Everybody needs money, you might have heard people say “money doesn’t grow on trees” or “I’m not made of money” and unfortunately that’s true, if you want money you either have to earn it or somebody must give it to you.
Carers and/or Parents might give you pocket money, relatives might pay money into a savings account for you or you might get given money for birthdays or Christmas – this is money as a gift.
You might get extra money for doing house work, or a paper round, or odd jobs, and when you are older you can get money from doing a job – this is money from work or money you earn.
It’s nice to spend some of your money but it’s a good idea to try and save the rest.
Managing your money
Saving might not sound fun but it means you can build up your money so you have enough to buy something you really want and might not be able to afford straight away. You might want to save some money to buy presents for special people at Christmas time or so you have money to spend if you go on holiday.
A good tip is to decide what you want to save up for and write down what it is and how much it costs, you can then write down each week how much you save and you’ll know how close you are to getting it! Try using our savings chart to help keep track of how you are getting on – Download Savings Chart
Do you ever get to the end of the weekend and think I don’t know where my money went? You could try to write down everything you spend (no matter how small) and see how it all soon adds up! You might be wasting it on lots of little things you didn’t really want very much and then aren’t able to afford something you really want later on.
Looking after your money
It’s really really important to keep your money safe as you don’t want to lose it or make it easy for someone to steal! When you are out it’s a good idea to keep your money in a purse or wallet rather than loose in a pocket, also try and keep it in a bag that closes or in a pocket with a zip or button – in an open pocket it could drop out when you sit down.
When you are at home keep your money safe in a moneybox. You could always ask you carer/parent to look after this for you if you don’t want to keep it in your room.
If you have saved up a lot of money you could think about putting it in a Bank Account, this way you won’t be tempted to spend it and some bank accounts could pay you a little interest on your savings so it will keep growing without you having to do anything! If you want to open a bank account speak to your carer / parent and they can help you with this. You can also look at the banks’ websites as they will have information about their saving accounts for children and what you need to open an account.
I hope this has helped you understand a little more about money and ways to save. It would be really great to hear about the different things you are saving for.