For Kids: Saving More Money

Raising Money

The younger you start saving money, the better the chances that you become rich. Okay, maybe not billionaire rich, but at least you’ll be able to train yourself into handling your finances better, which some grown ups are bad at. You want to save more money? Here’s what you can do:

Your parents, relatives, and your parents’ friends are prone to be giving you games and whatnots during special occasions (such as your birthday and Christmas). So instead of getting stuff that you don’t really want, you can tell these benevolent beings that you prefer to receive cash instead.

During summer, go through your stuff. Are there toys, clothes, books, and other things that you don’t use anymore? You can have a yard sale, or you can sell some items on eBay.

Start a paper route, or mow lawns for neighbors, or babysit for your parents’ friends, or put up a lemonade stand. Use your summer vacation wisely.

Do extra jobs around the house. You may have to do chores (some of which you may not really like) but you’ll also get more money for your savings.

Or if your parents give you an allowance, then try not to spend them on frivolous stuff. You can divide the total amount you’ll get into spending money and into savings. Spend your spending money as you have definitely earned it. Ask your mom and/or dad to help you open a bank account so you can deposit your “earnings” there.