?
Pay yourself first
Live below your means
Save 10% of your income and live off the rest
Don’t spend more than you make
When I was younger, my dad had me take half of any gift money I received and put it towards a savings bond. We would go to the bank and fill out the paperwork, and I still have a stack of bonds to this day.
My aunt would also tell me to make sure I saved 10% of anything I was given (with instructions to also give 10% to the church).
We’ve been using the envelopes for six months now, and so far I haven’t said much on how J should distribute any new money between them (although I might gently push towards making sure some money goes to savings). He hasn’t learned about percentages yet in school (he’s still on multiplication and division). A quick Google search says he might not learn them until 6th grade!? That’s not going to work. I’m going to have to start sooner.