Each of the kids has a savings account with the goal to put aside money for their future needs. Recently there was an article about a father of 8 who would not save for college because he felt it was the child's responsibility to find a way to pay for it and that to do so would stifle their development. I do not disagree with him, however, I would still like to save money to help towards college.
Up to right now I'd never touched any of the money we've saved for the kids. Soon I will be making a withdrawal from one child's account to pay for braces as this is an immediate need. Additionally, Since a certain child's refusal to adhere to the no-climbing rule, has caused the necessity of a multi-thousand dollar contract job, I've had to pull funds from said child's account. In keeping with our old testament lessons if you break it you need to make it right. So this child's savings (which is technically her parent's money until she's of age) is going towards paying a portion the bathroom remodel bill). My hope is we'll still have time to recover her savings before she's college age.
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