BIRMINGHAM, Ala. (WIAT) — The Cox family is doing great as we start our 9th week of the eCO Savings Race. This family is working on building their emergency fund, paying off credit cards, and always making payments on time. They are also starting to involve their daughter in the process.
9-year-old India is no longer receiving an allowance. Instead, she is working around the house to earn a commission.
“We made a schedule for her. Just like a work schedule. And we have it posted on the refrigerator,” John said.
India’s jobs are to empty the dishwasher, vacuum the floors and clean her room and bathroom.
“We also have a little puppy. So she is going to be taking the puppy out for a walk, that way she gets a little exercise in also. Just like a real job, she also has a bonus. All A’s at school she gets $100. And if she gets the A/B honor roll she gets $50,” said John.
Ebony says she cannot wait to pay off high-interest credit cards. Her highest is 24%! And the couple is also looking forward to building their emergency fund.
“Living paycheck to paycheck is not fun. It’s not easy. Knowing that you have something back there that you can fall back on – if it’s an emergency, a real emergency, we have it there we don’t have to call our parents and be dependent on them still. So we are showing our daughter and showing ourselves that we can actually do this on our own,” Ebony said.
The Cox’s eCO coaches have provided this week’s eCO Takeaway Tip:
The eCO Credit Union can help you get rid of your high-interested credit cards. Through December 23rd, you can consolidate loans and credit cards to an eCO VISA Credit Card at 3.99% APR and pay no balance transfer fee. Lowering the interest rate will help reduce the amount you pay over time and help get your debt snowball moving faster!
Following along with all the team’s progress at ecosavingsrace.org!