Savings is money you put to one side and leave until you really need to spend it. It’s best to use savings for bigger things rather than dip into them regularly. The younger you are when you start saving, the easier it is to get into the habit of putting something aside each month from your money. The more you save the more secure you will feel financially.
Know before you go
- Some accounts will do the hard work for you when it comes to saving – they will “round up” when you buy something. The difference between what something costs and the amount taken from your account goes into a separate pot or vault.
- Other accounts will automatically take any remaining money (over a specified limit) from your account on a specified day and put it into a savings account for you.
- Check to see if your account has any of these extras to help you save without really having to change your spending habits. If it doesn’t, just putting a little aside every month (usually at the beginning of the month before you spend it!) is a great habit to get into.
For more information visit https://moneywise.gi/teens