By Maya Schenne
Money is great. You can buy whatever you want (granted you have enough saved). Wait, what do you mean saved? Yes, you have to have money to buy stuff. The easiest way to have money is to save money. You might say, “But if I save money, I won’t have money now!” That’s true, but saving money has many perks. Let me show you all of the perks of saving money.
If you save money, you’ll have enough to spend in the future. Yes, it might take a couple of months to save up for something expensive, but if you remind yourself to not spend any money, you’ll be surprised how much you have left. Whether you want to buy something really expensive, or just have money to spend on little things, saving money is always a good idea.
Another reason to save money is for emergency funds. You might break your leg and need to pay for a visit to the hospital. You might need to repair your car. Life happens, so you should be prepared for whatever comes your way. You never know what life will throw at you next.
Even if you only save a dollar a day, at the end of one year, you’ll have $365 (or $365.25 if you want to be more specific). If you do this, you won’t have to scavenge for money to save every day. The other alternative is saving weekly. Let’s say you save $20 every week. There are about 52 weeks in a year, so you’ll have roughly $1,040 at the end of the year.
A good way to go about doing this is having a goal. Let’s say your goal is $2,000. You’ll have to earn about $40 per week, which gets you to your goal and then some. Another way to make a goal is to have a monthly goal, opposed to a yearly one. You can have your goal set at $20 one week, $15 another and $40 the next one.
Now, how do you get all this money? (Hint: it’s not from robbing a bank.) Below this I’ve included some ways to earn money that you can then save.
1. You can get a job.
2. You can use your “daily allowance” (if that’s even a thing anymore).
3. You can use birthday/holiday money.
4. You could even do chores for your neighbors, grandparents, friends, etc.
If you get a job, you can put your whole paycheck into savings, unless you need it for other things. If your parents give you an allowance, you can put that in savings (instead of spending it at the mall). If you don’t have an allowance, you can still get money by asking family members to give you cash for your birthday (or Christmas) instead of presents. Lastly, you can mow your neighbors’ lawns’, rake leaves, or even help clean their garages for money.
Now, you know why you need to save money, and how to do so. But where should you put it? One good idea is having a jar. This idea has both positive and negative outcomes. First, it’s a good idea because you can just drop cash in it whenever you find some. But if you can drop cash in, you can also take cash out. And you’ll have to prepare for little siblings “borrowing” a couple of dollars.
You could also set up a savings account at your bank. That way, the money is safe from your younger siblings and yourself. It’s harder to put money in since you’ll have to go to the bank, but once in, it stays in. Also, if you put it in a savings account, you’ll get interest. If you pay attention in class, you’ll know that interest adds money to your money. It may be as small as 5%, but it still adds up.
Now that you know why you should save money, how to do so, and where, you are ready to start saving. Start by making a goal and deciding which method is best for you. If you stick to it, you’ll have a fortune in no time (okay, maybe not a fortune, but you’ll have a good amount). I believe in you guys. Good luck!