BIRMINGHAM, Ala. (WIAT) — It’s never too early to learn good money habits. That’s what the Gaydosh family shows us in tonight’s edition of the eCo Savings Race.
One of Jacob and Molly’s most important goals is to make a long term difference in the lives of their four children.
“To just teach our kids about money and, you know, savings and giving,” Molly said.
The first lesson, was teaching them about saving for the future.
“So we started the Kirby Kangaroo savings account at the credit union for the kids,” Jacob said.
A Kirby Kangaroo account is a special savings account at eCo Credit Union for children under 12.
“So any kind of money they get for birthdays or whatever else, a portion will go into their savings account,” Jacob explained.
“And then the other half, they can put that in savings too or they can, you know, spend it on something they want,” Molly continued.
The couple also wanted to teach their children the importance of giving to others.
“At Christmas time, we made up giving jars,” Molly said. “And at first I thought, you know, when they do chores we’ll give them money for their giving jars.”
But, after reading a blog of how another family had used giving jars, they decided to take their lesson one step further.
“They did it for acts of kindness as well so we–if they did something kind and we noticed it, we’d say, oh, that’s more money for your giving jar,” she said. “They ended up saving around thirty dollars and we um, let them pick what they wanted to give to Samaritan’s Purse.”
Samaritan’s Purse helps families in need around the world.
“Kenny, he loves babies. So he could choose to feed a baby for a week and so he chose that,” Molly said. “And then Maggie loves animals and so you could give chickens to a family and so she chose to do that.”
It’s clear that Jacob and Molly Gaydosh are helping their children prepare for a better financial future. Follow all of the teams and vote for your favorite HERE.