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Sharing vs. Saving: Finding the Right Balance

Writer's picture: SmartmoniesSmartmonies
Managing money wisely is key to achieving your goals. Two important aspects of money management are sharing and saving; balancing them is essential.

financial literacy - kids - jar bank - boy

What is Saving?


Saving means setting aside a portion of your money for future needs or goals. It helps you prepare for emergencies, big purchases, and even fun activities. Whether you're saving for a new bike, a video game, or a special gift for yourself, putting money away regularly is a smart habit.

Why is Saving Important?


  • Achieves Goals: Helps you buy things you really want in the future.
  • Provides Security: Emergency savings can cover unexpected expenses.
  • Teaches Discipline: Saving regularly builds good money habits.

What is Sharing?


Sharing means using some of your money to help others or contribute to causes you care about. This could be donating to charity, helping a friend in need, or buying a gift for someone special. Sharing can bring happiness to others and make you feel good, too!


Why is Sharing Important?


  • Helps Others: Your contribution can make a difference in someone’s life.
  • Builds Kindness: Sharing teaches generosity and compassion.
  • Creates Joy: Giving can bring a sense of fulfilment and happiness.




How to Find the Right Balance


Balancing sharing and saving is important because both play a role in managing money wisely. Here are a few tips to help you find the right balance:

1. Set Priorities

Decide what your goals are. Consider how much you need to save for your future needs while leaving room for generosity.

2. Create a Budget

Make a plan for your money by dividing it into savings, sharing, and spending categories. A simple rule to follow is the 50-30-20 rule, where 50% goes to needs, 30% to wants, and 20% to savings and sharing.

3. Start Small

You don't have to give or save large amounts right away. Start by putting aside a little bit each time you receive money and build from there.

4. Be Thoughtful

Before spending money, think about your priorities. Ask yourself if the money could be better used for saving or sharing.

5. Stay Flexible

Life is full of changes, and your financial goals might shift over time. Be open to adjusting your balance as your needs and desires evolve.

The Benefits of Balancing Sharing and Saving


When you balance saving and sharing, you can:

  • Enjoy Peace of Mind: Knowing you have money set aside for the future.
  • Feel Generous: Making a positive impact in your community.
  • Reach Your Goals: Having a clear plan helps you achieve what matters most.

By finding the right balance between saving and sharing, you can become a smart money manager and enjoy both benefits!

Sign up for a Smartmonies lesson today and give your child a head start in developing essential financial skills like saving, sharing, and more! Use code SMARTSAVER to get £10 off."



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