Episode 118: Learn how to save money at amusement parks and catch some tips for how to start investing for your kids.
On this episode of the Where Our Money Went series, Kevin shares his hack for saving money at amusement parks and Sean dives into teaching kids about compound interest with UTMA.
Saving Money at Amusement Parks
Kevin just bought a membership to American Coaster Enthusiast (ACE). This organization helps ensure that rollercoasters are available all around the world for those who love to ride. It’s been a dream of Kevin’s to join for about 20 years. Now that his kids are getting older, he decided it was time.
The family membership cost $145 for two years. As one of the perks of the membership, you get discounts for amusement parks, including food and parking.
Kid-Friendly Investing with UTMA
Sean sets a portion of his budget for giving. One of the most important aspects of being frugal is still sharing goodwill with others.
This past month, Sean has switched tips from his entertainment budget to the giving budget. This encourages him to be a better tipper rather than making gratuities fit the entertainment expenses.
Sean also makes monthly donations to UTMA (Uniform Transfer to Minors Act) accounts for his nieces and his own children, through VanGuard. This is a gift account for minors that works like any other investment account, with different tax implications.
For the UTMA accounts, Sean had the choice of investing in college or retirement. He opted to do something a little different and is investing in retirement plans.
Stay tuned for our next episode of the Where Our Money Went series.