5 tips to save major moolah!
Whether you dream of saving money for college, travel or a major purchase, it's not always easy to pass up the frappuccino in favor of the piggy bank. Here are five cinchy steals for stashing away now.
Give yourself an allowance
When you get paid from a job or your parents, put a specific amount away before putting the rest into your wallet. We recommend saving at least 20% of each paycheck. Do the same for birthdays, holidays, etc.—this is how you start saving!
Out of sight, out of mind money
Get a piggy back, a bank account, or give your parents your savings to hold. Having the money out of your pocket and out of sight will reduce the chances of you spending it. Talk to your parents about shopping around for a savings account that pays interest. The more you store, the more it'll grow!
Try a savings challenge
The 52-Week Money Challenge takes a whole year to complete, but the idea is really simple: On week one you save one dollar, on week two you save two dollars, on week three you save three dollars, etc. By the end of the 52 weeks you will have saved $1,378! Try it with your siblings or friends to add some fun!
Shop with a purpose
Before every purchase, ask yourself if the product will be of use or beneficial a year from now. Don’t get us wrong, there is a real joy in getting little knick-knacks. Just do it in moderation.
Look it up in the money pages
Keep track of all the money you spend by writing it down in a personal notebook. Whenever you are wondering, “Where did all my money go?” all you have to do is look it up in your notebook, and plan your future spending accordingly.
Do you have any money-saving secrets?
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