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Money and Finance

Money and Finance

How to Save Money

When you get money as a gift, an allowance, or for doing a chore, what do you do with it? You really have two choices: you can spend it or you can save it. Spending your money on something right away might seem like the most fun thing to do, but saving your money can be fun as well.

Why save?

There are a lot of reasons you might want to save your money. Here are a few that we thought of: Can you think of some more reasons why you should save your money?

Piggy Bank or Real Bank

Where are you going to put the money you save? You could just put it somewhere safe in your house like a piggy bank, your wallet, or with your parents. However, you might also want to put some money in the bank. A lot of banks have special accounts just for kids. Sometimes these accounts allow you to earn interest. This way, not only are you saving money, but your making more at the same time.

Interest

When you put money in the bank for safekeeping, the bank may actually pay you for it. This is called interest. Generally, interest at the bank is compounded monthly, meaning they pay you interest each month. It might be just a small amount, like 1%, but it's better than nothing.

Over time, interest can really add up. For example, if you had $1000 in the bank for 10 years at 3% interest, it would make $349.35 interest over that 10 years. That's a decent amount of money for not doing anything.

Interest is another good reason to start saving now. Get that money in the bank early and you can help to save for big items later in life like a car or going to college.

Helping Your Family Save

You can also help your family to save money. Here are some ideas on how to lower costs around your home: Can you think of more ways you can help your family to save money?

Learn to Save Now

Knowing how to save money can be an important skill later in life. Having the willpower to not spend all of your money and to put some away can help to keep you out of debt as an adult.

Interesting Facts About How to Save Money

Learn More about Money and Finance:

Personal Finance

Budgeting
Filling out a Check
Managing a Checkbook
How to Save
Credit Cards
How a Mortgage Works
Investing
How Interest Works
Insurance Basics
Identity Theft

About Money

History of Money
How Coins are Made
How Paper Money is Made
Counterfeit Money
United States Currency
World Currencies
Money Math

Counting Money
Making Change
Basic Money Math
Money Word Problems: Addition and Subtraction
Money Word Problems: Multiplication and Addition
Money Word Problems: Interest and Percent

Economics

Economics
How Banks Work
How the Stock Market Works
Supply and Demand
Supply and Demand Examples
Economic Cycle
Capitalism
Communism
Adam Smith
How Taxes Work
Glossary and Terms

Note: This information is not to be used for individual legal, tax, or investment advice. You should always contact a professional financial or tax advisor before making financial decisions.

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