Allowance - To Spend or Save - Big Y® World Class Market®

Did you know that more than half of all kids get an allowance from their parents? That adds up to mucho dinero! And it’s great news because it means your parents think you’re grown up enough to manage your own money. Making money is great, but it also means you’ll have to make decisions about how you will spend...and save it.

Ever hear the expression “the money burned a hole in my pocket?” That means you spent your money quickly. It’s really easy to want to spend your money right away, but what if you want to buy something more expensive than you can afford? That would require you to save your money for a while until you have enough to pay for that item. It can feel especially good when you buy something special after you saved up.

So how do you decide when to spend and when to save? You can do both! Try this easy way to manage your cash. Take three jars and divide your money equally in each one. Jar #1 can be spent on whatever you choose. Jar #2 money is for a more expensive item like a toy you really want. Jar #3 is for long-term savings, like money to buy a bike. If you are a little older, ask your parents to take you to the bank to open a savings account. You can still set some aside for spending, but the money you choose to save will make what’s called “interest,” meaning the bank will actually pay you for keeping your money in their bank! Once you get started saving and managing your money, it’s easy to keep on doing it. You’ll be on your way to a lifetime of good money habits!

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