Keiki Edition - 2018 Aloha Friday Savings Challenge

Children learn financial behaviors from their parents. Whether you realize it or not, your kids are watching you and how you spend and save money. Set a good example for them by participating in the 2018 Aloha Friday Savings Challenge and let the kids join along with this modified version. 

It's simple, every Friday of 2018 your keiki will deposit a quarter times the corresponding day of the month. For example, on Friday, January 5, 2018 the deposit is 5 quarters or  $1.25 ($0.25 x 5) and on Friday, January 12, 2018 the deposit is 12 quarters or $3.00 ($0.25 x 12). Continue to do this through the entire year of 2018 and at the end of the year, your child will have saved $206.00. I've included a chart below to help them keep track of their savings. 

Make sure that they save their monies in a safe place and that they try their best to not dip in to the savings throughout the year. 

• Have some fun with this challenge and recycle an old bottle or box to keep their savings in. Let them decorate it, add a photo or drawing of what they want to save for for added motivation. 
• For younger children (7 years and under), use Aloha Friday savings deposits as a learning opportunity. Let them count out quarters as they deposit it in to their bank. 
• Bonus: It's a great way for infants/toddlers to develop their pincer grasp and fine motor skills. Caution: Keep an eye on them the entire time they are handling coins. All coins are choking hazards. Do not let them put the coins in or near their mouths. 
• For older children, get them involved with recycling cans and bottles to use that monies to deposit in to their Aloha Friday Savings or let them clean out the car or collect quarters they find around the house to deposit.

Happy Savings! 

2018 Aloha Friday Savings Challenge

The Christmas Holiday is now officially over and everyone is gearing up for the new year celebration. But if you're like 40% of the population, you'll be bringing Christmas in to 2018 with you in the form of Holiday debt. Most people plan on paying off the Holiday debt within the first 2-3 months of the new year, however majority end up paying throughout the year and beyond.

Don't let this be you in 2018. Join me on the 2018 Aloha Friday Savings Challenge. Similar to the 52 Week Savings Challenge, this Savings plan has a little twist on it. Here's what you do:

Every Friday put away/deposit the dollar amount that corresponds with the day of the month. For example, on Friday, January 5, 2018 you will save $5. And the following week on the 12th, you will save $12. Do this every week in 2018 and you will end up with $824 at the end of the year to help you pay for those holiday expenses and not have to carry the debt with you in to 2019.

Couple things to remember: Keep your money in safe place, which can include a separate savings account at a bank or credit union or at a trusted place in your home. Or if you are like many of my friends and colleagues, give your money to a trusted person who will keep it safe and keep you accountable to make weekly deposits and make sure you don't dip in to your savings throughout the year and keeps you on track to your end goal.

I've included a Savings Chart that you can print to keep track of your deposits.

Share this blog with your friends and family and invite them to join you on the Challenge.

Comment on this blog if you'll be joining in on the Challenge this year and subscribe to this blog by entering your email at the top right side of this page for updates and reminders for the 2018 Aloha Friday Challenge. Happy Saving!!!

Should I put my money in to...

In response to the overwhelming questions I've been asked in recent weeks in regards to the various social media "investments," I wanted to share a few things to consider before someone should decide to put their money into one of these "systems." 

I will not discuss the details about the actual "opportunities" floating around on social media and personal networks (i.e. You give a certain amount of money, with the promise to receive an amount higher than that at a later date or even the newly popular buying of cryptocurrency). I will not discuss the legitimacy or legality of these, nor will I try to convince anyone to put their money in to it or NOT put their money in to it. 

Here are 8 things to consider BEFORE you buy-in to one of these systems: 

1. Am I taking money away from being able to make on-time payments for my important living expenses such as rent/mortgage, utilities, transportation, food, etc. in order to put money in to one of these systems? 
2. Do I have an Emergency Savings Fund established for myself (and immediate family)? [$500-$1000 minimum] 
3. What is my investment risk tolerance? Am I in the financial position to be risky with my monies or should I be more conservative in the way I invest? 
4. What does my current investment portfolio or long term financial plan look like or does it even exist?
5. What kind of financial protection do I have in place for myself and those who depend on my income for survival? i.e. Life Insurance products 
6. Am I willing to risk personal relationships in the event the system does not work out in a friend or family member's favor that I introduced to system? 
7. What is my plan in the event I do increase my cash flow from the system? Will I use it for important obligations such as bills, debt or savings goals? Or do I plan on just blowing through the money since I wasn't really expecting the "windfall" in the first place? 
8. What is my plan in the event I do NOT get the monies I was promised? Will I still be able to pay my living expenses and live comfortably? 

Take from this what you will, I have experienced both success and failure with a variety of different investment opportunities, however I always made sure I was in the right financial position to make the initial investment decision in the first place. 

For more tips, advice and information about strengthening your finances, subscribe to the Money Mana'o Blog for updates or visit the blog archives for past discussion topics.

Also, feel free to comment. Please be respectful in your comments as this is meant to be a safe space for people to share experiences and questions about their path to financial prosperity. 

Lastly, share this blog to your family and friends who might benefit from the information provided.