Monday, August 20, 2012
Save * Share * Spend
Divorce wiped me off something I would have been entitled to. That didn't bother me a hoot thanks to financial independence. But when the almighty ex-MIL cancelled my son's trust fund (long story, complicated) I had to look beyond mall windows to think.
The realization that I am responsible for the loss of what is due the kiddo (we're talking more than a few digits here) horrifies me. Add the thought of giving up fine dining and entertainment, holidays abroad, and I'm twirling a nightmare in manicured fingernails.
The situation provides a steady supply of adrenaline as I scramble to adjust priorities hopping from one advice to another, experimenting, analyzing and trying out examples. Who wants a nightmare when life can go on nicely with some practice of what has been an option all along? Saving it is. A Yahoo Finance article shows readers how to live well on $40,000 a year. It looks feasible and motivated me to set a financial goal for CJ that will teach him how to spend, share and save money.
Three S's - save, share, spend: two in water canisters and one in a cookie can. We upgrade to proper jars or milk cans later. I will be giving CJ $10 a week = 4 dollars to save, 3 to share and 3 to spend.
Things are about to change for my Little Professor. He will earn his money by doing chores. It's time to appreciate hard work that goes with money acquisition. This is all new to him, and to me as well. But I'm eager to execute the plan. If he wants things badly enough then he will have to sort out schoolwork regularly and take violin lessons.
Times indeed have changed. When I was my kiddo's age I was forced to take up piano lessons without pay. Now he is getting paid for doing things he is supposed to do anyway. But since the goal is to teach him about money, this means will be an exception.
If all goes well, i.e. this money management runs smoothly and CJ does well in his job on top of the trust fund I set up for him myself to make up for the one canceled by his grandma, he will be like little Ava in that Yahoo article that inspired this plan, 'wealthy in more ways than a fat bank account can show.'