I have 2 children, 3 and 1 years old. My significant other gets $200 a year for these two children, as a bonus that he gives to them. We have been a bit selfish, and financially dumb, and for the prior two years we have kept the $100 for ourselves (There was only 1 child at that time). Well this year, we started a savings and put the $200 in it, for each child to split eventually. I will personally work to pay back the $200 we wrongly spent, even if my significant other isn't on board. They also collect change and cash and when it gets full they deposit it, we just did that today, so the balance of their account is $293, and will be $493 after I pay back the extra money. Anyways, I plan, even after paying them back, to add $25 a month to this savings account, not much but I want them to be better off than what my parents left me, debt. Does anybody have any advice on when I should give this money to them? And how to help them learn to manage this money, when (or before) they receive it. I'm thinking maybe college or trade school, or if they maintain a good job at least a year out of high school, or something. Also should I invest this at a certain point? EDIT: To add that it should be around $6500 if nothing goes wrong and I do not invest.
Submitted January 18, 2018 at 05:33PM by PaigeIRL http://ift.tt/2ETFz0w
