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Learning how to save is important! As a kiddo you might not have many expenses, but if you can develop good savings habits now, you’ll be so thankful when it comes time to buy your first car or your first house. This month, Young Americans Bank brings you our tips for setting savings goals that you can actually reach!
Setting aside money for saving can be difficult. When your friend receives a new toy or video game, you might be tempted to spend your savings on that item. But if you set short-term and long-term savings goals, it becomes easier to save. With a goal in mind, it’s easier to think about the item you really want and forget about the item you thought you needed. Here’s the difference between these two types of goals:
A short-term savings goal is something you could purchase in the next few months. These items are usually smaller purchases–maybe a ticket to go see a new movie, a birthday present for your sister, or some spending money for a family vacation. Aim for somewhere between $10-$50.
A long-term savings goal is something that will take you a few years to purchase. Maybe there’s a big lego set you have your eye on or an upgraded bicycle you’d like to buy. These items are typically over $100. Long-term goals can also be many years away–a car when you turn 16 or a college education. Talk to your family about what expenses you might have as you get older, and start planning for those expenses today!
Ready to start goal-setting? Here’s a worksheet that can help. Once you’ve set your short-term and long-term goals, be sure to share them with a friend, a family member, or even a Teller at Young Americans Bank–all of these people want to help you reach your goals. Happy planning!