Saving
Choosing not to spend some money now, so you can use it later.
What is saving?
Saving means choosing not to spend some of your money now, so you can use it later.
Seeing the saved money physically sitting there — and growing over time — makes it easy to know exactly how much you've saved.
Saving works best with a goal
Saving is much easier when there's a reason for it — Bluetooth headphones, a toy, a bike, a special outing, whatever it might be.
Saving takes time
If your goal costs $30, and you save $5 a week, it'll take 6 weeks to get there. Bigger goals just take longer — that's normal, not a problem.
Saving vs. spending
Spend now
You get something today.
Save
You wait, but you might be able to get something bigger later.
Neither is automatically right or wrong — the skill is making the choice on purpose.
Money left in Save can sometimes earn a little more — see how our family uses interest to introduce the idea of compound growth.
Give your child $10 in physical coins, and ask:
- How much would you spend?
- How much would you save?
- What are you saving for?
From there, help them set up a simple savings goal with a physical jar where practical, and let them count their own progress. Let your child own the goal — it means more when it's genuinely theirs.
Where to next
Money isn't only for ourselves, though — sometimes the best choice is to give some of it away. That's next.
Next lesson: Giving
Now that saving makes sense, let's look at using money to help others.