-
x

Meet New Friends!

Recommended friends are based on your interests. Make sure they are up to date.

Friends ff8c072dd79a91c1300f032d674241a8d64367100ffb1f25fa3f9bec4a05319f
Kidzworld Logo

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.

Related Stories:
41 Comments

Related Stories

Micro babysit article
Babysitting is a big job with lots of responsibility, but it can be really fun, too, and a great ...
If your parents have been stressing over money and you feel anxious because of the environment, w...
Micro kidpreneurs article
Kidpreneurs … it’s kind of a funny word to say, right? But there’s nothing funny about having a g...
F1113348125343

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.

General In The Forums

unicornsrule626
unicornsrule626 posted in Random:
"ThePaleWalker636" wrote:Lonely, from the looks of this thread.
reply about 2 hours
ThePaleWalker636
Lonely, from the looks of this thread.
reply about 2 hours
Kirsteeeeen
Hi! If you have a question to ask, post it in one of the Dear Dish It forums (depending on which category it fits into- bf/gf, style, family, friends). Other users can answer, and these are the forums from which Dear Dish It articles have been selected.
reply about 3 hours
Mellisa169
There. Over there is the garden. Encased in shrubery. Lightly sun kissed. It called the girl. She listened. Skipping. She skipped toward the garden. She entered through its gates. A leaf-strewn path welcomed her. Fresh Gardenias, Peonies, and Daisies. They all greeted her. They all called her toward them, the rose bush most compelling. Skipping. She skipped toward the rose bush. The roses hugged and caressed the girl. The girl hugged and caressed the roses. A gleam of light ran across her eye. She looked at her bottom right. Steel. A steel door. This door didn't call. It beckoned, yelled, pulled, enticed. She pulled open the latch and fell inside. She landed on a surprisingly soft bed of flowers. Roses to be specific. She spotted a tall woman. Dark chocolate hair cascaded down her shoulders. Her skin tinged with chlorophyll. Her irises were deep blood red and laced with gold. The Rose Queen. She emanated mystical coldness. "I'm sorry." she whispered. She flicked her finger upwards. The roses grew thorn-ridden vines. They enveloped around the girl. They punctured her. She screamed out of pain and fright, but she kept fighting. "HELP! I'LL DO ANYTHING!" the girl cried. "Anything?" the Queen whispered "Anything!" the girl said. All of a sudden, a golden sword floated in midair. She took it with her only free hand. She began to slash away at the vines. She finally was able to climb out of the bush. "Thank you." the girl said to the Queen. A soft tear came down the Rose Queen's cheek. "I'm so sorry." she said Before the girl can ask why, the Queen began to dissolve into a green sparkling light. The only thing left was the sparkling light. The girl gasped. The light went directly inside of her. She fell to the ground and screamed. Her hair turned dark brown. Her skin became tinged with chlorophyll. She grew taller. The little bit of blood she had left went to her irises. Gold began to lace up ###### ### irises. A new bush grew with new colorful roses. She stood up and sat on a newly developed golden throne. A new Rose Queen has been born.
reply about 4 hours
Mellisa169
This is a repost from a free verse/short story I already made a few months ago.
reply about 4 hours