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I'm starting to build an emergency fund as well as saving specifically for my kids' education fund. I've had a decent pay raise recently, so I'm trying to maximize this opportunity to save more than I could before.
So far, I am allocating about 20% of the extra pay into the education savings account and putting around 30-40% towards a separate emergency fund. The remaining amount is going directly into our overall household savings goals.
I've heard it's recommended that families aim to set aside about $1,000 - $3,000 per child by kindergarten age as an average starting point for future educational expenses. Right now, I have about $500 saved towards each kid's fund, so there's still some work ahead of me.
So far, I am allocating about 20% of the extra pay into the education savings account and putting around 30-40% towards a separate emergency fund. The remaining amount is going directly into our overall household savings goals.
I've heard it's recommended that families aim to set aside about $1,000 - $3,000 per child by kindergarten age as an average starting point for future educational expenses. Right now, I have about $500 saved towards each kid's fund, so there's still some work ahead of me.
