Spending and Saving for Young People

Spending and Saving for Young People

“I have a lot of money!” My 5-year-old brother exclaimed, as he excitedly dumped out his piggy bank earlier today. Turns out he only had about $3.65. It makes me laugh, thinking of how people’s perceptions of money change as they get older.

Back in my early days, money had two purposes: you spent it or you saved it (or tried to save it and usually ended up spending it on something smaller). I remember the time I had the grand idea that my younger sister would get a watch that came in a cereal box while we “jointly” saved to buy me a new watch. I had forgotten about it by the next day, which, I think, was a good thing. Now that I’m not 7 anymore, I see the unfairness of such an economic endeavor.

When I was 7 or 8, I would buy small things as soon as I got my hands on any money. Then, as I got older, my interests changed but not my spending philosophy, as you’ll soon see. I started to be a bit smarter with my money around the age of 12, learning about a whole new element of spending.

My parents have always taught me and modeled for me the importance of good money management—things such as being generous, choosing purchases wisely, and saving my money. However, it wasn’t until a few years ago that I seriously started to manage my money.

When I was in my freshman year of high school, I did a study on what the book of Proverbs says about money (part ofWisdom for Life: A Proverbs Bible Study by Sonya Shafer of Simply Charlotte Mason). The Bible does have a lot to say about money! Along the same lines, Math-U-See’s Stewardship Instruction Pack also does a really good job of putting the focus on being wise stewards of our resources.

Now, as a homeschool graduate, I’ve realized that money management can be divided into three simple categories: spend, save, and give:

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Source: Crosswalk | Gabriella Smith, TOS Magazine Contributor

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