How to Save Money for Things You Want

Last Updated: June 3, 2021

Tired of not having enough money to buy things you want, like an iPod? Or that next generation gaming console? Read this article, and you will be saving money you didn't even know you were spending.

Steps

1
Start by opening an account at a credit union. (The benefit of using a credit union instead of a bank, is credit unions are non-profit. Unlike a bank, they aren't trying to make money off you with fees.)
2
Put some of your money from each paycheck into a savings account. The interest generated will help you in the long run.

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3
Increase your monthly savings amount next time you get a raise.
4
Put any bonus money in this savings account as well.
5
Once you have enough money in your savings account to meet opening balance requirements for a mutual fund, open a more aggressive investment vehicle, perhaps a stock index fund. This will grow faster than a savings account, which will never keep up with inflation.
6
Set a limit on going out to eat. Stick to one time a month , for example. Making dinner at home will be more cost effective and if you go out infrequently, you will enjoy it more when you do go out.
7
Don't buy things you didn't plan on buying. Example: don't buy the magazine at the checkout stand.
8
Buy an EE bond, and let it collect interest for 30 years. you can possibly make ten times what you paid for it. However, be aware that bonds are a very low yield investment and probably won't beat inflation. So though you will feel richer in thirty years, your money just won't buy as much as it buys now. Bonds will keep you safe but won't help you get rich.
9
Don't buy coffee every morning. Make a pot of it at home, and put some in a portable container and take it with you.
10
Keep bottled water in the car so you won't have to stop to buy a drink when you get thirsty.
11
Choose hobbies and past times which are not particularly expensive. Wait until you are older and richer before starting a wine collection, and before learning to play golf, for example.
12
Buy a small house. Small houses are cheaper to furnish and you will pay off the mortgage faster too.

Community Q&A

Question

Should I play the lottery to help boost up my savings?

HeyHiHello3Bekka

Community Answer

Lottery tickets usually cost more money than you win. It is very rare to win the lottery in any meaningful sense.
Question

How can I save money to put it toward horseback riding lessons if I'm 12 years old and have no neighbors to do things for?

Tom De Backer

Top Answerer

If both your grandparents and parents give you $50 for your birthday every year and that's all you have coming in each year, then your budget is $100/year. If horse lessons cost $400, you'll need to wait 4 years. You could ask for more money since you're twelve now, and reduce your expenses. Now matter how you twist and turn this, there's only three ways to get your horse lessons: earn more, spend less, or both. Babysit, make bracelets (sell online), do chores for your parents, write newspaper articles, sell lemonade, work in the horse stables, tutor kids, create an invention (you'll be a millionaire!).
Question

How do I save money if I am a kid?

Community Answer

If you get money for lunch, save the money and bring something from home. Ask for money for your birthday and Christmas. If you're crafty, you can make things like jewelry, origami, etc. and sell them to your classmates at school. (Make sure to get permission first.)