Do you think this will work??

Question

so, im 14, and i don't have a bank account, and i just keep my money in my wallet. i don't spend too much, but its to the point that i only have around 40 dollars.

i really want to start saving up for things that i will need in the future, so i had this idea:

if i made a chart, and every time i got money, i divided it into catergories, such as :

car (when im 16, of course)

house

new guitar

clothes(my mom only buys me the clothes i need, no jewelry and stuff like that)

i could control where i put everything, such as putting more money into the car catergory and less into the house, since i would like a car before i am going to need a house.

my parents will let me open a bank account, so i can keep track of all the money that i have.

do you think that this will work???

thank you SOOO Much

xoxo

-A

Answer 1

BRILLIANT!

That is exactly that you should do.

When you have enough say $100+, see if you can get your parent(s) to open a savings account for you.

Excellent forward thinking. Keep that up and you will do well in the future!

Answer 2

I don't see anything wrong with that at all. You do what works for you. You should be proud of yourself because there are adults out there who could use your advice.

Answer 3

That's an excellent plan, I wish I had your foresight when I was your age.