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how to save money

hey sam, sorry i didnt really know what this would go under.

ive always had trouble saving money, i feel as soon as i get given it i have to spend it, almsot like its going to run away from me or something. I hate that i do this, i want to start saving becuase i am now 14 and want to be able to go on days out shopping and stuff with my friends but i never have the money for it, i feel bad asking for money all the time due to the cost of the living crisis. When i do get money, for example my pocket money i tend to spend it on junk or stuff i dont even need or want but i just think itll get taken away from me if i dont spend it. so yeah - i want to start saving for the future even if thats in a few months time or a few years time but i dont know where to start. i normally get £20 at the end of every month and for my brithday (autumn time) i get between £70-£150 the christmas about £50-£100. have you got any tips on how to save money?


Ask Sam


Hi there,

A lot of people struggle to save money. This is because it can feel better to spend money in the short-term, rather than keeping it somewhere safe for a longer-term goal or for when you might really need it. Getting into the habit of saving some money regularly can be a great way to prepare for the future and there are some steps that can help you achieve this.

If you regularly receive pocket money or an allowance you might want to think about opening a savings account with a bank. Savings accounts can be opened in your own name as long as you’re over the age of 7, but you might need an adult to help you set it up.

The great thing with savings accounts is that any money you put into it starts to earn you more money in the form of ‘interest’, and over time this interest can help your savings to grow. When you take money out of your savings then you won’t earn any interest on it, so this can be a good motivation not to spend it.

Once you have a savings account you can either pay your own money into the account at a bank or ask an adult to pay your pocket money or allowance straight into the account at regular intervals.

If you have a goal or something you’re saving towards it might help to write this down somewhere safe, along with how much money you’ll need for it. Once you have a goal in mind, you can then decide how much of your pocket money or allowance you’d like to save each month.

When saving towards a goal it can also be helpful to consider how far away the goal is, as this can help you to decide how much to save each time you receive some money.

You might decide to put all the money you receive into a savings account, or you may prefer to put part of it into your savings (for example, you might save £5 of the £20 you receive each month). This means you could keep some of your money aside as spending money so that you can use it for things you enjoy while also saving a little bit each month.

There are lots of different types of savings accounts out there. Some of these are known as ‘easy access’ accounts as they allow you to take your money out whenever you want.

There are other types of accounts that are more suitable for long-term saving (for example, saving for something when you become an adult).

For example, a ‘Junior ISA’ account would only let you access your money once you turn 18 but usually earns you more interest. These types of accounts can be good if you find saving money difficult, as you won’t be able to access your money until you’re older.

If you aren’t sure about what type of savings account would be best for you then it can help to talk to a trusted adult, or to visit a bank and speak to someone who works there.

If you’d prefer not to open a bank account, you could also think about putting some cash aside each time you’re paid but keeping it in a ‘piggy bank’ or somewhere safe. You might decide to let an adult look after this for you so that you’re less tempted to take money out of it.

Whenever you feel tempted to spend your money it can help to think about whether you really need the item or if you’ll still be using it in a month’s time. If the answer is ‘no’ then it's probably better to save the money instead. If you do decide to spend the money, read our advice on money-saving ideas.

It can also help to ask other young people on our message boards how they save their money ⁠— that can be a great way to get different ideas. Remember that you can talk to our counsellors too if you need any more support with this, or anything else.

Hope this helps.

Take care,


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