TPE Kids: How to Save for Something You Really Want

Is there something special you really want? 

Some things, like candy bars, don’t cost a lot of money and you might be able to buy them right away. But other things cost more, things like:

·    A video game console
·    An electric scooter
·    A bicycle
·    New sneakers
·    A skateboard
·    An electric guitar

You might be lucky and get things like these as a birthday or a holiday gift. But if not, you have to save money to buy them.

So, what’s the best way to save up for something you really, really want?

1. Decide where you’ll keep the money you’re saving. Part of saving money means keeping it separate from the money you spend. You can ask your mom or dad to hold the money for you, put it in a savings account they set up for you — or keep it in a piggy bank.

2. Set a goal. Write down what you want and when you hope to buy it. Put that paper on the wall or somewhere you’ll see every day. It can be fun to draw or paste a picture of the thing you’re saving for on the paper with your goal. 

3. Figure out how much you need to save each week. Try to save enough each week to reach your goal. Ask your parents for help with this part if you need to.

4. Start saving some of your allowance or gift money. Put aside a little bit of the money you get to buy the thing you want.

5. Keep track of how much you’ve saved. Adding up all the money you’ve saved is exciting as you get closer to your goal. Every time you save more money, add it to the total on the paper with your goal. Watch that number go up each week.

We usually have to save our money for the things we want the most. Even when you grow up, you’ll have to save for things like a car, a house, tickets to a concert or a trip to Disney World. That’s why learning how to save is so important. 

Bonus Question: If you want new sneakers that cost $40, how much would you have to save each week to buy them in a month?