Banks

Now that you are well on your way to having extra money in your pockets, you may be wondering where to store it so you don't just run out and spend it again! Banks are a great option, whether it is a piggy bank or a financial institution, or both.

Let's start with piggy banks. Of course we have all seen the cute little ceramic pig. But banks come in many varities. Pick one that suits your personality. I use one that counts the coins digitally so I will not be tempted to take any of my savings out. Mine is exactly like the one above. It gives me satisfaction to put the coins in and watch the total grow. You want a bank that is not easy to open if you are the type who will be tempted to withdraw your money before meeting your goal.

Now , let's talk about financial institutions. Let's say your goal is to save $50 in a month from coupons, and sales. If you are just going to go out and squander it, there really was no point in saving it in the first place. You should set yourself a goal of perhaps getting to spend 1/2 or 1/3 of your savings for a special treat. The rest can go into opening a savings account. They will pay interest, and that again is FREE money. It's not much but over time does add up. When you get more advanced and want to invest you will have the money to do so. Each easy little step adds up to more money and bigger payoffs for you.

So, set a few goals. Is it that your savings stay in a piggy bank for a much needed vacation. Or, perhaps some goes in the piggy and some goes for a night out with your honey. Or maybe your goal is to put it all in a financial institution while you learn about investing. It's all up to you. Have fun and happy savings. Lisa