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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.

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AlphaT
AlphaT posted in Debating:
"catsrcute9" wrote:. Sure, some people think they are in love when really it is lust but there are plenty of people, gay and straight, that love each other. I believe that it would be beneficial if we kinda cut down on the baby making. The more people on earth, that means that more resources are being used. In a way gays are doing you a favor. Odds are, early on, gays were most likely killed for being different. So it wasn't like they had to chance to evolve .   If gays/lesbians we made to have babies then gays would not even exist. Just because a century old book says that gays cant be married doesn't mean people are going to listen to it. Modify you bible to the now times. Rules change, so should your's. So....much....wrong.....
reply 19 minutes
mickey256
mickey256 posted in Say Anything:
cheating is a form of bullying. bullies are every where it is a nuisance we have to fight be the one to stand up
reply 24 minutes
Teh_Skittlez
Teh_Skittlez posted in Debating:
"tweenblogger" wrote:Yes, times have changed.  The feeling that most poeple feel is lust, commenly mistaken for love.   :annoyedBut also take in consideration that I am doing this from a christian standpoint. Why were the first poeple on earth adam and eve , man and women. And if gay poeple were supposed to marry, why werent they designed to make children? If everyone was gay we would have NOOOO children.  So I guess it's a good thing homosexuality isn't an infectious disease. It isn't contagious, you aren't going to catch the gay because we make it legal for them to marry.  In the United States, we have laws that are there to prevent you forcing your religious beliefs onto others. Those same laws protect you from having other religious beliefs forced on you. For the same reason it wouldn't be fair to ban you from eating pork because Islam teaches you not to eat pigs, it's not fair for you to say that gays shouldn't be allowed to marry because of the Catholic church's teachings. I don't care what your religion says, this debate is about what should be legal. Legally, there's no reason to prevent gays from getting married. The only reason is because of religion, which should have no influence on a secular government like that of the United States. 
reply 24 minutes
Teh_Skittlez
Teh_Skittlez posted in Debating:
"tweenblogger" wrote:I am a catholic and therefore it states in the bible it is man and women. What is the point for marriage? CHILDRENSOOO....YEAH! Dont be offensed So, we should then also deny marriage licenses to the elderly, women who are infertile, and couples who don't want kids. Since, you know, the point of marriage is just children, and not the bond between two people who love each other. 
reply 44 minutes
catsrcute9
catsrcute9 posted in Debating:
"tweenblogger" wrote:Yes, times have changed.  The feeling that most poeple feel is lust, commenly mistaken for love.   :annoyedBut also take in consideration that I am doing this from a christian standpoint. Why were the first poeple on earth adam and eve , man and women. And if gay poeple were supposed to marry, why werent they designed to make children? If everyone was gay we would have NOOOO children.  Sure, some people think they are in love when really it is lust but there are plenty of people, gay and straight, that love each other. I believe that it would be beneficial if we kinda cut down on the baby making. The more people on earth, that means that more resources are being used. In a way gays are doing you a favor. Odds are, early on, gays were most likely killed for being different. So it wasn't like they had to chance to evolve .   If gays/lesbians we made to have babies then gays would not even exist. Just because a century old book says that gays cant be married doesn't mean people are going to listen to it. Modify you bible to the now times. Rules change, so should your's.
reply about 1 hour

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