Save, Spend, Give

I don't remember where this idea came from, but I know it wasn't my own. In teaching our children about money, we started a simple system that was both easy to understand and implement, not to mention successful.

When Ida and John were little, I bought them each a piggy bank for Christmas. I thought they were adorable, but the banks didn't help to manage money. Plus, it was really hard to shake the money out them!

So, we moved onto the three-jar method. It was an easy hands-on way of teaching how to save, spend, and give. We bought three mason jars for each child, and then we found tin triple jar holders at a craft store. We labeled each jar with one of the three words and found a place in their room for our new personal banking system. 

Each time they earned or were gifted money, they had to decide how much to put in each jar. We usually put ten percent in the save jar to introduce the concept of tithing, and then they would split what was left between the other two jars. If they were saving for something, they would put more money in that jar. As they got older, they began deciding how much to put in each jar on their own, but those jars stayed untouched until they were ready to spend or give. 

Because they could see the money accumulating, they were no longer as quick to spend it. When there was no way of cramming in any more money, they would make a trip to the bank with Daddy to deposit the save jar amount into their account. Sometimes they would then decide to buy something for themselves, and other times they kept on saving - like when John, and then Asa, saved up enough to buy their own laptop. 

The older two were definitely influenced by the period of time when our business stopped making enough money to pay our bills. Not only did they see us budgeting and deciding which purchases were necessary, they saw us praying our way through a difficult time. They saw the amazing generosity of others and how much of a blessing it is to be on the receiving end of giving. 

That might have prompted them to be givers. They began to use the money in their give jars for things like collections at church, buying gifts for less fortunate children, and ordering goats, chickens, and anything else they chose from a World Vision catalog. 

Their generosity continued as they began buying Christmas gifts for each other and even a friend or two. Asa has been known to head to the vending machine at our neighborhood pool and bring back snacks for his friends. And when the older two became adults, their generosity extended to Tom and I; most recently being when John gifted me a laptop.

I now have one who has lived on her own for three years and manages her money so well, often refusing our offer of help. I have another who has a savings account with an amount that absolutely shocked me when I saw the balance. The third is still behind his siblings, but he's on the right track and has been managing the money he earns from his dog and yard work jobs well. 

I'm thankful my children learned to manage their money well at a young age. And all it took was three jars.