“Life” Savings and Compounding Interest

Photo by Micheile Henderson on Unsplash

 

Like most parents, we are attempting to teach our children how to best manage and allocate their money.  (All they want to do is spend it on Lego sets at the moment.)  The simplest way to do this is for them to put a portion in spending and a portion in savings (for those that have a giving heart another portion in sharing).  

I tend to cross-pollinate ideas from one area of life to others as the principles in life seem to stay constant.  So when you look at how you are allocating your life actions and time what buckets are you putting it into.  Are you putting it into a spending, saving, and sharing bucket?

For example, did you do something yesterday that improved your life now (spending), improved your life in the future (saving), and improved somebody else’s life (sharing)?

Here are a few ideas:

Spending: Spa treatment, favorite meal, hobby

Saving: exercise, self-education, one step towards a goal

Sharing: teach somebody something, lend a helping hand, donate

Just like with money your actions and how you spend your time will use the power of compounding interest for some massive results.  

Try it on for size and let me know how you are doing after 30 days of allocating your time this way.