Whether you want to raise money for school fees, buy a future car or a cool new bike, you have to learn to save well. Pushing yourself to learn to save may be relatively easy. The hard part is actually doing it, especially if you're a child/preteen. However, the higher the discipline you have, the easier it will be to realize it, and the results will be more satisfying. To start saving, it's never too young!
Step
Part 1 of 3: Knowing How Much You Want to Save and For What
Step 1. Set goals
Saving is much easier if you know the amount to be saved. If you can't decide, set aside about half the amount of money you have (your own business or given by someone else). For example, if you earn Rp. 100,000 today, set aside Rp. 50,000 for savings.
Buy a piggy bank or other savings. Choose a special place to put the piggy bank, a place that is relatively hidden. Don't keep your savings in your wallet. A wallet may seem like a great place to store money, but because it's easy to access and easy to carry around, it's not a good choice. Once you find the right place, try not to tinker with it until you reach your goal
Step 2. Create a graph
Once you've decided what you're saving for, calculate how many weeks it will take to reach that amount. Make a chart and stick it on the wall. Write down each week and draw a box next to it. Every time you put money in your piggy bank, put a sticker next to the week to show how close you are to your goal.
Setting a few milestones can be a powerful way to stay motivated and keep saving. For example, you can check milestones on the large cardboard in the room when you reach a savings amount of IDR 100,000, then IDR 200,000, IDR 300,000 and so on
Step 3. Start with a saving system in envelopes or jars
On an envelope or jar, draw a picture of what you are saving for, and enter the amount you have set each week. You can have savings for smaller amounts and savings for larger purposes. For example, short-term savings could be used to buy video games and long-term savings might be for a vacation to Bandung.
Step 4. Visualize what you will do with the saved money
Cut out a picture of the object you want to buy as well as the price from a catalog or magazine. Stick the picture on the wall of your room or somewhere you will see it often. This step can really motivate you to reach your goals.
Step 5. Put your savings in a place where you won't be tempted to take it and spend it
You may have to hide it from yourself if you feel easily tempted. However, make sure you don't choose a place that is too difficult to make you forget to save or even forget where to put it. A sibling or parent's closet might be a good choice, or you could even ask them to hide it for a period of time. That way, you have to ask their permission to be able to take the money and spend it.
Part 2 of 3: Finding Ways to Save Money
Step 1. Remember that every penny counts
As long as it doesn't belong to anyone else, collect every little coin you see lying out there. Remember, even spending a little money can make a big difference in the long run. Just like 100,000 people who say their voice doesn't matter, but together they will make a difference.
Step 2. Look for things that don't cost money
When you go out with friends, do something that doesn't cost you money. For example, go to the park or play soccer. Or, if you're out and about, but not too far away, instead of buying a bottle of water at the store for IDR 2,500, save some money and just go home for a drink.
Step 3. Spend money wisely
Of the amount of money you spend each week, set aside a small amount that you want to save, at least 5% or 10% if possible. You'd be surprised how many you've managed to collect. It's better to start with a smaller amount than to set a large amount, but never make it happen.
Step 4. Don't spend money on food, unless you really have a plan
Snacks only last a few minutes then run out, so does your money. Why not make your own snacks at home? This option is much cheaper.
Step 5. Tell someone you're saving
This is called “accountability”. In other words, other people know what you are doing. So he can keep you from spending money if you feel tempted to do so. However, make sure the person you choose will not push you to give up.
It's even better if you pick someone who also wants to save for a specific purpose and who first reaches that goal has to treat the others to a movie or buy something you both enjoy
Part 3 of 3: Earn Extra Money to Increase Savings
Step 1. Do odd jobs in your neighborhood
Start by asking your neighbors if there is work you can do. If they refuse, don't be discouraged because they may not be able to spend the extra money. However, at least you've announced that you can help with some small work and there's a chance that one day they'll need your help. Some of the jobs you can propose include:
- mow the lawn
- cleaning the page
- take pets for a walk
- organize things at home
- pulling weeds in the yard
- washing car
Step 2. Offer to wait for a neighbor's house when they go home or out of town
This job is called “waiting home” and the responsibilities usually include tending plants, pets and taking care of incoming mail. Generally, you just need to go to the house every day and check that everything is okay. However, there is a chance that you will have to stay in the house all the time while they are away.
Step 3. Think of creative ways to ask parents for help
Knowing how to save is a wonderful experience in life. If you show your parents early on that you can do it (even if it's just a small amount at first), they're likely willing to help. You might consider the following ideas:
- Give the gift card you received from someone else to your parents, but ask them to exchange it for the equivalent value of the card.
- Open an account at the same bank as your parent or guardian in your name. Many banks offer savings products that allow children under the age of 17 to open an active account. Banks offer different savings interest rates, but the interest for children's savings is indeed lower than regular savings. If you are between 7-10 years old, ask your parents to open a savings account in your name.
- Show good behavior to your parents or whoever gives you an allowance, and ask for a raise. There's no harm in trying. The worst thing that can happen is they reject it.
Step 4. Be an entrepreneur
Self-employed is actually a fancy term for “start your own business”, and it's never too young to get started. For example, if you have a talent, like playing the guitar or dancing, ask for money to do it. You can also try making a product and selling it, such as a hat or scarf you knit yourself. If you live in a residential complex, open a drink stand or buy candy at a grocery store and resell it at retail for a profit.
Step 5. Clean the house
Do your parents often nag when you and your siblings don't clean the bedroom? Offer to clean it up in exchange for money. If your sibling doesn't have the money, ask if your parents will pay if you do it. If they're upset to see a messy room, chances are they're willing to pay you to clean it.
Tips
- Don't take your savings with you when you go out of the house so you're not tempted to spend it
- Make sure the pocket money you receive goes directly into your bank account or piggy bank. Don't be tempted to spend it.
- Don't waste money buying something you don't need or already have.
- Find ways to keep yourself motivated! After trying to raise money, you may start to lose your temper and want to give up. Draw an interesting picture or write a quote that you can look at when you feel like giving up!
- Try to collect the same amount of money every week, and try to do it regularly.
- Ask parents to provide pocket money, for example Rp. 20,000 a week. That way, you can reach your target faster.
- Try to hide your money somewhere you don't go often, like your aunt's house.
- If you get a birthday gift or an Eid/Christmas gift in the form of money, for example IDR 500,000, try setting aside 10% to put in your wallet and the rest into a piggy bank or bank account. Do the same thing every time you get money, and before you know it, your money has been piling up.
