Learn to Spend, Save and Give Money
For most people, spending comes naturally. Saving up for something special is harder. And setting money aside for giving is really hard.
The concept of three money jars can help. Each jar represents an activity: spending, saving and giving. When you receive your allowance or a gift of money, divide the money up and put it in each of the three jars. Dividing your money into thirds is a good way to get started, but the amount of money you put into each jar is up to you. Make sure you use clear jars so you can see your money build up in each jar over time.
Money placed in this jar can be used to buy anything you like, including small items and fun treats just for you. This is known as discretionary spending.
Money placed in this jar is used to save up for more expensive items that you really want. Separating your money helps you set money aside for later.
And finally, money placed in this jar is used to give to a charity or to help someone in need. Giving a small portion of your savings will teach you about social responsibility and stewardship by allowing you the opportunity to give back to a cause that you care about.
- If you had $10, how much would you put in each jar? The amounts are up to you.
- What is something more expensive that you want to save up for?
- Is there a cause or charity that you would like to give some of your money to?
- Why is giving back important?
Print out this PDF, then cut out and wrap these labels around clear jars to help you with your saving, spending and giving goals.
There are lots of different ways to give. Read this comic to learn more.
Information in this article is general in nature and for your consideration, not as financial advice. Please contact your own financial professionals regarding your specific needs before taking any action based upon this information.