Saving Grows Money

1
Saving Grows Money

• Letting your money make money.

2
Get started with a piggy bank
Whenever you get money, you should spend some and
save the rest. You can save in a piggy bank in
your room. A piggy bank is good for saving for a
large purchase. A piggy bank is good for saving
to make a deposit.
3
Open a Bank Account
When your piggy bank gets heavy, open a bank
account. You will need your parents help at the
bank. Deposit some of your money in a savings
account. Put the rest of the money back in your
piggy bank.
4
Earn Interest on your savings.
Unlike you piggy bank, your bank pays you for
trusting them to save your money. You are paid
interest on the money you deposit. The bank will
tell you every month how much interest you have
earned.
5
Deposit Regularly
Growing your money means adding to your bank
account on a regular basis. You may want to
make a deposit whenever your piggy bank
gets heavy. You should plan to deposit some of
your money every month.
6
Read the monthly statements.
Now that you have a bank savings account, you
have to set aside time every month for reading
and checking your bank statement to see if it is
correct. You will want to check off each of your
deposits. Then you will want to check off any
withdrawals. This is called Reconciling your
bank statement. You will be doing this once a
month for the rest of your life. Learn to enjoy
it.
7
Set Savings Goals

• Now what? You have a bank savings account. You
  are making regular deposits. What next?
• Plan what to do as your savings account grows.
• Buy something you want.
• Give someone a gift.
• Invest in making more money.

8
Need cash? Withdraw.
If you need or want to spend some of your
savings, you can withdraw some of the money from
your account. Your parent needs to be with you
when you withdraw money from your savings
account. You and your parent will have to sign a
withdrawal slip saying that you took the money
out of your account. Always check your monthly
statements for the withdrawals. If you didnt
make them, tell your parent.
9
Maintain a Minimum Balance
Set a minimum balance for your account. Check
into your banks rules for small and juvenile
savings accounts. Some banks require you to keep
100 in the bank to avoid charges. Never let
your balance go below your minimum
balance. Withdraw amounts so that they dont go
below your minimum balance.