Money Magazine, May07 edition

The money magazine is always a good source of ideas for saving money. Having just received the May07 issue, I quickly browsed through it. This month, the reader's tips theme is "saving on the cost of kids".

Unfortunately, the closest I found to a link to these tips is here, but it is basically a reprint of the table of contents of the magazine. So to spread the ideas around, I have picked the top 5 ideas that the readers have submitted.

1. Teach the kids about money - they should know about savings and buying their own things from a very young age.
   
2. Set up an account for your child from day one. For $10 deposit a week you can present your child with almost $10,000 on their 18th birthday.
3. Most museums are free or don't cost much. Libraries have many great activities such as craft and story time.
   
4. Visit a Lifeline Book Fair to buy books - they are usually held twice a year in each capital city. The books can be as cheap as 50c and you are helping out those in need.
5. Check the lost property boxes at school. It's amazing how often things are lost at school.
   

Thanks for Lynda (QLD), Kelly (NSW), Kimberly (email), Samantha (ACT) and Annette (QLD) for submitting those tips to the Money Magazine.

By the way, if you buy the Money magazine, be sure to save receipts as its purchase may be tax deductible.