As a young child, I received an allowance of 25 cents a week. (A quarter was worth a lot more 'way back then.) From that I was expected to allocate some to spend as I pleased, some for the offering at church, and some to be saved into my small account at the bank. That was the beginning. My family had a culture of saving, as well as giving and spending. Saving was for the future—for larger-ticket items, and for unknown future needs.
Part of the excellent advice I received from my father as I was establishing my own household was to set up a regular savings plan, not only for future purchases but to ensure that I could handle at least a six-month period of unemployment—preferably a full year. Of course it took some time to save that much money when I had all the expenses of newly-independent living to meet, but by making it a priority I soon had a comfortable cushion against unexpected expenses.
Fortunately, I married a man with similar views, which were not uncommon among those of us whose parents had lived through the Depression days. For a number of years we were blessed with two incomes, but made a point of keeping our standard of living low enough that we could live on one and save the other. This stood us in very good stead when disaster hit the American information technology industry, and so many IT workers lost their jobs because the work was transferred to India and other places overseas.
But somewhere along the line the culture of saving was largely lost. Once considered a virtue, saving is now called "hoarding" and held in contempt. It seems to be considered a patriotic duty to spend all one's money—and more. (If true, we have been bleeding red, white, and blue during this pandemic.) However, the ugly consequences of this attitude are nowhere more apparent than in the large numbers of families facing financial disaster due to pandemic-related job loss. So many people have gone in the blink of an eye from enjoying comfortable incomes to standing in bread lines. If they had been encouraged to follow my father's advice and maintain a savings cushion of a year's salary, they would likely have been able to weather this storm with ease. But no one—not the government, not the media, not the schools, not our consumerist society, and apparently far too few parents—has been passing on this essential lesson.
I hope it won't take another Great Depression to recover our lost wisdom.
