I'm eleven and i want to save but how?

Question

I'm 11, and i want to try and save $2,000 or $3000 matters how long it takes=] I know alot right, but i spend my money really fast cause my mom usually goes to the mall and i always buy something at abercrombie hollister or something and they're a bit pricey. I would get an allowance of $260 a month if i do my chores and maybe a total of $250 for my birthday somewhere around there. But its really hard to save because of peoples birthdays and stuff. And if i really like something i just get it its hard wen yur kid cause you dont really have a big responsibily of money like adults they have to pay bills and stuff. How long do you think it will be possible to get that money?

Answer 1

You get $260 a month? Good lord, I would say you are a bit spoiled.

Open up a savings account at the bank your parents go to.

Answer 2

I applaud you on your initiative. I am sure you can do it. You remind me of myself at your age. I wanted to save money at 8. lol. I think your best bet is to ask your teacher's. A lot of banks have programs for young people to start saving. Be easy on yourself, you have your whole lifetime to worry about money.

I know you can reach your goals. Also, look into a high yield savings account such as http://www.ingdirect.com

Best of luck with your goals. :-)

Answer 3

Get your parents to put the money into a bank account that you do not have access to.  Spend less on yourself and other people!  

You should get a book like "Rich Dad, Poor Dad" - there is a version for teenagers

Answer 4

Just get your mom or dad to open you up a CD account at their bank. If you just deposit $20-$25 a month you won't be sacrificing that much. I promise you... if you check it after a year you will be amazed at how it can add up! Good luck! :D

***I also did the same thing and now have $3000

Answer 5

Wow you get a lot! Put some in the bank or put it in a money box and forget about it. I have a little chair that is soo cute (it's tiny though) and at the back is a money box. No one suspects that my money is there and I forget about it. Self control. Good Luck!

Answer 6

You can't have your cake and eat it too.  You will never save if you spend it all.  That's not rocket science.  Just don't go to the mall if you know you are going to spend.  Put at least 10% of everything dollar you get in the bank and forget about it.  Otherwise, stop kidding yourself.  You will always be broke if you don't do this.

Answer 7

you keep joking yourself that you will not spend, which it never work. Be more strict if you really want it. You just need to teach yourself to not spend. Ask yourself what is more important to you, spend it on whatever things you want or save it to reach your goal. Save some and spend some when you earn money, dont over spend all you have.

Answer 8

Tell your parents to check out smartpig.com and open an account for you. They have one of the highest interest rates curently available and it keeps the money out of your hands and away from the temptation at the mall or anywhere else.

If you save $150 a month (this still leaves you some spending money) and some of your birthday money every year in this account you will have $2000 by approximately March 2010, less than 2 years! Good luck

Answer 9

The major obvious thing is don't go to the mall and buy things you really don't need.

You are only 11 so cut down on the gifts. Something small, tasteful and something that you really gave thought about what the person likes. It is way better than just going out and blowing some cash on a sweater or whatever 3 days before a birthday.

My kid opened a bank account. Eventually word got around that he was being a super little saver. So for birthdays and holidays everyone in the family started sending him cash instead of giftcards or some generic thing. He still buys stuff once in a while as one needs to treat themselves once in a while. But he cut out hitting 7-11 and blowing money on junk all of the time.

Answer 10

a year or two

im 15 and its hard!

what do you need for that much anyways?

Answer 11

I know how it is.

I'm 15. Yet I get a lot more than $260 a month.. try $2000 a month as allowance.. Yeah we're a bit rich but I am saving up for this crazy expensive car. I also shop at Abercrombie and Hollister. What I like to do is... Spend about half the money you get and then save the rest. And it eventually adds up. Ask your parents to get you a savings account set up at your local bank.[:

They have interest too, so more money will be added to your amount just by keeping your money in there longer.[: