Concept of the Month: Follow the Money Brick Road
- Make a plan! Decide what you are saving for. Write your goals down. Are they goals you will reach soon, after a little while, or way off in the future?
- Decide how much you want to save, how much you want to spend, and maybe even how much you want to share. Divide your money as soon as you get it and watch it grow in the different jars, piggy banks, or bank accounts.
- Pay Yourself First! As soon as you get your money, before you do anything else with it, put some away in your piggy bank, or better yet, your savings account. That way you don’t have to worry about accidently spending the money you were going to save because it’s already safe in your account.
- Set up a savings account. Piggy banks are a great way to start saving, but a savings account will help you save even more. Savings accounts are safer, build interest (free money) in your account, and are not as easy to get into as your piggy bank.
- Make a budget. Look at how much money you have, earn, or get. Add up all the things you regularly spend money on, like lunches, cell phones, or fun money. How much money can you afford to put away into savings each month? Now you can figure out how long it will take you to reach your savings goal.
Come into Young Americans Bank to pick up more worksheets to help you this month follow your “brick road.” If you have questions or great savings ideas, please leave them below!Banking | No Comments »
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