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Save Money this Summer

If you find it easy to list everything you’d like to buy but hard to come up with ways to pay for things – it’s time to come up with a plan. Some of these ideas need the help of mom and dad, but many of these tips you can start on your own.

The first thing you need to do is narrow down your “want” or “need” list to the top two or three things you’d like to buy. Just make sure they’re something you could buy yourself and aren’t too expensive. And if there are any “needs” on the list, put those in front of the “wants,” they’re more important.

Here are some ways you can save to buy the top two or three items on your list:
 

  • More than a piggy bank
    Get an envelope or jar for each thing you’re saving for. Draw or cut out a picture of what those things are and glue or tape a picture on each envelope or jar. Every time you get an allowance or birthday money, divide it up between your jars/envelopes. Some things, like a small toy, may take less time to save for while more expensive things, like a tablet, will take much longer – so be patient and you’ll reach your goals.
     
  • Make a chart
    Sometimes you need to see how far you’ve come to know where you’re going, and a money saving chart can do just that. This plan works best when you save for one thing at a time. Find out how much money you’ll need to save and come up with a realistic goal on how long it’ll take to save. Make a weekly chart and add a sticker to it for each week you save. Before you know it your chart will be full and you’ll be able to buy what you were saving for!
     
  • Get help from mom and dad
    If you’re already asked mom and dad to buy you the one or two things you’re saving for and they’ve said “no,” you might have better luck if you ask them to match your savings. This means for every dollar you save, they’ll give you a dollar. They’ll be much more likely to help you save like that than just give you the money up front. Tell them that it’s giving you good practice for when you have a savings plan through work when you’re grown up!

No matter how you decide to save this summer, the important things is that you’re saving your money. It’s a good habit to learn now – one that you’ll use for the rest of your life.
 

 

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