Managing Your Allowance: Save it Responsibly!

Do you get a weekly allowance?  Do you earn money for mowing yards or shoveling sidewalks in your neighborhood?

If so, then you need to set up a Savings Plan. A savings plan is a plan that you make up for saving and spending your money. It teaches you how to use your money wisely.

A savings plan will allow you to save some of your money every week. You can save your money until you can buy something special, like a bike or a new video game. You can also save for smaller things, like a CD, clothes or a book.  You can even save up your money for a car or for college!

Below are some sample savings plans that you can use to help you get started.

Other Saving Tips

The following tips will help you to make the most out of your hard-earned money:

1. Set a monthly goal and track your expenses.
Keep a notebook with you at all times, and be sure to write down EVERY purchase you make & how much it costs. Set a goal of how much money would you like to save this month, and keep most of your money in a jar at home. When you carry all of your money with you, you are more likely to spend it just because it's there.

2. Buy things cheap.
Why should you buy something at full price, when you could get it much cheaper? Unless you need something essential (like toilet paper or water!), you should watch the fliers for sales at your favorite stores. Stock up on the things that are extremely good prices. It is also a good idea to shop at thrift shops, consignment stores, and dollar stores. You may not get name brands on everything, but you will get much more for your money.

3. Make your things last longer and use them less.
Take care of your stuff and make it last longer. You don't need to throw your clothes all over the place, pile CDs all over your shelves so they could fall and break, or leave drinks by books, electronics, etc. If you clean your room often and find a place for everything, your things will last much longer, and you won't have to buy new things as often. Use your nicest clothes less often, and hang around in inexpensive sweatshirts, t-shirts, and pants. Don't go overboard with your cosmetics, body care items, or other items that you need to replace frequently.

4. Do things that don't cost any money.
You can have a lot of fun taking walks, watching movies at home or at a friend's house, driving around, going to stores and just browsing, or even just talking with each other. Time is free, so spend a lot of time with your friends and family!

5. Be creative.
Re-use items and turn them into something new. Swap items that you no longer want with someone else who might be willing to trade. Have a garage sale and get rid of your old junk. By being creative, the more you use your head, the less you use your wallet.