Saving money is vital in this tough economy and often ignored. I know we all want to spend our money on the things we want so we can have the feeling of ownership. But with the way the economy is now, there’s no time better than now to start learning about the habit of saving.
Whether you want to save up for a cool video game, your first car or your college education, you’re going to need a financial game plan. Starting a savings account will help you learn the habit of saving. Lets get started:
Get a Savings Account
If you’re serious about saving your cash, keeping it in a shoe box or in a secret hiding place just isn’t going to cut it. It’s too easy for you to touch it and spend it. It’s time to start a savings account at the bank. Look for a bank that offers a higher interest rate (that’s the money the bank pays you to keep your cash with them) and also make sure they don’t charge you a lot of service fees. In fact, a lot of banks don’t charge kids any service fees at all, so shop around to find the right bank for you. Ask your Mom or Dad if their bank makes them happy.
Start Saving Your Money Now
The next step is to start putting money in your savings account. Start with whatever you have, whether it’s five bucks or a thousand, it all helps. The best thing to do is to make a saving plan. Decide how much you’re willing to put aside every month and then do it. Pick a day out of the week or one day a month to go to the bank and drop your money off. Stick to your plan and only think about saving, not spending!
Let Your Cash Stack up
Once you have put your cash in your savings account, Don’t think about buying stuff because you have money, only think about adding to the total and watching your cash stack up. Soon you will see that cash total get bigger and you will get a great feeling of confidence. This feeling will drive you to save more until you have reached your goal. The habit if saving money is just as easy as the habit of spending it. The problem is people spend way faster than they save and they end up broke. Remember its a lot harder to make money than spend it so when it is time to spend, make sure it is worth every dollar. Stack up your cash not your debt!