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Financial Literacy - Saving Money is Fun and Important: How to Save Money Trick #3, Trick #4 and Trick #5

For Families with children in 1st - 5th grades



Ideas on How to Save Money


Trick # 3: Save First, Not Last

What's the FIRST thing you do when you get paid?  You divide your money and put it in your four banks. If you want that bike, you have to be sure that money goes into the SAVE bank FIRST.  Talk your parents about your plan. They might separate that SAVE money from your allowance, so that you can eastily put in the SAVE bank right away.

Trick # 4: Cut your expenses

Get a notebook that you use only to keep track of your money.  Write down any money you spend.  Try to keep a Money Diary. List what you bought, when you bought it, how much it cost, and when you bought the item.  Your money diary will teach you somthing about yourself.  for example, you may find that you spend $5 a week on snacks from vending machines at school.   Are those snacks worth that money?  Or would you rather save that moeny for something else?  Don't eat the snacks, and you get closer to buying the bike.

Trick # 5: When you do spend, be a smart shopper

Okay, you've got some money and you're ready to buy a DVD.  You've saved that money, so make it work for you.  Remember to shop smart?  Check out prices.  You can buy that DVD plenty of places.  Figure out where you can get the best buy for your money.  Look for sales and coupons.  If you save a dollar, that means you can spend it on something else.  Or add it your SAVE bank for your bike.