by Chad Storlie
We all know a family is expensive - that is not new. Most of us have a college savings plan for the children’s future education. What we really need today is an account to help absorb a lot of the month-to-month variability that goes to paying for kid’s activities. What makes having children especially difficult is the vast array of unanticipated monthly expenses for children. Expenses range from friends birthday party gifts, summer camps, a school field trip, or additional fees for a child's birthday party. Most of the time, these expenses can be very difficult to accurately budget for because some of the expenses may be known only a few weeks in advance.
The solution is to create a Monthly Children's Activity Account for each child in your family. The purpose of the Children's Activity Account is to reduce the potentially large monthly budget swings for children's activities and provide a way to easily account for each child's expenses. The Children's Activity Account serves as a way to track, account, deposit, and spend for each child's various activity. For a workable, Children's Activity Account, there are some simple, workable guidelines to follow.
Here are 8 tips for creating a Children's Activity Account:
Fun and education for children rarely happen by accident. Making sure that Accounts are set aside to ensure great activities WITHOUT busting the budget is vital.
How are you planning for unexpected expenses when it comes to keeping up with your children’s activities? Share your ideas below.
Chad Storlie is the author of two books: Combat Leader to Corporate Leader and Battlefield to Business Success. Both books teach how to translate and apply military skills to business. An adjunct Lecturer of Marketing at Creighton University and Bellevue University in Omaha, NE. Chad is a retired US Army Special Forces officer with 20+ years of Active and Reserve service in infantry, Special Forces, and joint headquarters units. He served in Iraq, Bosnia, Korea, and throughout the United States. He was awarded the Bronze Star, the Combat Infantryman’s Badge, the Meritorious Service Medal, the Special Forces Tab, and the Ranger Tab. In addition to teaching, he is a mid-level marketing executive and has worked in marketing and sales roles for various companies, including General Electric, Comcast, and Manugistics. He has been published in The Harvard Business Review blog, Business Week Online, Forbes, Christian Science Monitor, USA Today, and over 40 other publications. He has a BA from Northwestern University and an MBA from Georgetown University.
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