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Financial Literacy - Saving Money is Fun and Important: How to Save Money Trick #1 and Trick #2

For Families with children in 1st - 5th grades

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Ideas of How to Save Money

Trick #1: Four banks, not one!

Want a smart way to control your money? Use four little banks. Label each bank with the way you’ll usethe money: SAVE, SPEND, INVEST, and GIVE.

A spending bank for money to be used soon on everyday things.
A saving bank for money to be used later on larger items.
An investing bank for money that will be used several years from now.
A giving bank for gifts to help others.

bank imageDecorate each bank with stickers, photographs, cut-outs from magazines — or your own drawings. The pictures show how the money will be used. For example, if your SAVE bank holds money for a new bike, that’s the picture you tape to that bank. Show off the banks in your room! They keep track of your money: the money you have saved.

 

 

 

 

Website:  www.themint.org/kids/savings-tricks.htm/

Trick # 2 Saving Money Ideas

Trick #2: Set Savings Goals!

How much should you save each month? That depends what you’re saving for. For example, you want to buy a new bike, but your parents say that you have to save $100 of the bike’s price before they will pay the rest. It can be tough to earn $100 in a short amount of time. That’s why money-smart kids have savings goals – and stick to them.

If you saved $25 each month ($6.25 a week) , you could buy that bike in four months! And if you saved $50 each month, you could buy that bike in two months! Sweet! The more you can save, the quicker you get the bike.

Money-smart kids who stick to their savings goals make things happen!

From: http://themint.org/kids/saving-tricks.html

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Savers

Photo from: www.debthelper.com

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