Savings Philosophies

Pay Yourself First

One common savings philosophy is called pay yourself first. This means that before you spend money on anything else, you save a small part for yourself.

For example, if you earn $300 from a part-time job, you might save 10 percent, or $30, right away. When you pay yourself first, you make saving a priority instead of something you do only if there is money left over. It’s a simple way to build financial strength over time, even if you start with small amounts.

Save for a Rainy Day

The saying save for a rainy day means to prepare for the unexpected. Life has surprises, and not all of them are good ones. You might need to fix your phone, buy a bus ticket, or replace something that breaks.

Having some savings set aside helps you manage these moments without borrowing money or feeling stressed. Some people aim to save enough to cover a few months of basic expenses, but even a small amount makes a big difference. The goal is to be ready when something unexpected happens.

Future Me Thinking

This philosophy is about taking care of your future self. Imagine yourself a few years from now, maybe starting college, moving into your own place, or traveling. Every time you save money now, you are helping that future version of yourself.

When you think about buying something today, it helps to pause and ask, “Would my future self thank me for this?” This simple question can remind you that saving is really a way of showing kindness to yourself later.

Instant and Delayed Gratification

Instant gratification means getting what you want right away. Delayed gratification means waiting for something better later.

For example, you could spend $20 on fast food tonight, or you could keep that $20 and put it toward something you really want next month, like a concert ticket or new shoes. Choosing to wait helps you reach bigger goals. Learning to wait is one of the strongest habits you can build when it comes to money.

Saving and Investing

Saving and investing are connected but not the same thing. Saving means keeping money safe, usually in a bank account where it earns a small amount of interest. Investing means using money in a way that could make it grow, such as buying stocks or starting a small business. Investing usually involves some risk, so saving first is important.

Think of saving as the foundation of your financial house. Once that foundation is strong, you can explore other ways to grow your money.

Different Saving Strategies

There are many ways to save. Here are a few examples you can try.

• Automatic saving: Have part of your paycheck go directly into your savings account.

• Deposit-only accounts: These make it harder to withdraw money, which can help you avoid impulse spending.

• Round-up apps: Some apps round each purchase to the next dollar and move the extra change into savings.

• The 50-30-20 rule: Spend about half your income on needs, around a third on wants, and save the rest.
  
  

Try one or two of these strategies and see which ones work best for you.

How Family and Culture Shape Saving

Our ideas about money often come from family and community. Maybe your parents always encouraged saving, or maybe your family believes in sharing resources to support each other.

Culture also plays a big role in how people think about money. In some cultures, saving is about being independent. In others, it’s about taking care of the group. Neither is right or wrong. These are just different ways people show care and responsibility.

Indigenous Perspectives on Saving and Sharing

In many Indigenous cultures, wealth is not measured by how much someone keeps but by how much they give. Money and resources are seen as things that move through the community. When people share, it strengthens relationships and helps everyone live well.

For example, in Cree teachings, pimâtisiwin means “the good life.” It includes balance, respect, generosity, and caring for others. Saving is part of this balance because it helps people be ready to help when the community needs support.

Giving at feasts, fundraisers, or ceremonies is not seen as losing money. It is a way of showing gratitude, honoring relationships, and keeping the circle of care strong.

Treaties and the Economy

Treaties are living agreements that continue to shape life and the economy in Saskatchewan today. When First Nations and the Crown made treaties, they agreed to share the land and its resources. That sharing continues today through partnerships in business, education, tourism, and natural resource development.

These activities create jobs and support growth for everyone in Saskatchewan. When we talk about saving and sharing, Treaty relationships remind us that wealth should be fair and benefit all people. We are all Treaty People, and that includes how we think about money and community.

Community Wealth and Collective Saving

Some Indigenous communities save together by creating trust funds or community accounts from business income or resource revenues. The money in these funds supports education, housing, health care, and future generations.

This is called collective saving. It is like the community version of “pay yourself first.” The community saves before it spends, making sure everyone can benefit for years to come.

What We Can Learn from Both Perspectives

In many Western ideas about money, saving focuses on personal goals and independence. Indigenous teachings remind us about interdependence, or how we are connected to others.

By learning from both, we can find balance. You can save for your personal goals while also helping your family or community. Saving can be an act of self-care and generosity at the same time.

Barriers to Saving

Saving is not always easy. Some people face challenges such as low income, high costs of living, or needing to help support family members. Others may not have easy access to banks or financial services.

Understanding these challenges helps us be more caring and realistic. Instead of judging how others handle money, we can think about ways to make saving easier and more fair for everyone.

Building a Savings Mindset

A savings mindset means building habits that support your future. Here are some simple ways to start.

1. Begin small. Even a few dollars each week adds up.

2. Be consistent. Save regularly, even when it feels hard.

3. Set clear goals. Know what you’re saving for and why.

4. Track your progress. Seeing your savings grow feels rewarding.

5. Celebrate your effort. Every small step matters.

Saving is a habit, and like any habit, it gets easier the more you practice it.

Money and Well-Being

Having savings can lower stress and help you feel more in control. It’s a good feeling to know that you’re prepared for whatever comes your way.

Money can’t buy happiness, but it can give you the freedom to make choices that match your values. Financial well-being is not just about having more. It’s about using what you have to live a balanced, healthy life.

Reflection Questions

1. Which savings philosophy fits you best right now?

2. How do your family or culture influence the way you think about saving?

3. What is one step you could take this month to build your savings habit?

4. How can your savings help your community as well as yourself?

Important Concepts and Definitions

In Summary

Saving is more than keeping money in a jar or bank account. It’s a mindset that helps you prepare for the future and care for yourself and others.

When you pay yourself first, you protect your future. When you save for a rainy day, you handle life’s surprises with confidence. When you think about your future self, you make decisions that help you grow. And when you learn from Indigenous teachings, you see that saving and sharing go hand in hand.

Saving is about balance. It connects your personal goals to your responsibility to others. It helps you live well, give back, and plan for a future that supports everyone.