Up next in Money Advice for Kids (5 videos)
Just because you're not old enough to earn a paycheck doesn't mean you can't make some fast cash.
You Will Need
- A journal
- Envelopes (optional)
Set goals for the short-term and the long-term. A short-term goal may be something less expensive, while a long-term goal may cost more.
Figure out how much of your allowance you want to save and how much you want to spend. Put aside a percentage for your long-term goals.
Ask for small bills
Ask for small bills so you can easily separate what you want to save from what you intend to spend.
Keep a journal
Make a list of everything you buy. If you are not saving as much as you’d like, refer to your journal for clues as to why.
Avoid buying a lot of small things, which add up surprisingly quickly and will eat up your allowance before you know it.
Avoid peer pressure
Don’t worry about what your friends are doing with their allowances. Stick to your goals.