Piggy Bank Management

When our children were small, we started them on a financial plan that has proven most valuable and effective over the years. Whenever they earned any money, they first paid 10 percent tithing. Next they deposited 30 percent in a savings account designated for marriage, college, or a mission. They could spend the remaining 60 percent.

At first, the children grumbled and complained. Then, as their money added up and began earning interest, they became excited to watch it grow. When a child’s account reached five hundred dollars, we invested it in a money market certificate, with higher interest rates.

Now our children are in the habit of saving, and they are also wise spenders. Sharla Luker, Salt Lake City, Utah