How to Save Money at a Young Age

There are many benefits to saving money at a young age. You can use it to pay for college or university, buy something special, or just save it until you're an adult and use it for insurance, putting a down payment on a home or buying your first car. However, saving money is not easy. You must resist the temptation to spend money, which is no simple task.

1. Choose a savings goal. When you first start getting an allowance, decide how much you will save each week. 2. Open a savings account. You Consider a credit union instead of a bank, the fees are often lower. If you're under 18 years old, you will need your parent's help. This will enable you to earn interest on the money you save and potentially making your savings less accessible when you feel like splurging. 3. Save the birthday money. If you get extra cash on holidays or your birthday, always save at least half of that. Some families even give their relatives' children savings bonds for college or money earmarked for long-term savings. Put those in the bank though, not in your chicken bank. 4. Keep saving. Have a goal and spend the money on something special. 5. Share If you have a sibling, try to make a deal with them for putting together all your money, and sharing it half and half, or saving it all for something special. 6. Statistics show that the quicker a person buys a house the more money they save. Don't rent an apartment, your just giving your money away! Save a part of your income and begin now