These three words [Save-Spend-Give] serve as a simple outline for a good financial plan. Those who follow these principles will generally experience success in their financial planning as well as their personal enjoyment.
The first part – saving – is obviously critical for a successful plan. It is amazing to realize you can teach very young children some basic concepts about money and ultimately saving money. Kids as young as three years old can grasp the different values of money and by the age of 7 have already established some basic concepts about their money habits.
There are many approaches for saving money and each have their own pros and cons. The key is to choose a plan and follow it. Those who start saving before they experience significant expenses will set a positive foundation for future decades. Quite often, the teen years are a great time to create some of their savings habits.
When people understand and appreciate the value of money, and follow a plan for saving for the future, there is less likelihood that they will be frivolous in their spending. At the same time, a person who saves properly and invests for the future, will have the ability to spend on things that truly bring joy and benefit in their lives.
Another part of the joy in this plan is the opportunity to give back. You might choose to give to family members or other loved ones. You also can give to various charities such as your church, KML or the KML Foundation.
The KML Mission Advancement Team has the privilege of talking with donors and seeing the attitudes that are so apparent in them. So often we see people who are excited and eager to give and happy that their donations will make a difference in the lives of so many teens.
If giving to KML or the KML Foundation is an idea that appeals to you, contact me to discuss the many options that are available. Also, thanks to those of you who already experience the joy of charitable giving. The impact you make is way bigger than you can imagine.