I am curious if there are any LDS members that save for their child’s mission trip, or do they make their child save for their own trip once they are a teenager? Also, how are you saving (monthly, birthdays and holidays, family) and where are you putting the money (money market, ETF’s, mutual funds, stocks, etc.) I am trying to get a big picture of how this process is being done since it seems so many LDS members are saving and paying for these $10,000 missions so easily. Thanks
I grew up Mormon but haven’t been an active member for about 20 years, so my kids aren’t going on a mission and we’re not saving for one. I have no idea what the cost is? I know a few FIRE bloggers that are active LDS, maybe they have better insight and can comment, but based on what I remember there’s not one single way LDS members save for missions. The cases I’m aware of are all pretty different.
Most families that want their kids to go on a mission seem to have their kids help save for it, even when they are very young. Not because it will make a financial difference, but because of the lessons it teaches the kids - also allows the kids to have some skin in the game. If the kid doesn’t end up going on a mission I know of a family that just applies the “mission money” towards the kid’s college expenses.
The church will also cover the entire expense for families with kids that want to go on a mission but can’t afford to pay for it.
I know several families that can afford to pay for the mission without a burden on the family budget and some of the kids don’t contribute any money at all … it’s almost like a gift/life experience from the parents. I know in some cases family members and even members of the local congregation will chip in.
Hey there! So I don’t have any kids yet… I’m 25. But I plan on saving for my kid’s mission for sure because my parents paid for mine. I need to pay it forward.
What my family did for me was made me “save” for my mission while I was working in high school/college. Then when it came time to actually pay out of my pocket for the mission my parents covered it for me and told me to save the money that I put aside for the mission.
Which was much needed when my wife tore her ACL…
Anyways, I ask my parents what they did and they just put the money into CDs or Money markets… A high APY savings account could work too but they didn’t do this option.
With this said too if you are anxious that you won’t be able to save for your child’s mission there are so many people out there that are willing to help pay for their mission. I had a friend that was paying for his and then some anonymous guy paid his mission in full.
One way or another the mission will be paid for either by you, the church or some really nice anonymous member.
I think you could check with the White Coat Investor on this question. Good luck!
Honestly, we’ll probably just cash flow missions. We don’t have a set plan to start saving specifically for that purpose now (about 10 years out) and the monthly cost really isn’t that high considering it’s covering all the living costs. I’m much more concerned about college costs, which are rising so much.