- Step 1: Set goals 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.
- Step 2: Save 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.
- TIP: Take two envelopes. Write "spend" on one and "save" on the other and use them for motivation.
- Step 3: Ask for small bills Ask for small bills so you can easily separate what you want to save from what you intend to spend.
- Step 4: 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.
- Step 5: Think big Avoid buying a lot of small things, which add up surprisingly quickly and will eat up your allowance before you know it.
- Step 6: Avoid peer pressure Don’t worry about what your friends are doing with their allowances. Stick to your goals.
- FACT: As of 2006, it cost the U.S. Government about 1.23 cents to print a penny.
You Will Need
- A journal
- Envelopes (optional)