It would have been more economical for her if she had brought her daughter up in these same ideas. But it is never too late to mend, better Commencement Day than Wedding Day, or never!
The same idea has been used with several other persons I know of, both boys and girls, and it has worked like a charm. Most young people only need a little direction in this matter, and a little encouragement to practice and keep at it, and they soon begin to reap the joy which comes from doing anything well.
After the habit is formed it is no trouble to so manage money that it affords a constantly increasing savings account, in addition to the solid satisfaction of COMMANDING one's income and one's self.
In the next chapter there is a second letter, a complement of this one, a letter which is helping several boys and girls to work out their own salvation.
Here is the letter, which was headed:
FOR MARY
June 25, 1910
Believing that one of the essentials to a happy and successful life is the knowledge and practice of properly managing money, and Believing that every girl should learn this as well as every boy, and Believing that in order to learn the management of money every girl must have an allowance and certain necessaries to buy out of that allowance; that she must learn to manage money by doing it when she is young, and while her mistakes need not be too costly,
Therefore, I have resolved to celebrate your Commencement Day by making you an allowance of per month — with a few strings attached!
To facilitate the learning of proper management of money, I will for six months pay your allowance in four equal installments on the 1st, 2d, 3d and 4th Saturdays of the month. This will enable you to avoid getting into a big hole toward the end of each month through being too reckless near the first of the month.
Now for the strings:
First, you are to so manage your money as to keep entirely free from debt. You are to buy nothing at all until you have the cash in hand to pay the entire amount.
Second, you are to ask for no extra money to make the allowance larger, nor even hint for it! And you are not to make a single complaint about the amount being too small! You see the lesson you are to learn is the lesson of getting along cheerfully inside of your allowance. When you have learned to do this well, you may find your allowance gradually increasing, but until you thoroughly learn this lesson your allowance is to be rigidly enforced and no increases even hinted
at.
Third, you are to buy with your allowance a certain number of the necessaries. This plan will enable you to so manage money as to make due allowance for necessaries before you invest in luxuries.
After a little practice you will find that you need in all things to make yourself a perpetual allowance to cover THE UNEXPECTED which is never twice alike but is always cropping up in every person's life. The Unexpected is dead sure to happen every day, and your allowance to yourself should be great enough to enable you to meet it without strain — without getting into debt and with a little surplus over. If you do this you will be happy and satisfied in your heart over all your business expenditures. If you do not make sufficient allowance for the Unexpected
which is always cropping up, you will be everlastingly regretting expenditures after you have made them, and you will always be unsatisfied and unhappy in yourself. Good management of money will eliminate a very great many unpleasantnesses and unhappy feelings, and the little things you do without you will never miss in a week's time! Command your desires as well as your money, and you will increase your happiness fourfold. Out of your allowance you are to buy all your necessaries, including hosiery, with the exception of your dresses, hats, and coats, and whatever underwear and shoes / consider necessary.
Beginning with your Commencement Day I will give you the allowance payable as hereinbefore stated. And I promise to give you the free use of this allowance, provided you keep your end of the arrangement.
Also I agree to let you learn by your own mistakes, and to refrain as far as possible from criticizing your expenditures or adding any more strings to those already mentioned. Every girl makes mistakes and every girl learns by those mistakes. I am aiming to give you the opportunity to make these mistakes and learn by them while you are still young, while the expense of such mistakes cannot be so great as it might be later.
If at the end of six months, you have managed your money so as to keep well inside the debt line, at the same time looking out well for the necessaries before spending on the things which are less necessary, I will increase your allowance and turn more of the necessaries over to you to be managed as you will; and I will likewise pay your allowance all in one installment at the first of the month, instead of in four installments.
Signed,
Here is Letter No. 2:
FOR MARY
June 25th, 1910
Believing that any person's income, whatever it may be, is not well managed unless each month shows an addition to a savings account, and Desiring you to realize that I am very anxious to have you manage your money well, that you may get out of it and out of your future life all the peace and happiness which comes from an income well managed,
Therefore I have decided to make you a special inducement to save money out of your regular allowance.
Here is the inducement:
First. If, at the end of one year, you have lived according to the terms of your allowance, and can show me in addition a savings account equal to ten per cent of your entire allowance for the year, I will give you a present of twenty-five dollars cash, to be used for anything you wish which does not happen to come within the terms of the allowance agreement. These savings amounting to ten per cent of your allowance must not be eked out by extra money presents which may
come to you from relatives or friends.
Second. If, at the end of one year, you can show me a clear slate, no debts and no grievances against the size of your allowance, and in addition a savings bank account amounting to at least fifteen per cent of your entire allowance for the year, I will give you a cash present of fifty dollars, which you are to use exactly as you please.
The saving of money is just as necessary as the paying of bills for the absolute necessities of life.
Here is a little item that will help you in managing your allowance.
When you get your allowance at the beginning of a week or month divide it into four allowances for yourself.
First. Set aside the amount of money you must spend for absolute necessities.
Second. Set aside the sum which you determine upon to add to your savings account.
Third. Set aside another sum to cover THE UNEXPECTED things which may crop up before your next pay day, such as extra expenses of visits or treats, charities, etc.
This division will leave you a fourth sum which you can conscientiously spend before your next pay day for things which are not necessaries, in case your fund for non-necessaries runs out before your next pay day.
Don't make the mistake of encroaching on your fund for The Unexpected until you have received your next allowance. Then when you divide up your next allowance you can add your left-over fund for The Unexpected to your new fund for the non- necessaries, and you will have a little extra to spend for all such things before your next pay day.
If you will practice this a few weeks or months you will find yourself getting into the spirit of it and thoroughly enjoying the sense of power and self command which will come to you from managing money so as to have plenty at all times for any of The Unexpected things, with a steadily growing savings account in addition.
Later you will find yourself almost unconsciously dividing your income in this way so that you will never run short and will always have a savings account growing. Until this becomes a habit you will find it necessary to hold yourself religiously to your subdivisions of the allowance. Only by so doing can you quickly grow the habit — and the satisfaction which comes with the habit.
If, at the end of a year, I find that you have not only managed your allowance well, but that you have also managed your present stock of clothing well, I will increase your allowance and turn over to you more of your necessaries to buy. I would like to turn all your buying over to you, and give you an allowance sufficient to cover it, but I do not feel that I can afford to do it until you demonstrate step by step that you can really be trusted to manage money for your own well-being and happiness. Rest assured that the better you manage your allowance the more
inclined I shall be to increase it and leave the responsibilities all to you.
It is possible that you will some day marry! Remember that this learning of the problem of managing your income will eliminate at least fifty per cent of the chances for friction between you and your husband. So in making a success of this managing of money you are already helping to build the harmonious home every girl desires and hopes to have. And the things which you could get for your home with your money savings are only a drop in the bucket compared
with the solid satisfaction and capable management which you could put into making that home an ideal one.
Signed,
How to Use New Thought in Home Life:
A Key to Happy and Efficient Living for Husband, Wife and Children
By
Elizabeth Jones Towne
1915
A Key to Happy and Efficient Living for Husband, Wife and Children
By
Elizabeth Jones Towne
1915
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