Spend, Save, Give.
Those are the labels of three jam jars that finance guru Scott Pape, known as The Barefoot Investor, says helps parents teach kids about money. Each jar, and the intention behind the label of each jaw, has equal importance.
It’s a lesson that’s had a profound influence on me as a parent. I want to teach my kids about money using jam jars, and I want to teach them about life through action.
Charities have certainly changed how they operate since I was a child. You can’t just hand over money, particularly with the larger, more established charities. Instead, you have to commit to a regular payment via direct debit, or fork out hundreds for a seat at a table at a fancy event.
Scott Pape, the “Barefoot Investor”, on how to teach kids about money using jam jars.
We don’t have that sort of money in my family household, so out of necessity I restrict my monetary contributions to the occasional donation, normally to causes that are, for me, close to home.
That doesn’t mean I can’t teach my kids to give back in a very real way, that goes deeper than them putting coins in the Guide Dog Association dog at the local supermarket or putting some money into a paper box for a developing nation during mission week at their school.
As well as those good deeds, I want to teach them to give back as part of an overall life philosophy. Not because they will get credit, not because it will make them better people, but because it will make the world a better place.
So, together we have decided to choose something “global” and something “local”. Global can be causes such as animal cruelty and disaster relief. Local needs to be closer to home.
Because, once we were a family with no money for food or gifts. Once we were a family who needed help too.
As a society, one of the best things we can do to ensure an incredible future for our country is to ensure our young people are raised with respect, thankfulness, education and opportunity. That’s why mentoring programs appeal so much. There are two you can contact.
Sister2Sister’s Big Sister program pairs up women with teenage girls.