Money is a huge concern in today's society. Who are we kidding? It has always been a huge concern - i.e. The Great Depression. One of the best ways to avoid money stress is to save money, and this can be a hard practice to maintain. Trust me, I know. I have very little self-control when it comes to shopping or "retail therapy." Over the years, I've found several methods that can help so I felt the need to share them so others can learn to save. You never know when that rainy day will come and you will be happy you saved a little something.
1. The $5.00 method: This is very simple, every time you get a 5 dollar bill, put it away, or into the bank. You will be shocked how fast this can add up when you do it regularly.
2. Rolling Coins: Whenever you have spare change, use those little paper sleeves and roll them and bring them to the bank. These can add up faster than you would think.
3. Match Method: This one is for parents... My family did this when I was younger and it motivated me to save my money. The Match Method is when parents match the amount that their child deposits into the bank. For example if I made $50.00 babysitting, and I put it into my savings instead of spending it, my parents would also put $50.00 into my savings, so my 50 turned into 100! If I took out $50.00 for something frivolous, they would take their $50.00 out too. This taught me to save my money for things that really mattered, and by the time I did need that big item, I was able to buy it for myself! (My Car!!)
4. Save. Spend. Share: I was at my cousin's house once when I noticed that she had three boxes of money in her room, labeled: Save, Spend, and Share respectively. I asked her what they were, and she said, "Each week, my dad gives me six dollars, and I put two in each box. That way I can save some, spend a little bit, and give some money to my church." This is a fantastic way to help kids learn to save money as well as being charitable to others. (another great lesson!)
The money struggle is real, but these are 4 methods will help you get closer to achieving that nest egg for a rainy day. Keep Saving Kiddos!