Larry Powers
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Paul J is right. 25% is the way to go, and remember to put that 25% into your piggy bank as the FIRST THING you do with your money, when you get it.
In addition to that, I never spend my change. When I buy something, I only use bills to pay with, and just put the change in my pocket. At the end of the day, when I get home, I take all that spare change and throw it in a box. Next day, when I have to buy something, I only use bills to pay... etc. In no time, you'll find that all that spare change adds up to some real money. In an emergency, you can take it to the bank and cash it in for paper.
I'm so proud of you for starting to think about saving, at your age. I didn't start saving until I was almost 40. Worse than that, I was in debt up to my ears, because of credit cards! It took me forever to get out from under that crushing load of debt, but I've learned my lesson. Never again!! If I can't pay for something with the cash in my pocket, I do without. And I NEVER touch my savings, except to count it and rub my hands together in glee. |
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bill s
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Where are you getting money from to save? internet bills? loads for your cell phone? how do you have all this money? my guess is your parents spoil you, have them start saving for you. Happy Thanksgiving, take it one holiday at a time. |
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Donna M
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Well, it's the same for all of us. Saving money when there are so many lovely things we want to buy is very hard, so I know what you mean.
I think at 10 you are now old enough to have a simple savings account at the bank. So what you should do, is put some money in there every week and pretend to yourself that once it's there, it's gone forever - and you can't take it out again.
Also, if you are saving up for something in particular then stick a picture of it on the front of your bank book - that will remind you that if you keep taking out your money, you'll never get that thing you want.
Good luck! |
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Frank Castle
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I suggest you to stop buying loads for your cell phone.
Get a solar loader. |
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paris
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open a savings account in your post office or bank put half of your pay into it each week and when you see the money grow you will just want to save more have a great christmas |
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JoAnne H
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just put some away everytime u get it and promise ur self u wnt spend it |
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LL
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Have an adult take you to a bank and set up your own savings account, then stick to it with a certain amount you put into it each week. |
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Nyx
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Open a savings account that you can't access until you are older (say 18). Put a quarter to half of your earnings during the years into that account.
And try to ease up on the cellphone add-ons. Why do 10 year olds even need a phone? |
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G
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you are 10 -- go buy some candy. currently americans save .5 % of their money. that means if you save a penny of ever dollar you are doubling the average savings. watch out for your cell phone company - -they want all your money. lots of people will want all your money as you grow up. thats why people have no money to save. just remember you can always say "HEY THATS MY MONEY -- NONE FOR YOU!" anytime you want. so buy me something nice for christmas for all this advise. |
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businesscoach2006
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It's very nice that you are thinking of starting saving so young. If you follow some principles you could be rich before you go 30 years old.
What I've learned about saving money is this: Always save 10% of what you earn. But save that 10% first. Don't spend your money and then save the 10%. We call this "pay yourself first". This 10% will go to your savings account and you cannot spend it no matter what for at least the next 10 years.
Second you can save another 10% of what you earn. This is your moving capital. What that means is that with the 2nd 10% you can find ways to create more money(i wont go into details on that) ex: Buy a second bike and rent it to your friend or other kids or maybe buy a video game and rent it.
And third, save a 3rd 10%, which will go on helping other people/children. When you start giving to others, an abundance will start coming your way.
So you put aside 30cents of every 1 dollar you get.
You can read some good books on that:
The richest man in Babylon by George Clason
The 7 Habits Of Highly Effective Teens by Sean Covey
I hope i helped - please tell me what you think |
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Breeze
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Well you get tax free savings and interest on what you save.
Split your money into three parts, one you put in your purse for every day spending, put another 1/3 into a jar with a picture of whatever you are saving up for, and the other 1/3 into a bank account, see if any off these under 16's accounts have special offers, like free cds, dvds etc, but check out the best interest rate. When your jar has the right money in it, ask your self if you really need what you are saving up for? if not put half back in the jar, along with a picture of another item you want, and the other half in your bank account.....just remember when you want your first car you will probably be the only one of your friends that will be able to go out and buy it! |
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msabbagh
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Find out what the smallest term deposit possible is, keep your money in a plastic bottle till then since you'd have to cut it open to get your money out, once you hav enough for a term deposit cut your bottle and put it in a term deposit and start all over again.make your term deposits mature monthly so if it takes longer than a month to get enough to make a miimum term deposit you can add what you have to first deposit and redeposit. Find out what the minimum monthly mutual fund deposit is. Once you have 12 times the minimum mutual fund deposit, open one and start removing that amount from your deposit combined with new money to put into your fund account. |
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Lord of the Sovereign Ring
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Whenever you get any money at all, put 25% away immediately and forget about it.
Even if it's a few pence, you'll be a gozillionaire before you are 40. |
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NoDiggityNoDoubt
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Just take a small percentage of all the money you get, and put it in a jar or some other safe place. For instance, for every five dollars, put $2 away immediatley that way you are never really tempted to spend the money. |
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what_the2nuts
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Self discipline, don't spend your money trust me when it comes time for you to get your first car it will be worth it!!! |
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mx3baby
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Have your parents open a savings account for you. Instead of the money going to you, it will go into your account. If you want a portion of it to go to you, then say so. You're parents can put 50% in the bank and 50% in your hands. |
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k
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Get your parents or grandparents (or both) to buy you some Premium Bonds. The smallest amount you can buy is £100. You don't lose your money - you can cash them in at any point, and get what you paid back - who knows in the mean time you might actually win something. |
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bhessa2001
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hi there
its really nice to save and spend money, but if u save its.....better.
first,the money which you get put 25 or 50% away n take the rest and then do anything u want..
or save them in a bank acount
ok
trust me this will work (cos i got 10 yr old brother)
take care n enjoy
merry x'mas |
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Golden
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get your parents to get you a savings account and automatically deposit 25% of your allowance into saving. don't touch it. |
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happylucky
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grandpa's old style piggybank is always, the first step to start with. new age as a piggy bank is the bank. lots of different ways to save are available in the bank. try to invest small but do it regularly. try to save in that kind of scheme where you also get good interest. |
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Jack S
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Listen to Paul J he knows what he's talking about. Also spend your money wisely and avoid spending on unnecessary things. By the essential things that you need then treat yourself once in a while. Hope it all goes well. :) |
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Hermionie
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just dont spend loads on your cell phone. |
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greysh2
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i'm assuming you're saving to buy something...so if you feel the urge to spend think of that something you're saving for and hopefully you wouldn't want to spend as much. although you should also get to treat yourself now and then so you wouldn't be depriving yourself but just in small doses. Saving at a young age really helps you in the future. have fun saving and merry christmas to you too.
p.s. you could open a bank account so it would be more hassling to take out the money, that way you can save more. |
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Strange Angel
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Here's what I do. I got this awesome coin jar that actually counts the money as you put it in. It's so cool to actually see your savings add up. I have over $50 already, and I just started about a month and a half ago. Just put all your spare change in it, and it will add up quickly. If you don't want to spend the money on the mo ney-counting jar (it was a gift), then get a regular jar, like a pickle jar, cut a hole in the top, and superglue it shut so you cant take any money out. Alternatively you could have your parents sign you up for a children's savings account, and have them help you with deciding what you should spend money on and what you'll be better off with doing without and putting the money in the bank account instead. Good luck! |
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stargazer6440
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it's easy...just don't buy anything...theres no mysterious answer...it's simple really...if I want to buy something but I don't have enough money...I would just not spend any money on anything except the necessities until I saved enough money for whatever it is that i wanted. Just think about what it is that you want when you feel the urge to buy that cell phone load or whatever and realize: "if I buy this i won't be able to buy what I want"...good luck.. |
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Kari
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Subscribe to sparklen enterprises. You can make thousands in a month. And, they are currently saving up half of their proceeds to give to comic relief on red nose day. You could make a mint and help a charity too! And with that much money, there is just no way that you will be spending it all.
More information? Email me on rosiebelinda@yahoo.co.uk |
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Brooke~*
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these people have already gave you really great advice. good for you to make such a responsible decision at such a young age. i wish i would have started as early as you. good luck with it & keep it up! you won't regret it! |
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antonyo rayan
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you ten years old i think you don't need to save money at this age.if you are obliged ask you father about that |
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