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Save Baby, Save! Tips for Saving Money.
You may be hearing your parents talking about the tighter financial times we are living in, or you may see reports on the news about a falling stock market, unemployment and folks losing their homes.
It can be scary to hear so much bad news about the economy, but there is a silver lining to all this trouble. By tightening belts – and bank accounts – more and more people are learning to spend less and save money. But why wait until after college to get some financial savvy? You can start right now with tips on money saving tips for kids.
Whether you get an allowance or work at a part time job after school, the money coming in needs to be carefully managed.This means making a habit out of spending less than what you bring in, so the excess can be used to save for large expenses, like college, and smaller expenses, like that video game you’ve been eyeing for the past month.For some, living under their means is a natural habit to adopt. For the rest of us, it takes some practice and an awareness of the value of a dollar to get used to socking the extra cash away. However, the results of spending less than you make will offer financial freedom and security for the rest of your life.
The money that you set aside for savings will probably be handled in a couple of different ways. Some will be saved in the bank for large expenses like college or a car, while a portion will be kept at home for times when you might need or want to spend a little. The first rule of saving is to have a place to keep that spare change so it is always available when you need it. While it might be tempting to keep the cash in a purse or wallet, the green stuff that goes along with you will most likely be spent faster. Just tote along what you know you’ll need and leave the rest in a piggy bank or jar at home.
Large expenses waiting in the future allow you time to invest cash so that it works for you by earning interest. The easiest way to do this is by opening your own savings account; you may not make the largest return, but your money will be secure until you need it. Most banks will waive minimum requirements for minors, so you can open an account for as little as $5 or $10.
However, once that account is open, it is essential that you commit to putting a certain amount in every month so that you can see your balance steadily grow. Most financial experts will agree that 10-15% of your income is a good amount to sock into savings. This means if you earn $100 a month in allowance, $10 of that should be deposited into your bank account. By committing to a set percentage, and depositing that amount as soon as you get the paycheck or cash, the money will be more likely to accumulate to a pretty little balance for college or a car.
Saving money may go against human nature for many of us, but it is essential if you are going to enjoy a life of financial freedom and stability. Learn to save now and your financial future will look bright indeed. Happy saving! 
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About Amber: My name is Amber and I'm the Editor of TeenMoneyMakingIdeas.Com. As a teenager, I started making money when I was 13 years old. I had all the typical jobs that teenagers have such as working in fast food joints and retail stores. At 19, I formed my own cosmetics company. And shortly after that I started my own import business. Now I'm earning money online. Join me as I discuss all the ways I've discovered for teens to make money. Read more about me here. |
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I would recommend comparing prices. For example, I found a cell phone plan for my son that was affordable and on America’s most reliable network. The TracFone/Verizon Wireless Straight Talk plan includes unlimited talk and text and 30MB of data for $45. I found the same plan for MetroPCS, but with Straight Talk you can call from anywhere in the national while Metro is only in select cities. It’s the better bang for my buck. I would’ve never found it if I had no compared prices.
Great tip, Nate. Thanks!