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Piggy Bank Principles

Piggy Bank Principles

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“It makes me laugh, thinking of how people’s perceptions of money change as they get older.”
“It makes me laugh, thinking of how people’s perceptions of money change as they get older.”

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Published by: The Old Schoolhouse® Magazine on Feb 07, 2014
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02/07/2014

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Piggy Bank Principles By Gabriella Smith
 “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, w
hich, I think, was a good thing. Now that I’m not 7 any
 more, 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 of
Wisdom 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:
1. Spend
Most of the time this ends up being the biggest category. The most helpful tool that
I’ve found is
 free printable accounting sheets. When I write down exactly what I
spend my money on, I’m much less likely to spend a little here
 and there. Unfortunately, it is true that it all adds up.
I didn’t used to do this, but when I went back a few years later to write down what I
 had spent, the result was . . . shocking. Back then, my
 “
thing
” 
 was plastic model horses. This is what part of my accounting sheet looked like from the year when I was 11:
March
model horses: $22.00 (There goes most of my birthday money.)
 May
horse statue: $3.00 (There goes the rest of my birthday money.)
 July
two more horses: $6.00
 September
yet another horse: $15.00
 
That’s nearly fifty dollars
! And of
course, I didn’t write it down
,
so I didn’t know.
 Another good thing to remember is to avoid buying on impulse. You can think so much more rationally when
well
you
think 
. Unfortunately, I didn’t do this for a
long time either. I would get some money and want to spend it right away. Usually, though, the item is still available after waiting a day or two
u
nless it’s
on eBay. But
that’s
an entirely different story.
2. Save
This can be done (assuming, of course, that it will be kept up for more than a day) in a couple of different ways. The classic bank account is one method, b
ut it’s not the
only one.
A “low
-
tech” approach that I learned about through Math
-U-See is the
 “envelope system.” 
 You take an envelope and simply add money to it as you earn/are given it. One of the good things about money is that saving a little bit very often adds up just as fast as spending a little bit very often (but with much happier results).
It’s really moti
vating to have a goal to work toward. Pick something you want to save for and try making a commitment to set aside, say, five dollars a month. It
will
add up! T
here’s another aspect to saving—
saving money
before
 you spend it. If you like purchasing online
(if you’re a younger student, please ask p
ermission before searching the Web), try using a resource such as PriceBlink, which will show you the lowest price and online
location of the item you’re interested in.
 Ebates offers rebates for shopping online. If
you’re shopping at a “brick
-and-
mortar” store, look
for coupons. Ten cents saved here and there adds up. One last thing
—“
inexpensive
” 
 
doesn’t always mean “
better.
” 
 My parents taught me to look for the middle-of-the road option
—not too expensive, not too cheap. It’s easy
to buy something of lesser quality to save money
, but believe me, you’ll regret it later. Plus you’ll lose mone
y in the long run.
It’s much better to spend slightly more and get something that won’t leave you frustrated later on. I know from experience.
 
3. Give
This is kind of a complicated category.
It’s hard to see how many needs there are in
the world and want to help
—but there’s only so much we can do.
 
I’ve realized, though, that it doesn’t matter
 how much you give but how much you care. As Mother Teresa said,
 “
It
’ 
s not how much we give but how much love we put into giving.
” 
1 
Ten percent (the tithe given in the Bible)
might not seem like much, but that’s a
good place to start.
It’s also easy to calculate:
 $10.00
$1.00, $20.00
$2.00, and so on. You can also give without giving cash directly. Here are some other ideas:
Buy a small
gift for someone you know who’s
 having a hard time.
Support a company that gives proceeds to charities. (My sisters and I love this company.)
Buy some food items or necessities, and donate them to a local food bank.
Buy some baby items, and donate them to a pregnancy center.

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