Your ‘Save’ money is to buy things that can cost more than you may have in Spending Money. Maybe it’s a new bike, or gift for someone, etc. It may even take you a year to save up to buy what you want, so be patient! Saving money is hard sometimes because you have to be disciplined and tell yourself “NO” when you want to spend your “Save” money on things you did not plan on buying. This is where mom or dad can help keep you on track.
For your Save Money it is a good idea to open a savings account at your local bank to make it a little harder for you to get to your money if you are tempted to spend it, and sometimes your bank will pay you interest when you have an account with them.
Save Action List:
- Set a savings goal
- Start Saving
- Once you have enough saved in your piggy bank, open a savings account at your local bank
- Once a month deposit your savings from your piggy bank in the your Saving account
- Watch your savings grow
- Reach your goal
- Make a withdrawal
- Buy what you were saving for
- Do it all over again
Need some help learning about this? Try this game from Practical Money Skills! http://www.practicalmoneyskills.com/games/