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MilKids Ages 6–9, What to do with money, Part 2

Hi! It’s Jax and Sarah again… here to help you learn more about money! Remember last time our parents taught us about allowance and earning money? Well today we are learning about what we can do with our money after we earn it. Dad says, whenever you get money or an allowance, you have 3 options: 1) Spend, 2) Save or 3) Share. The Three S’s You can spend your money on different things. Some of the things you need and some of the things you want. “Needs”are things like a home, food and clothing. “Wants” are things like video games, candy and movies. Needs are things that you can’t live without. Wants are things that are fun… BUT you can live happily without them. So, let’s talk about the first S… Spend. Whenever you buy something, you’re spending your money. So if you have 20 dollars and there’s a new game at the store that you REALLY, REALLY want and it costs $18. So, if you spend $18 then you’ll be able to enjoy the game but You’ll only have $2 left. Whenever you spend money… that money is gone and you can’t get it back because you traded it for whatever you bought. There’s nothing wrong with spending money on the things you want. Just make sure you think it through and understand that as soon as you spend it, it’s gone. The next S… is save. Saving is exactly what it sounds like. When you get money, you hold onto it. It’ll be there when you need it and the more you save, the bigger or more expensive items you can buy later. As you can see by my piggy bank, I’ve saved a lot of allowance money. I could have been spending it along the way, but I REALLY want a new bike. So, I’m happy I was patient. Now I can enjoy my new bike and start saving up again for something else. Now the 3rd S. This is my favorite S… Sharing I’m lucky enough to have a weekly allowance. And I know some people may not have enough money to cover their needs and wants. So, if you want, you can share your money with someone who really needs it. If you saw someone in need and you have enough money to share with them how would that make you feel? Money can do a lot of things. I can be fun, it can grow and it can help. Now that you know the three S’s… what are you going to do with your money? Learn more at https://www.milspousemoneymission.org This is a FREE DoD resource to help you financially navigate your military life. Join the mission to lead YOUR family to a stronger financial future.