Monday, June 09, 2014

Challenge Money...

So I was wondering what I would do with the money from the 52-Week Challenge at the end of the year. Then it dawned on me that it would have been cool to do something like this for my nephew from the time he was born. Just like every week, the amount increases, I should have increased the amount by $100 each year and he would have $17,100 by the time he turns 18. That's nice "pocket money" for a kid going off to college. What do you think? I could still do it. He's 5 right now so I should technically have $1,500 in an account but I will have close to $1,400 by the end of the year. I think it's a good idea and I would keep it to myself as a secret. Nobody has to know. Even 13 years from now when he's turning 18, the monthly savings amount would be just $150 per month. I'll be in a much better financial position by then...my mental wheels are spinning. I love my Nephew. Doing something like this for him would make me happy. I would love for him to have a better start in life. Perhaps he wouldn't get it all at once but it would be there for him when/if he needs it for school or after school. Hmmm.....

2 comments:

Anonymous said...

It's a great idea, but why not help yourself first by putting the money toward the student loans? Just a thought! You'll feel so much better once that debt is out of the picture!!! A journey of a thousand miles begins with one step.... :)

Chitown said...

Very true! Thanks for your advice and insight!