Why Saving Matters
Developing good saving habits at a young age sets the foundation for financial freedom and responsible money management in the future.
Saving Strategies
- Pay Yourself First: Set aside a portion of any money you receive (e.g., gifts, allowance) before spending.
- Set Goals: Save for specific things like a phone, a bike, or college.
- Use a Jar or Savings Account: Physically or digitally separate your savings from spending money.
- Track Your Spending: Know where your money goes to avoid waste.
How to Start Investing as a Minor
Although minors can’t open investment accounts alone, they can invest with the help of a parent or guardian through custodial accounts.
- Learn the Basics: Understand stocks, ETFs, and compound interest.
- Ask for Help: Talk to your parents about opening a custodial account.
- Start Small: Even $10/month can grow significantly over time.
- Think Long-Term: Investing is about patience and consistency.
Quick Tips
- Always save a part of your money—no matter how small.
- Avoid impulsive buying. Sleep on big spending decisions.
- Use budgeting apps or notebooks to track your money.