Saving money can be hard when you are a kid. The key to saving money is setting a specific goal for yourself. Make smart decisions on spending money and look for ways to earn money in your free time. You probably aren't making a lot of money now but that doesn't matter, what matters is time. The power of a habit is almost as important as the power of time when it comes to money. If you start saving money now, you will continue to do that as a habit. Every dollar you get, whether it's a gift, an allowance, or pay from a job, get into the habit of saving a portion of it.
Make a savings plan by setting a goal for something you want to buy. It will be easier to save money with a set amount in your mind. This will help you stay on track with your goal. An example of this is maybe you want to buy airpods, your goal would be the price of the airpods. Another tip is keeping your money in a safe place, like a piggy bank or savings account. Put your money where it can't be stolen or lost. Keep it in the same place so you'll be less likely to forget where it is.
Saving money as a kid can be hard, especially if you have not yet developed the skills to make it in the working world. It can also be difficult, for example, if your friends are out buying new clothes at the mall. Wait 30 days before buying an item if it's not something you need. It’s easy to splurge and buy something on impulse. If you find yourself in this situation, force yourself to stop the purchase. If you start saving money now, that habit will stay with you. Start saving for the future while your future is way ahead of you!
Story by Ingrid Pehrson