Hello my name is Ella, at the time of writing this article, I am 10 years old. I have been on a journey for the past few months learning all about money. Following on from other topics I write on assets, I felt it was important to share my ideas and thoughts around this very important topic called money.
More importantly, how to save money for kids. I struggle with saving money, the moment, I get a few dollars, I get too excited and want to go to the shops and buy something. It might be a small toy or candy, anything I can spend my few pennies on.
I have been researching and coming up with ideas on how kids can save money to purchase something more meaningful, even consider investing in an asset.
Why save money
Because then you can have a certian amount of money and can buy more things with it,
So you can have more money
Plan for a future purchase.
Spend it in a future time when we need it
Buy a bigger toy
Buy a toy that could increase in value which is an asset. Or a toy that can be sold for a similar purchase price. like Lego
Buy gifts for someone special
To by something for your parents as a supprise for christmas or birthday or any time
TO learon the importance of saving money for when I become a teenager or adult.
20 Ideas on how to save money for kids
Use a jar to save all of earnings and savings.
Set a goal of how much you want to earn in a year or a month or a week.
Look online at the prices of what you want for things like toys.
Learn to save for things you and your parents would want.
Use a second jar to save money for when you are 18/ adult.
Ask your parents if they can have a reward chat for being good or doing chores.
Do some money math to learn money.
Ask your parents to talk about money with you.
Print some money math sheets out.
There are three types of money. Cash, card and coins are all value of money.
Every week a 10 year old should earn $5-$10 for doing chores.
Surprise your parents by doing some chores and they might reward you.
make a goal
so your probably thinking what to I mean by making a goal. well I made a goal for a hundred dollars and I got that goal well actually I got over that I got $138.40 and I thought that was awesome (I’ve never had that much money before). let me tell you what I think that you should start of with a easy goal maybe like $25-50.thats a good starting place. Once you get over $50 maybe $100.as you know I got to $138.40 but after I got my goal I went shopping . At the shops I got six squish mellows and a few other things, I still had some money left but I decided to save the rest of my money to make another goal . as you can tell from this paragraph you should try to make a goal to save your money .
Once you’ve made a goal
After you have read the top paragraph you can read this one. Now let me tell you so after you have made a you can choose to spend your money or you can make a goal for a higher amount. in my opinion I would choose to make a goal for a higher amount of money.
saving money is important
saving money is important because if you don’t have money as a kid you wont be able to spend it on anything like toys and other things you wont be able to be a kid.
money is valuable so you will need to take care of your money while your saving it .money is a special thing because some people in the world don’t have money.
my story on how i saved money
well here it is. I stared saving only a few weeks ago until i got $138.40 and then i went on a shopping spree. lets go back a bit .
how I saved
so I grabbed a clear cylinder container to put my money in to I earnt some of my money by chores and others were given to me but I still managed to save my money to get more things from the store.
on the shopping day
on the shopping day i got very exited to worn you I only took half of my money to the shops so i have money left still. With that money I bought 6 squish mellows and a few other things to be honest i thought that was awesome .so you might want to save to.
after the shopping day
after the shopping day since I still had money left I made a goal for an amount. which was $100 so I can buy a guinea pig and still have money to buy its cage and other things.
once you have been to the shops you can play with the thing you brought.
saving money is important because it allows you to enjoy greater security in your life.
saving money with different objects like a container or a piggy bank.