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Managing Money

So you’ve started earning a weekly allowance and are using your creativity to earn extra money. Your parents are probably teaching you how to spend some and save some. And you’re wondering, “What’s the point?”

Short-Term Savings

Money exists to buy things, right? Right. However… what do you do when you want something that costs more than the amount of your weekly allowance? Maybe you’ve got your eye on the new video game or CD that comes out Tuesday, or that sweet acoustic guitar at the music store. If you are consistently setting aside a portion of your money every week, whether from allowance or picking up odd jobs around the community (see our article, How to Make Money!), you should have the funds to make the purchase.

Keep a jar in your room with a reminder of your goal taped on the front (this can be done with pictures or words, anything you want to do). It will feel good to know that you were successful in reaching your money-saving goal.

Short-term savings will fuel your dedication towards long-term savings!

Long-term Savings
We know you don’t even want to begin thinking about college and buying houses right now, but that’s the cool thing: once you’re in the habit of saving money, you don’t have to think about it. You’ll just do it!

It’s a good idea to put your long-term savings money into an account. This way it will be safe and you can earn a little bit more cash through interest. Remember: if you can’t see it, you can’t spend it.1

Abbey Credit Union offers several options from savings to investment accounts. Have your parents bring you by one of our branch locations to discover what fits your needs best.

Years down the road, when you’re finally ready to begin a higher education, travel the country, or make that big purchase, you’ll be amazed with how financially prepared you will be!

Parents: Your Kids Really do Want You to Get Involved

According to a recent survey by TD Ameritrade, “93 percent of teens surveyed today rely on their parents for guidance on managing money.”2 This means your children are looking at you to get them started on the right foot.

Play a role in your child’s financial education by providing encouragement for saving. For example, show him real life examples of how you save money and the rewards that come out of it. Make it exciting to pique his interest. The more involved you are, without being too pushy, the more drawn in he will likely be.

All this may seem like a big responsibility, but there are many resources to help you along the way, beginning with your community credit union.

Also, at your next visit to the library or bookstore, browse through these titles and others like it to find helpful ways of getting your kids excited about saving:

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Millionaire Babies or Bankrupt Brats? Love and Logic Solutions to Teaching Kids about Money by Kristan Leatherman and Jim Fay
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A Parent’s Guide to Money: Raising Financially Savvy Children by Alan and Gibora Feigenbaum
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Raising Financially Fit Kids by Joline Godfrey
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Clark Smart Parents, Clark Smart Kids: Teaching Kids of Every Age the Value of Money by Clark Howard and Mark Meltzer

Written by Leslie Rogers

1 Feigenbaum, Alan and Gibora. A Parent’s Guide to Money: Raising Financially Savvy Children. Los Angeles: Parent’s Guide-Mars Publishing, 2002. Print. 109.
2 TD Ameritrade. “When it Comes to Money, Mother Knows Best.” TD Ameritrade Holding Corp. TD Ameritrade IP. 2009. Web. 10 Nov. 2009.,%202009&Spot=2#2


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