Do you get pocket money for helping out around the house?
Perhaps you empty the dishwasher or put the rubbish out.
What if you’re trying to save up for something special and you want to make more money?
Seven Tips on How to Save More Money
Tip #1 Set a monthly savings goal
Setting a monthly savings goal is a great way to maintain the motivation to save.
This can be done in a couple of ways. You could set a target for an amount of money you want to save each month, $25 per month, for example.
Or, you could pick a small savings goal for something you regularly buy, like a new toy or book. This way, when you reach your savings goal each month, you'll be rewarded with your purchase.
Our handy savings goal calculator can help you get started.
Tip #2 Automate Your Savings
If you've begun using online banking, and have a separate account for your everyday spending money and your savings, you're gonna love this.
It's possible to set up a regular deposit from your everyday account to your savings account, so you can keep growing your savings without having to worry about a thing.
If you're not sure how to do this, ask Mum or Dad for help. It's quick and easy to set up.
Tip #3 Restrict Online Shopping - Controlling your Impulses
If you've got your own debit card, it can be easy to be tempted to start shopping online.
Online stores make it very easy for us to spend money, and advertising can be very effective in convincing us to buy things online.
It's important to understand that the best way to buy things online is with help from mum or dad, and that you should only ever buy things you have money for.
Online shopping can easily eat away at your savings if you aren't careful!
Tip #4 Make vs buying lunch
Making meals you eat every day can be a big income booster.
You could give your parents a break and offer to make your lunches or surprise them with making dinner yourself (for a small fee, of course!)
Tip #5 Reduce recurring expenses
The things we buy often may seem cheap, but if it becomes a habit, you will notice the effect on your savings.
Things like frappes or bubble tea, burgers, gaming subscriptions and the like might only come with a small cost, but these can add up.
Think about it - one frappe a week at $5 a pop adds up to $260 a year! (52 X 5 = 260)
Tip #6 Limit brand name spending
So you’ve been good, saved well and you have reached your savings goal.
Don’t blow your hard earned cash on overpriced brand name clothing or games.
Jump online and research non-brand or discounted items. Pocket the savings and start the next round of saving goals.
Tip #7 Do Additional Jobs
Here are some ideas for jobs you could do for some extra cash.
Washing the car
Washing the car is a fun way to earn some extra money, especially in summer, because you’re probably going to get wet. You may have everything you need at home already, in which case, agree on a price with your parents and get to it!
Sparkie
You could also look at washing cars for other people in the neighbourhood.
Working in the yard
Mowing the lawn is a job that needs doing almost every week in warmer weather, making it another money-making opportunity.
Your neighbourhood may need their lawns mowed too, so you could soon have a small business up and running!
You could branch out (see what we did there) into other jobs in the garden too, like edging, raking leaves or trimming hedges.
Just make sure you get shown how to do it properly and wear the correct safety gear.
Helping out inside the home
At home, there’s always clothes that need washing, hanging out and folding.
And those meals you eat every day?
Well, someone has put effort into preparing those.
You could give your parents a break and offer to make dinner yourself (for a small fee, of course!)
You know what needs to be done around your home.
And if you don’t, but you want to make some extra money, you’ll soon figure it out!
