Saving Money- and the many ways to do it!
As a teenager there are many ways to save money, whether it be searching for the latest deals and discounts or putting your money in a safe, untouchable place. Saving money sounds simple, but can be a very draining task that is hard to stick to, but there is hope! With out simple tips, saving becomes just as easy as spending.
When saving it is important to have a clear mindset and a realistic goal, this makes the target easier to reach and lessens the chance of straying for your savings plan. Your target or goal is the amount of money you would like saved. Your goal might be the price of an item you want (e.g. computer-$1000) or just an amount of money you would like to put away each week in order to have spending money whenever you need it. Goals can be short or long term. When thinking of a goal keep in mind the following things:
Below is a Saving Scaffold that you can print off and fill out. Stick this somewhere you will see everyday to keep your savings goal on track.
When saving it is important to have a clear mindset and a realistic goal, this makes the target easier to reach and lessens the chance of straying for your savings plan. Your target or goal is the amount of money you would like saved. Your goal might be the price of an item you want (e.g. computer-$1000) or just an amount of money you would like to put away each week in order to have spending money whenever you need it. Goals can be short or long term. When thinking of a goal keep in mind the following things:
- Expenses- Is the amount you are saving each week cut into your normal expenses? If so, it is not a good goal.
- The amount- Are you saving for a particular item (Phone, computer, car) or will it just be a percentage of your weekly income (at least 20%)?
- How long will it take you to reach your goal? This depends on how much you are willing to save each week.
- Is your cash flow steady? Will you have enough money each week to put into your savings account?
- Where will you store the money? In a bank, wallet?
- IS IT REALISTIC? This is very important! Can you actually reach your goal?
Below is a Saving Scaffold that you can print off and fill out. Stick this somewhere you will see everyday to keep your savings goal on track.
savings_scaffold.docx | |
File Size: | 16 kb |
File Type: | docx |
There are many benefits to saving, even if it is only a small amount per week. We have provided a list of the benefits of saving to inspire you to save. Benefits include:
- You will have money in the event of an emergency
- You learn great money saving skills and self discipline
- What you save now you can invest later
- You can build up a good credit rating history
- You can saver for larger purchases (cars, holidays, etc)
- You become a role model for your friends and family