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How to Save for Something Big

There are tons of ways to save your cash.
Saving Your Money

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 file taxes online, 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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Comments

MewSilver

MewSilver wrote:

This doesn't work for me ;--;
commented: Tue Aug 13, 2013

HeBrokeMyHeart0
I can't save for nothing! Jesus help me :) lol
commented: Sat Jul 06, 2013

Chris the awesome
iam i have saved so far £200
commented: Thu Apr 18, 2013

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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.

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Team Audi #46
Example, someone could shoot at you once in anyplace and kill you. Now, only certain guns can do that, snipers. People have a weak primary weapon and kill you with a single shot. I know. I've done it before.  Trust me. If you are into it, you will get irritated with it over a short time. 
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Seth100
Seth100 posted in Debating:
"9bella" wrote: "mainmuffin" wrote: "9bella" wrote: Personly  Im  not  trying to be the fun  buster or anything but  I  disagree.  I  believe  that  all   kids  should Always go  to  school. Because  How  are you going to survive a Job  without   a High  school  degree .  Most jobs dont  even hire  without degree's  and most  Even require college. Studdies  show life can get out of hand without  school   I  would recomend staying in school. Having a degree doesn't guarantee you a job though. But yes, I think you should have to go to school.  but  it  will  still  help  you  deeply because most jobs wont hire without a degree not all so true not every job needs a degree it just depends on career that your interested in 
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Hippiegirl97
Mario! Mario games are awesome, but very hard. (I think there are some for every game system) Epic Mickey  is really fun and challenging. (Wii) Epic Mickey 2 is okay, but personally I prefer the first one. (Wii) Disney Universe. It's kinda easy but still challenging enough to be fun. (Wii) Spyro is awesome! (various systems) If you like tycoon games, Roller Coaster Tycoon is awesome! (PC) Hope this helped :) Oh, and Amazon has pretty much any game you could imagine, even classics, so...yeah..... :)
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Scourgeheart
Scourgeheart posted in Debating:
gummy worms
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Betzy123
Betzy123 posted in Say Anything:
"Team Audi #46" wrote:Or eBay. That works.Okay. Good. I was using those as an example hoping you played at least one. Yes it does. Okay. Just curious. Go Online with caution. You might get mad playing it............. Because Call of Duty is stupid at times.  o.o  How does CoD get stupid at times? lol 
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