This one is for the kiddos!

April is Youth Month at NCCYou and we have been doing some really fun things!

We want to help you learn how to save for the things you want, and be able to pay for the things you need when you are a grown up. If you open a Youth Account- you’ll get an Earnie backpack full of gifts to help you get started on your financial journey! But first, we want to talk about the best ways to save, share, and spend your money…

The first thing to learn, do you NEED it or just really really WANT it?

The very first thing we should decide, before you begin to earn money that you can spend or save, is the difference between a WANT and a NEED. That might seem like a tough decision for you (and even many adults), but once you understand it, you will have a better chance at being able to get those things you want. A good question to ask yourself is “what is something you NEED?” You might think… A puppy! Candy! But actually the things you really need are food, water, clothes, and shelter. Don’t worry, your don’t have to pay for the things you need right now, but it’s smart to think about them for someday! Your parent(s) will probably want you to earn the money for the things you want by doing chores and helping with things. That’s great! Make a list of those things and you can talk over with them how much money you need and how you will get it. Sometimes you get money as a gift too which is pretty cool.

So, how do you SAVE money?

You made a list of what you want, how much money it takes to get those things, and how to get that money. Now you have your savings goal! Let’s say you want to get a new lego set and it costs $25. That’s a good goal, and you can always add things to it later. Where are you going to save your money? Well, a good place to start is in a piggy bank. You can keep your money safe in there until you can come into NCCYou and deposit it into your account. Remember to write down when you make a deposit and add it onto your balance. When you come and open your account, we will give you a piggy bank that’s clear so you can see your money inside- and her tail wiggles!

You have figured out how to save money, before you spend it on the thing you want, it’s a good time to think about maybe sharing some of it too!

Many people set aside a little bit of their savings to share. Good ideas for sharing are to buy a gift for someone you love, or donate to a charity you care about. If you love animals, a good place to donate some money is to your local Humane Society. Tell some grownups about the things you care about and they can help you decide. Remember to subtract anything you donate from your account balance!

Now comes the part you have been waiting for, it’s time to spend some of the money you saved!

It’s ok to spend your money on something you want if you have worked hard to earn it and saved enough. You can come to NCCYou and withdraw the money from your savings account, just remember to check your balance first and subtract what you are withdrawing. This is what grownups have to do whenever they buy something so they make sure they don’t run out of money.

Now you can look at your balance and decide what your new savings goal will be. If it takes you awhile to save money, that’s ok. Remember, we are always here for you if you have any questions!