Lesson 8 – The Principles of Saving 

Section 1: What Does Saving Really Mean?

Saving means putting some money aside to use later. It helps you buy things you need, plan for the future, and stay ready when life changes. But saving isn’t just about keeping money. It’s about thinking ahead and using money in a way that helps your life, your family, and your community.

In many Western teachings, people save money to get rich or to show off what they have. But that’s not the way most First Nations Elders see it. In the words of Elder Florence Allen, “Money is never the boss of you. You’re always the boss of it.” Money should help people, not control them.

Saving the right way means asking: What am I saving for? That could be something small, like a warm winter jacket. Or something big, like post-secondary school or helping with a family feast. Saving gives you the power to make choices that match your values.

In this lesson, you’ll learn the principles of saving (how to do it) and the principles for saving (why it matters). You’ll also hear from Elders who share powerful teachings about how saving fits into First Nations ways of life.

Section 2: Vocabulary

These words will help you understand saving, talk about money, and make smart choices. Each word includes a short definition and an example to show how it’s used.

Section 3: Why Saving Is Important

Saving is important because it helps you be ready. Life can be full of surprises. One day, your phone might break. Another day, your cousin might need help buying groceries. If you have savings, you can handle these situations without stress. It gives you a way to take care of yourself and others.

Even saving a small amount—like $2 or $5 a week—can help. That money adds up. It can help you buy things you need later, or it can help when something unexpected happens. This kind of saving is often called an emergency fund. It’s money you don’t spend unless you really need it.

Saving also helps with goals. Maybe you want new shoes, money for grad, or to help pay for a family feast. These are examples of short-term savings goals. You can reach them in a few weeks or months. Other times, you may want to save for something bigger, like post-secondary school or a car. That’s called long-term saving.

Some people think saving is only for people with lots of money. That’s not true. Saving is for everyone. It’s about planning, not how much you have. Even with a small income, you can still make a plan—a saving strategy—to reach your goals.

Here’s a real example:

Devon earns $50 a week from a part-time job. He decides to save $10 a week. After 10 weeks, he has $100 saved. He uses $70 for a new pair of winter boots and keeps $30 in his emergency fund. He still has money left when his little brother’s shoes rip, and he helps pay for new ones.

Saving is not just about things—it’s about freedom and responsibility. When you have savings, you don’t have to borrow or panic when something goes wrong. You feel more in control. You can also help others when they need it.

Saving also connects to your budget. When you make a budget, savings should be one of the first things you plan for—just like food, shelter, and transportation. If you save first, you’re more likely to reach your goals.

Saving matters because it protects you, supports your future, and gives you the chance to give back.

Section 5: Saving Strategies That Work

You don’t need to be rich to start saving. You just need a plan. This plan is called a saving strategy. A saving strategy helps you reach your goals and be ready when life changes. Let’s look at how to make saving easier and smarter.

1. Set a Savings Goal

Before you start saving, think about what you’re saving for. A savings goal gives your money a purpose.

Short-term goal: Something you want soon (like a hoodie, gift, or sports fee)
Long-term goal: Something you want later (like college, a car, or a family trip)

Example:
Layla wants to save $80 for a pair of boots before winter. She decides to save $10 a week from her part-time job. After 8 weeks, she meets her goal.

2. Save First

When you get money—like from a job or gift—put some into savings right away before you spend. Even $2 or $5 makes a difference.

Tip: Treat your savings like a bill you pay yourself. Make it part of your budget.

3. Use a Jar, Envelope, or Bank Account

Keeping money in one place helps you stay organized and avoid spending it.

• Jar or envelope: Great for short-term savings at home.

• Bank account: A safe place for long-term savings. Some accounts even give interest, which means your money grows over time.

Example:
Tyrone has 3 jars: “Fun,” “Savings,” and “Emergency.” When he gets paid, he puts $5 into each jar.

4. Track Your Progress

Use a chart, notebook, or phone app to track your savings. Seeing your money grow keeps you motivated.

Section 6: When Saving Doesn’t Go as Planned

Sometimes saving money is hard. Life doesn’t always go the way we want. Maybe your hours at work were cut. Maybe your phone broke and you had to use your savings. Or maybe you just forgot and spent the money on something else. That’s okay. It happens to everyone.

Even Elders talk about this. In her video, Elder Florence Allen says, “Do I always follow that rule? Sometimes not so. But I know my limitations.” This means it’s okay to make mistakes, as long as you learn from them and try again.

When your saving plan doesn’t work out, don’t feel ashamed. Here are some steps you can take:

1. Look at What Happened

Ask yourself: Why didn’t I save this time? What can I do differently next time?

2. Make a New Plan

It’s okay to start over. You can try a smaller goal or save a smaller amount. Every little bit helps.

3. Ask for Support

Talk to a trusted adult, Elder, or teacher. Sometimes others can help you think of new ways to reach your goal or adjust your budget.

4. Remember Why You’re Saving

If your goal matters to you—like helping your family or getting something you need—it will keep you going.

Saving is not about being perfect. It’s about learning, growing, and being ready. You are not alone—and you can always begin again.

Section 7: Money and Community: Sharing What We Save

In many First Nations families, saving is not just about helping yourself—it’s also about helping others. When you save money, you can use it to support your community, honour traditions, and take care of the people you love.

Elder Willie Ermine reminds us, “We’re sharing. We’re looking after our families. My money is not just my money.” This means that we are all connected. What you save might one day help someone else in your circle.

Ways People Share What They Save:

• Buying groceries for a family member in need

• Helping with gas money for someone going to a ceremony

• Saving to help with a feast, giveaway, or graduation meal

• Giving back during hard times or celebrations

This doesn’t mean you give away all your money. It means you plan to help, just like you plan to save for your own needs. That’s why having a budget and a savings goal is so important—it helps you give without going broke.

Example:
Jordan saved $40 for new headphones, but then their aunt had a baby. Jordan used half the savings to buy baby clothes for a gift. They felt proud because they were able to help.

Helping others with money is a way of showing love, respect, and connection. When you save with your community in mind, your money has more meaning.

Section 8: Student Reflection Questions

Take a few minutes to think about what you’ve learned so far. These questions will help you connect saving to your life, your values, and your community.

You can write your answers in your notebook, talk about them in class, or discuss them with an Elder or family member.

💬 Think About It:

1. What is one thing you are saving for right now—or would like to start saving for?

2. Who do you think of when you save money? How does saving help them too?

3. Have you ever helped someone with money, even in a small way? How did it feel?

4. What is one lesson you remember from the Elders about saving or sharing?

5. What is something you can do this week to start (or restart) your saving strategy?

Section 9: Final Thoughts & Encouragement

Saving money isn’t just about dollars—it’s about decisions. When you save, you show that you care about your future and the people around you. You don’t need to save a lot to make a big difference. Even small savings can grow into something important.

The Elders teach us that money is not something to fear or worship. It is a tool—something to help, to plan, and to share. When you save with care and purpose, your money becomes powerful in a good way.

Remember, you won’t always get it perfect. That’s okay. What matters is that you try, learn, and keep going. Saving is a skill, and like all skills, you get better with practice.

So be proud of every dollar you save, every choice you make, and every time you help someone else. You are building strong habits—and a strong future.

Section 10: Multiple-Choice Check for Understanding

Circle the best answer for each question. These will help you remember the most important ideas about saving.

1. What is a savings strategy?
A. A shopping list
B. A plan to save money over time
C. A way to spend more money
D. A type of bank account

2. What is an emergency fund for?
A. Buying snacks
B. Paying for surprise costs
C. Getting new clothes
D. Going to the movies

3. What do Elders say about hoarding money?
A. It’s smart
B. It makes you happy
C. It is not our way
D. It shows you care

4. What is an example of a short-term savings goal?
A. Buying a house
B. Saving for a school trip
C. Retirement
D. Opening a business

5. What does “money is a tool” mean?
A. It fixes things
B. You use it to help, not to control you
C. It shows who is the richest
D. It’s not important