Money Saving Tips for Kids

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Money Saving Tips for Kids

As a kid, saving money can be very difficult. There are so many things that draw your attention and they all seem like things you really want… right now. To be honest, it doesn’t get any easier when you grow up. But if you start teaching them money saving tips now, they will at least have a chance at having the things they want in the future.

Share the following money saving tips for kids with your youngsters and perhaps it will give them a jump on the future:

Learn about budgeting

When we want something, we tend to want it right now. We don’t want it in two weeks or for our birthdays or Christmas. Unfortunately, right now is not always possible or even good for us. We have to learn to budget our funds. That means plan out our spending no matter where it comes from. That allows us to buy things without blowing all our money at one time.

Consider the short and long term

The first step is to figure out what we really want. Sometimes, we think we want soda and popcorn at the movies. Once you have devoured it, however, you probably feel a bit different. Especially after ten bucks is down the drain, right?

Deciding not to have popcorn and a drink just six times will pay for almost any brand new video game. That video game will last you forever. See the difference?

Narrow your wants with a list

To avoid impulsively buying munchies and other things that are only good for a little while, the first money saving tip for kids (and adults) is to make a list of things you really want. Try to think of things you want now and in the future. Perhaps it is the newest phone or game system. Don’t forget those things you might want in a year or more too.

Save now for big stuff later

If you are like most teens, you hope to have a car when you turn 16. If you don’t save your money now, you will have no such luck. Even if someone else helps you pay for the car, you still have a ton of other things to spend money on when you own a car. Maybe you want to go to college. Even with scholarships, there are a lot of expenses that you might be expected to pay for on your own.

Separate your list into long term and short term

Once you have made a list of things you would like to have, divide it into two columns. Make one column for short term goals and one for long term goals. Short term goals should be items you want in the next few months and long term should be items that will take longer than that to save for. Take you list, and sit down with your parents or a trusted adult. Ask them if your goals are something you could have if you saved the money yourself. See if they will help you plan to make some of these things a reality.

Use your list for motivation

Hang that list up on the wall nearby so that you see it all the time. Every time you get some cash, look over that list and consider what blowing the money will do for your chances of getting it. Consider the future and the present. Occasionally, buy something on the list and enjoy it as a reward for doing it the right way. You should be proud!

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