Is this a deal i should take?

Question

Okay now that i have a baby sitting job i get 80 dollers a month but my mom said that every time i make a hundred dollers i should put 20 it in the savings accont

so i should make about 1,000 dollers or less?

is that a good deal

and i am old enough

Answer 1

Your mom is very wise.  You certainly are old enough for a savings account.  You will learn from opening it, too.  Get to know your banker in the process and it will pay off later.

Answer 2

Yes i agree with putting the money in a savings account but I would try to put more than 20. I would try 50 for every 100.

Answer 3

Kirsten,

Congrats on the babysitting job!  Saving money, eh?  Your mom is right, but so is "Sharon T" who suggested that you try to save about half of that salary.  Savings accounts require a minimum amount of money to open the account ... depending on the bank.  Know your bank ... choose carefully ... like Bank of America or Chase.  Establishing a solid relationship with a banker takes years, but it is extremely important in the grand scheme of things.

You asked if you were "old enough."  Of course you are!  Anyone who can think ahead like you can, is old enough to start learning about managing the money you make.

I wish you luck!

Uppity Wench