The Money Guru

*sigh* How do you get money for that jacket AND that DVD AND your mum's birthday present AND save some money AND make some money? Well, one girl gives the answers! The only money blog 4 kids! (I think) (This is the bit where I have to say this is for entertainment only, right?)

Wednesday, July 26, 2006

Getting a bank account, part 2.

So, now you have your spending bank account, time for the saving! Things to look for:
  1. NO hole in the wall! An ATM card is the worst thing you can have in a bank account. Even those with the strongest willpower will fail with THAT plastic!
  2. Interest. VERY important. After all, you'll probably be saving for a long time, so you want to make some money! This year, I'll earn 48 interest, which I think is pretty good!
  3. What are you saving for? College? A car? A birthday party? Long term savings goals, like college, which are important, belong in your savings account. Short term savings, like those killer boots, belong in your spending account. Or, if you want, you can open a spending/saving account, for things you're saving to buy.

So, now you have your bank account, how do you keep saving?

  1. Carrot & stick. If you're having a hard time saving, promise yourself that if you save 20 over a month, you'll buy yourself a book---but NOT out of your savings! If you stop saving, then make yourself go without something you really love.
  2. Set a goal. One of my goals is to save 1000 before I'm 20. If you give yourself a lot of time, it'll seem natural.
  3. Do your parents want you to save? Tell them you'll save if they match it. You save 20, they put 20 in your bank account. Getting money from your parents makes everything seem fun!




At 7:06 p.m., Anonymous Anonymous said...

Hi! My parents won't let me have a credit card, what should I do?
Plastic Girl


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