May 28th 2011
Hey Yo! readers. This weekend I would like us to learn a little about money. No, not how to make it, but how to save it! Believe me if I had started saving money when I was your age by now I am sure I would have a huge chunk on my account. So you need to Learn about Money. Because the minute you settle for less than you deserve, you get even less than you settled for. So no matter who you are, making informed decisions about what to do with your money will help build a more stable financial future. Here are a few simple tips. First start by setting goals. Most people who have money didn't get it overnight. They set goals and worked hard to reach them. Write down your short, medium and long-term goals.
Develop a Budget. Find out where your money is going. Unless you're tracking your money, it's probably not going where you really want it to. For example: Write down your total monthly take-home pay. Then list your monthly expenses. At the end of the month, subtract those expenses from your total pay.
Look for places to save. Use this information to set a monthly budget that includes saving. Review how things are going each month. And use free coupons whenever possible. For example: Carry a small notebook. Write down everything you spend. Include small things like candy bars.
Start Saving. Small amounts of money saved regularly add up fast. Compound interest, which lets you earn interest on interest, will make your savings grow even faster. For example: Open a savings account. Have part of your paycheck deposited directly into your savings account every month. Remember, the earlier in life you start saving, the more you'll have later.
You need to set up two, one that you have card access to and a separate account with a high interest rate. The high interest rate will make your money work harder for you. Make sure you don't have card access to the second account, this will tempt you to spend your savings.

Odd Jobs. If you have trouble finding a job ask family and friends if they have any odd jobs you can do, this might involve washing cars, mowing lawns, ironing clothes, cleaning out fridges or garages, dog walking. Get creative and make a list of all the jobs that you are willing to do and how much you want to charge, then get on the phone to aunts, uncles, grandparents, family friends and anyone else you can think of. I would not recommend door knocking, it can be dangerous to knock on doors of people you don't know, you may also find that people you know are more likely to be regular customers, you would be surprised how much money you can make from this. Just make sure you save at least 10% of the money you make, maybe ask some of your customers to pay straight into your second bank account.
Ask a parent. If you think that you are going to have trouble saving, ask a parent to open an account with you. Set it up so that it requires both of you to be present to make any withdrawals from this account. You’re only young, it takes time to learn the discipline of saving, I find setting up your second bank account this way is a great tool to teach you how to save. Even if you ask your parent to do this for only 12 months, after that you should have saved a fair amount and that should be motivation enough to keep you saving.
Taker care ya’ll and save big!! God bless.
Scady. P

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