April 18th, 2022
Reasons to Save Money
People save money to
- make large purchases
- build the future they want
- prepare for emergencies
Where should I save my money?
Saving Money in a Piggy Bank - A piggy bank keeps your money in one spot. This makes it easier for you to find your money when you need it. Keeping your savings in your room is handy, but it may not be safe from sneaky siblings. Also, when your money is close by, you may be tempted to spend it before you’ve reached your savings goal.
Saving Money in a Savings Account - Did you know that you get paid to deposit (or put) your money in a savings account? Interest is the money a bank or credit union pays you for keeping your money in a savings account. The longer you keep your money there, the more interest you earn. A savings account is safer than a piggy bank and it makes you extra money, too!
How do I save money?
Start by setting a savings goal. Draw or cut out a picture of what you are saving for and keep it where you will see it every day. Savings goals remind you of what's important, make it easier to choose saving instead of spending, and give you something to look forward to.
When you earn or receive money, remember to put at least half of it in a savings account or in a piggy bank to help you get closer to your goals. Remember the more you save of your earned money, the faster you will reach your goals.
Saving money is a skill. The more you practice, the better you get.