HOW can I start saving? i'm 10 yrs.old?

Question

I can't concentrate saving because there are many distractions that I encounter like:Internet, buying loads for my cellphone.I need your best advise!!! THank you & MERRY CHRISTMAS!!!

Answer 1

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.

Answer 2

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

Answer 3

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!

Answer 4

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!

Answer 5

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!

Answer 6

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.

Answer 7

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?

Answer 8

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.

Answer 9

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.

Answer 10

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..