My parent's have 8 children and I need a suggestion on how all of us can start saving for our parent's 50th wedding annversary party. They just celebrated their 45th anniversary, so we have 5 years to save. I want to set something up so everyone can contribute $10 or $20 a month, so it won't be a hardship and everyone can feel like they have contributed. If you multiply that times 8 children and 5 years, we should have a good chunk of money for the party. What's the best way to save and collect this money without calling everyone every month to ask for money?
2007-09-03 09:32:11 · 3 answers · asked by Laura 1 in Business & Finance ➔ Personal Finance
Good idea to start planning now. Even $10 a month, times 8 kids, times 60 months in five years, would give you $4800 - you should be able to throw a very nice party, with probably quite a bit left over for a gift for them, on that.
How to do it depends on how reliable those 8 siblings are. Could you appoint one person, and have everyone send them $30 every quarter and stash it in a bank accout?
2007-09-03 09:45:11 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Set up an on-line savings account (Emigrant Direct offers 5.05% APR), or "brick and mortar bank that withdrawals "X" number of dollars from each of the 8 children's checking accounts each month. If you can't do this, have one child (or all 8 if you can) make a direct deposit from their paycheck each week into a Joint savings account that requires two or more signatures to withdrawal money and no ATM card. This child ( if all 8 can't do the direct deposit) would collect the money from the other 7, but the money will be there, even if some of you have "financial hardships". Decide on a real dollar figure you will need for what you want and don't forget inflation. Saving too much means the balance gets divided 8 ways and given back to the children...saving too little????.....Sounds like you believe that you will have problems getting the money from your siblings....take this into account when deciding how much you need to save each month. Me and my 3 brother's did this 2 years ago and had a dinner and sent my parent's on an Alaskan cruise...they were both surprised and thrilled. GOOD LUCK!
2007-09-03 17:07:55 · answer #2 · answered by Mike M. 5 · 0⤊ 0⤋
open a special band account and make every one make a bank direct deposit in it monthly!!!
2007-09-06 08:08:12 · answer #3 · answered by mister ed 7 · 0⤊ 0⤋