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How to Save for Something Big

Whether you want to save up for a cool video game or your college education, you're going to need a financial game plan. Just ask your parents who probably labor away, constantly dealing with having to manage a yearly efile, paychecks, bills, and savings of their own. When it comes to establishing a financial plan, check out some of these ideas that'll get you started!

Get a Savings Account

If you're serious about saving your dosh, keeping it in a shoe box isn't going to cut it. It's time to start a savings account. This account should be separate from your checking or "spending money" account. Look for a bank that offers a higher interest rate (that's the money the bank pays you to keep your cash with them) and also make sure they don't charge you a lot of service fees. In fact, a lot of banks don't charge kids any service fees at all, so shop around to find the right bank for you.


Start Saving Your Money Now

The next step is to start putting money in your account. Start with whatever you have, whether it's five bucks or a thousand, it all helps. The best thing to do is to make a saving plan. Decide how much you're willing to put aside every month and then do it. If you already have a checking account, most banks will be able to set up an automatic transfer every month - so the cash will come out of your checking account and go into your savings automatically. This is helpful cuz it's way easier to save money if you never have a chance to spend it in the first place.

Advanced Options: Investing Your Money

If you have a serious goal (paying for college, backpacking through Europe after graduation, etc.) the best idea is to start making your money work for you. The way to do this is to invest your money somewhere where it's going to make more interest than in your savings account. Here are some options:

  • Bonds: When you buy a bond it means you are lending money to someone (for example, your government or a company). With a bond you get a higher rate of interest than with a bank account, but you have to wait longer to get your money back (sometimes 10-15 years).
  • Stocks: When you buy stocks you are actually buying a tiny piece of a big company (for example, you can buy stocks in Disney, McDonald's or Nike). You can often make a lot of interest in the stock market but you also run the risk of losing money too. If the stock goes down, the money you get back from your investment goes down too.
  • Mutual Funds: Mutual Funds are like investing on your own, but instead you pool your money with other peeps and invest in a bunch of things (stocks, bonds etc.) with the help of a financial manager. This is a good option cuz you have a professional doing all the hard work, and it is less risky since you don't have all your investments in one place.

Other Investment Options

There are tons of other investment options out there and a financial advisor, banker or a money-savvy 'rent might have some cool ideas for your specific situation. If you're trying to save up for school, you might find that your government offers some saving help. Some countries and states will chip in to your college fund, while others will give you (or your 'rents) tax breaks. Check out your government's web site or ask your school counselor.

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Where Do You Get Your Cash?

  • I get most of my cash from my parents.
  • I have a part-time job.
  • I get most of my money for my birthday or Christmas.
  • I do odd jobs like babysitting and cutting peoples' lawns.

Random In The Forums

-Gwen9--
-Gwen9-- posted in Debating:
"AlphaT" wrote: "donteatcarrots" wrote:​no. it's mainly the people who are given the guns that need to be properly checked. the guy who killed 49 people in orlando had mental health problems and trouble with the fbi was still given a gun. this doesn't make sense at all to me. yeah he probably has knives and stuff at home which could do just as much harm- so is the gun necessary in the first place? No one is given a gun. A person has to acquire a permit, and then has to buy a gun for themselves.  Okay, yes, mental health is an obvious issue. But it needs to be for specific mental health problems. It can't be just because someone has a mental illness, because many mental illnesses won't effect the operation and use of a gun, or make it more likely for a person to hurt someone else with a gun. I support background checks which would include mental health history, but only if it's done right. Similarly, the guy who killed 49 people in Orlando was taken off the FBI watchlist. This tells me that there are flaws with the way that the watchlist is currently being used. Once that system is redone, then we can restrict those on it from buying firearms. But at its' current success rate? Not a chance.  And it's not about what's necessary...well to an extent it is, but hear me out. Weapons are used for self defense. No matter how many gun laws you have, criminals will still use firearms in their crimes. Citizens require at least an equal amount of protection that criminals use to break the law.  In other words, if you were to be the victim of gun violence, would you rather have with you a knife or a gun? Would you honestly bring a knife to a gun fight?  First of all, I agree with you. Mental health is definitely an issue! But together these issues can be addressed!!!! And as I said earlier, we can control our weapons. The government can create a harder way to get a gun or any weapon. Look at criminal records!!!! Even before getting a permit, or a license, CHECK THE RECORDS!!! This will help prevent these mass shootings.
reply about 2 hours
Hoellu
Hoellu posted in Debating:
"-Gwen9--" wrote:The second amendmant in the United States Constitution is the right to bare arms. If they take away our weapons, then they take away the second amendmant. The amendmant is there for a reason. Weapons are useful for protection. Protection is going to keep us alive. The human population, as a nation, and as a world! If we take away our weapons now we are all dead! We don't want that.  Now, killing 50 people in the Orlando shooting. That is just not right at all. It was not the gun's fault, it was the person. Same thing with the death of Christina Grimmie. Now, I personally believe that we should not take guns away, but we should find a harder process into buying a gun or some other weapon, and we should be trained properly! Look at people's criminal records, look at their other records. I don't care! As long as we still have protection, but less mass shootings! Omg, so true.
reply about 2 hours
AdeleQxeen
AdeleQxeen posted in Electronics:
I have one. I got it for my birthday last year, it's a Samsung Core Prime.
reply about 2 hours
Hoellu
Hoellu posted in Debating:
If there are polices, why are there weapons for almost anyone?Or at least they should have an special permission.
reply about 2 hours
AlphaT
AlphaT posted in Debating:
"donteatcarrots" wrote:​no. it's mainly the people who are given the guns that need to be properly checked. the guy who killed 49 people in orlando had mental health problems and trouble with the fbi was still given a gun. this doesn't make sense at all to me. yeah he probably has knives and stuff at home which could do just as much harm- so is the gun necessary in the first place? No one is given a gun. A person has to acquire a permit, and then has to buy a gun for themselves.  Okay, yes, mental health is an obvious issue. But it needs to be for specific mental health problems. It can't be just because someone has a mental illness, because many mental illnesses won't effect the operation and use of a gun, or make it more likely for a person to hurt someone else with a gun. I support background checks which would include mental health history, but only if it's done right. Similarly, the guy who killed 49 people in Orlando was taken off the FBI watchlist. This tells me that there are flaws with the way that the watchlist is currently being used. Once that system is redone, then we can restrict those on it from buying firearms. But at its' current success rate? Not a chance.  And it's not about what's necessary...well to an extent it is, but hear me out. Weapons are used for self defense. No matter how many gun laws you have, criminals will still use firearms in their crimes. Citizens require at least an equal amount of protection that criminals use to break the law.  In other words, if you were to be the victim of gun violence, would you rather have with you a knife or a gun? Would you honestly bring a knife to a gun fight? 
reply about 2 hours