Joy Newhouse

Jul 01 2015

Spending and Sharing Your Money (Part 4 of 5)

Hills Bank Savings Plan for Kids
Sometimes it’s hard to know how to get your child off to the right start saving money, so as parents, grandparents, and mentors to youth, we at Hills Bank have brought together our experiences and financial knowledge to share with you. This is part 4 of a 5 part savings plan for kids’ series.

Last week, we continued our discussion of the 3-chamber method and ideas of how to save money. What do you do with the other two chambers? Spend and share! We’ll highlight both of these and provide ideas on what to spend your money on and how to share it.

The spend chamber of your bank holds the money that you can spend on whatever you want. So, here comes a new question—how do you decide what to spend it on (because you won’t have enough money to do everything)? Make a wish list of things you’d like to spend your money on. Choose which item to purchase, and set aside money in your save chamber for the others. You’ll get something you want and still be managing your money wisely.

Remember—you can only spend what is in the “spend” chamber of your bank. No cheating!

How I spent my allowance

We’ve saved the best for last! The share chamber of your bank is the most exciting because it is the money that you will give away. (Yes, you’re reading that right.)
You could share by giving to:

  • A charity
  • Your school
  • Place of worship
  • Whatever cause you believe in

Now, when you want to share, it doesn’t have to be money. You can also share other things of value—your time and your possessions.

  • Sharing time is a great gift to give because it’s free. You could give a wheelchair ride to a nursing home resident who would enjoy an afternoon outdoors. Or maybe you like animals and could help feed or groom at the local animal shelter.
  • Possessions can be shared when you have something of value that another person needs. For example, when you grow out of your clothes, donate them to a homeless shelter.

When you share, you can make someone’s day brighter by helping those less fortunate who may not have what they need, like food, clothes, and a warm bed. Best of all, sharing with others is the right thing to do and it will make you feel great!

Share with others

Now you’re well on your way to a plan to save, spend, and share. Let us know how you plan to spend and share in the comments below!

Please visit our blog,, next Wednesday for part 5 of our 5 part series, “For Parents: Words of Wisdom.” We have several tips and tricks that have worked from other parents to teach their children financial responsibility.

savings-plan-for-kidsDownload our Savings Plan for Kids that has many great ideas for managing money.
View the complete 5-Part Savings Plan for Kids Series

Joy Newhouse

About Joy Newhouse

Joy Newhouse is Vice President and Branch Manager at Hills Bank’s Cedar Rapids location on Blairs Ferry Road. She has been at Hills Bank since 2002 helping customers with deposit and loan needs. Joy has three active, school-aged children and spends most her weekends at basketball, baseball, and softball tournaments throughout Eastern Iowa. Joy can be reached at

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