Thursday, 19 July 2012

This Little Piggy

This little piggy went to the market,  This little piggy stayed home (and sensibly saved for their university education).  This little piggy had some really cool extra-curricular activities to attend, This little piggy had none.  The parent little piggies argued about it all the way home.  Okay maybe not ALL the way home, but they definitely had a conversation that is unresolved.

When the minions were first born Chris and I decided that we would put all of our spare quarters into these lovely pastel pink and blue piggy banks that were given to Molly & Jack by our friend JB as a minimal start of savings towards their post-secondary education.  And we did, whenever we thought about it, because every bit counts.

Two Little Piggies!

Then a few months after Molly & Jack were born we realized that we hadn't budgeted for receiving the Universal Child Care benefit of $100 per month per child.*  This was like winning a tiny monthly lottery.  So, sensibly instead of spending the money on things we don't need we started an education savings plan that takes money out of our bank account each month so we don't actually see and spend said money.  This month instead of attending the John Fluevog Thinks You're Awesome Sale** and purchasing a really cute pair of shoes we'll focus on Molly and Jack's future.

That being said, I think we're ahead of the game now (education wise) and we'll probably add in another $100 a month or so when I'm back to work full time, the minions are in full day kindergarten and we're not spending over 25% of our income on child care.    It also works out that our mortgage will be paid off (hopefully) half way through Molly & Jack's anticipated university experience, so we can start filtering any additional money we need into their educations (and hopefully retirement), cause neither of us can even imagine how much schooling is going to cost by 2028.***  When they get older we'll make them contribute a little bit as well, just to ensure that they understand the value of savings, although Chris thinks they won't really appreciate getting out of school debt free, but it's really important to him for us to provide this.****

So, I think the quarters are a moot point now and should be used annually on something fun for the kids, like planning an awesome birthday party for both of them, or paying for extracurricular activities for them like weapon skills, roller derby or Scouts.  Chris thinks that it should be placed in a high interest savings account to diversify the educational savings.  This means significantly less knife skills lessons for Molly - BORING!

I couldn't sleep the other night, so I crept into the nursery and stole both banks to count their contents instead of sheep.  Molly's had a whopping $58.25 in quarters, Jack's $64.50.  This shows me that despite trying to disperse the money evenly we both favored Jack's piggy bank and that we're arguing about $122.50, essentially half of one month of education savings which is pretty dumb.

We still haven't agreed upon something to do with this year's quarters.  I am really hoping for a suggestion that can wow Chris into me getting my way.****  For next year's quarter accounts I am presenting Chris with a proposal.

We clear the banks and each draw Molly or Jack's name from a hat.  Whomever's name you draw is responsible for putting quarters into that child's piggy bank for the year.  Next summer we count up the quarters in each bank and whoever has contributed the most gets to choose what happens with the money for that year.  When the kids get older they can join in.

Chris hasn't agreed to this yet, but I think I should be able to convince him.  Now we just need to figure out to do with this year's haul.  And splitting it in half wouldn't feel like winning to me, if there's one thing I know about marriage it's NEVER COMPROMISE, ALWAYS WIN!******

*The UCCB is a way to help families with children under 6 balance family and work lives as they raise their families.  Thank you Canada, thank you UCCB!
**Insert big pouty sigh here.  Sarcastic "Yay, for being responsible".  Okay I'm done bitching.
***Even after seeing the scary projections from the education savings guy we hired to manage their savings and apply for all the government incentives on our behalves.
****I think, but I'm not sure if this is Chris's backhanded way of saying that I'm spoiled.  By the way, mom and dad, have I thanked you lately for making sure I got out of school debt free lately?
*****I wonder if John Fluevog would be willing to sell me a single shoe, which I would pass onto the children, of course!
******I'm being sarcastic, mostly.

1 comment:

  1. That's a really smart idea. I've been looking for some little ways to put money back for them.