Amazing Kids! Magazine

How to Save Money

By Sean Traynor, Editorial Advisor

 

Learning to save money is something kids of any age can achieve.  It can also be fun if you set a goal and keep track of your progress.  It will seem like a game and you can celebrate when you meet your goal.

First, keep track of your spending.  Work with your parents on this because sometimes they spend money for you and you may not even realize it.  For instance, do they buy you special treats for your lunch?  If you have a goal to buy a special thing, maybe they will contribute part of the cost of something you’re willing to give up to reach a goal.

Next, select a goal for your savings.  This doesn’t necessarily mean that you have something you want to buy.  You can also set a goal of how much money you want to save.

Now that you’re ready to begin, start by practicing self-control over spending.  Instead of having popcorn and a soda at the movie, bring your own or eat beforehand.  The popcorn and soda will cost more than the movie ticket.  Instead of buying a smoothie after school, wait to drink a glass of water or purchase something less expensive like a juice.

Instead of buying things, you might want to consider borrowing or renting them.  For instance, you can find the latest good book, CD or DVD at your local library for free.  You can borrow a friend’s dress for the dance and then you’ll both have new looks.  You can also rent dresses or suits for one night from stores rather than purchasing something like a prom dress that you will only wear once.  Borrowing your friend’s music can help you to listen to songs beforehand to see if you really want to purchase them.  Renting a movie is much less expensive than buying one or even going to the movie theatre.

Another great alternative to buying things is to try to stretch something out longer before you purchase a new one.  For example, if you can put off buying a new backpack every two years instead of every one year, you’ll save $50 – $75 every other year.  Do you really need a new belt or shoes?  By putting off a purchase, you can really save money.

When you have decided on something to purchase, you should research the best price.  You can look on online store sites or research alternative sites like amazon.com or ebay for used items that are in good condition but are a much lower price.  Think also if you need to buy something right away.  Wait until there is a sale or you have a coupon to get a lower price.

Another thing to consider is value rather than lowest price.  Sometimes things that cost less have significantly fewer features or are made cheaply and will break quickly.  Therefore, you have to balance in your mind the quality of the item with the cost.  A good quality for the most reasonable price is the perfect mix.

When you have reached your savings goal, congratulate yourself.  You can now either purchase your goal item or keep the money in a bank or investment to put your money to work for you.  By earning a return on your money, you can continue to save towards an even bigger goal like a college education or a new car.  Saving money can be fun and rewarding.  Start today!

One comment

  1. write more about earning it and how to spend it but it is great.

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