Save, spend, share

Farm Forum

I recently read an article that I subscribe to which had such good tips that I wanted to share it with all parents. First of all you may notice that I use the phrase “spend, save, and share” many times when I write. It is the three words that help teach youth about money. They even suggest that you have your kids decorate three jars with these words on them. Then, as you give your kids their allowance each week or month, or as they get older and earn an income, teach them to divide it up into the jars. Many suggest to divide it up using the rule of thumb that 80% is to spend, 10% is to save and 10% to share. Help them learn to set goals as to where they choose to use it. As they get older you may want to make it more sophisticated and open checking and savings accounts.

Setting goals will teach them the rewards of delayed gratification. Realizing the goal will boost their self-esteem. This success will encourage them to set goals again and again. Repetition will help it become a habit.

Think back to when you were a child sitting in church, and just before the collection plate was to be passed, mom would hand you some money to put in the plate. Kids think it is fun to do that but some do not connect that ritual as an act of charity. How different would that feel if it was their own money? Think of many other examples in your life such as pledges, phonathons, and many others.

So, back to the allowance. Do you find it difficult to remember to get the cash, give out the allowances, plus, encourage and teach spend, save and share? Today there are many sites that help deal with this dilemma. There are many kid-friendly web sites that track chores, allowances, saving and spending. Some examples are Count My Beanz, My Job Chart, Tykoon, ThreeJars and FamZoo just to name a few. All of these sites promote three things – Save, Spend and Share.

These websites are very similar in how they track the child’s financial activities. They vary the most how they teach then to share. Giving to others will help a child be aware of their community and grow into a responsible, ethical and tolerant adult. How have you taught your children to share?

For more information on learning to save, go to the SDSU Extension website at and check out Healthy Families, Personal and Family Finance.

Reach Karen Slunecka at 605-626-2870 or