3 Ways To Save Money As A Kid

For example, if you want to buy a bike, your goal might be enough money to buy the bike, plus the price of a helmet and any other safety gear you need. Even if your goal is just to save as much money as you can, you can still set milestone goals. For instance, you might set a goal that you’ll reward yourself with ice cream every time you save $100. If you’re saving for a specific item, don’t forget to account for the cost of sales tax, which is an extra charge added on to the price of almost anything you buy. Ask your parents how much sales tax is charged in your area.

Don’t keep all of your money in your wallet, since it’s too easy to accidentally lose track of it while you’re out somewhere. Instead, put your money into a piggy bank, an envelope, or even a shoebox, and keep it in a secure spot, like your closet or your dresser. Put your money in the same place every time so you don’t forget where you’re keeping it! Don’t tell people where you keep your money or how much you have saved, unless it’s someone you really trust, like your parents. That way, no one will be tempted to help themselves to your hard work’s payment!

Try putting the chart on your wall or desk where you’ll see it often. This will help you stay motivated to keep saving! You can even decorate your chart with pictures of what you’re saving for! If you’re saving for a new bike, for instance, draw or paste a picture of a bike onto your chart to help keep you focused on what you really want. If you have a smartphone or a tablet, you can even download a savings app like iPiggiBank or PiggyBot to help you keep track of your savings![6] X Research source

In this case, if you get $15 to put in your savings, you might put $5 in the smaller jar toward the video game you want, and $10 in the bigger jar for your trip! You can even have a third jar or envelope for money that you can spend whenever you want to!

If you know ahead of time that you’re going to get money, plan how much is going into savings before you ever see any cash. Then when you do see the money, you’ll just see how much closer you are to your goal! You don’t have to put all of your money in savings. If you’re trying to reach your goal very quickly, you might decide to only keep out about 10-20% for spending money. (In that case, if you get $20, you might keep $2-$4 for yourself and put the rest in savings. ) If you’re focused more on saving long-term, you might decide that 50% of whatever you make will go into your savings, and the other 50% will be for you to spend however you want.

If you think about your savings goal every time you’re about to spend money, you might realize that you don’t need to spend as much money as you normally do. This will help you save much faster!

For other fun free things to do, you could try going to the library, playing games online, or drawing a picture!

Instead of buying a can of soda for $1. 50, for example, you could bring a refillable water bottle with you wherever you go, and fill it up whenever you see a water fountain.

If you tell your parents that you’re trying to save money, they might be more inclined to pay you to do extra chores or odd jobs around the house. If you tell your best friend, they might remind you that you’d rather have the shoes you’ve been saving for than a candy bar after school.

For example, if you’re going to the movies with a group, bring enough money for your ticket and, if you want, a few extra dollars for spending money. If you have any change left over, though, bring it home and put it with the rest of your savings!

Find a time when your parents aren’t busy, and ask them if you can talk to them. Then, say something like, “I’ve been doing my chores and trying hard in school, and I was wondering if I could start getting an allowance. " If your parents can’t give you an allowance, try to be understanding. If you’re mature about it, they might be more inclined to give you money for odd jobs when they do have a little extra on hand.

For instance, you can offer to rake leaves for $10 if you notice that a lot have collected in your yard, or you can ask your parents if they’ll give you $5 if you clean out the refrigerator. Try to keep your prices reasonable to increase the chances that your parents will say yes. Also, try very hard to do a good job. If your parents have to clean up behind you, they’ll probably say no next time. If you have siblings, offer to do their chores for them in exchange for money!

It’s important to be safe! Only talk to your neighbors if they’re someone you already know, and never go inside someone else’s house unless your parents know where you’re going.

If you want to sell candy, buy it at a discount store, then sell it for more than you paid. If you try to set up your stand near another business or on someone else’s property, you’ll need to get permission from the owner first.

If you’re selling online, you may need to get your parents’ help setting up your site, since you’ll probably need to have a bank account where your payments can be deposited.

It’s best to start out by only watching 1 kid at a time until you get a little experience. That way, you’ll be less likely to get overwhelmed. A common rate for babysitting is $10 an hour, letting the parent(s) know that you’re flexible will raise your chances, opposed to demanding only one price. Before you babysit for someone for the first time, get to their house a little early so you can talk to the parents about the rules and whether there’s anything special you should know.

Before you walk a dog, make sure that the dog isn’t too strong for you. If you can’t control the dog, it could get away from you if it gets excited while you’re walking it. Sometimes pet-sitting will involve keeping the animal at your house, but for some animals, you might just need to go to the house once or twice a day to make sure they have food and water and their space is clean. The pet owner will give you specific instructions.