School is almost out which means our young readers are going to have a lot more time on their hands. So whether they are saving up for a new adventure, the latest gadgets, or new clothes, the sooner you get started with savings the quicker you’ll be able to reach your goals.
How much will you need to save in order to make that purchase? Do the math and figure out how much per week you’d have to save in order to reach that goal. If you need a little help figuring it out, we have savings calculators that will help tell you how much you’ll need to save each month to reach your goal, then divide that by four and that’ll give you a weekly target.
If you want to have more money you’ve got to do one of two things, make more or spend less. Sometimes finding ways to earn more can be a little difficult but we can almost always find ways to spend less. Only spend on what you need, not what you want. Think about it long term, if you want to go out with some friends to a movie and dinner, skip out on the dinner and eat before you leave or split a meal with a friend. You can put that savings towards your bigger goals.
Most adults call it a budget but keep a spending diary. This is a great way for you to become a smarter shopper. You track what you buy and how much you spend on it, then as you go through the weeks seeing where your money actually ends up will help you make smarter decisions. Be honest with yourself draw a line on what was a want and what was a need.
Separate your savings and make it a priority in your life. There is no better time to start saving like the present, and when you look back, you’ll be glad you did. Set ground rules for yourself and don’t make excuses! Log on to isavecu.com to learn more about how finances work and what you can do to get on the right path.