First Savings AccountMost teens get money from an allowance, doing chores, birthday and holiday gifts, or a part-time job. What will you do with it? Spend it all at once, and wait for the next payday? Save it all, and deny yourself something you’d like — a new video game, clothes?
It’s best to do both: save a lot, spend a little. But it’s much easier to save if you have a goal, something you want to use that money for in the future. For example, your first car. That’s an exciting savings goal for someone in middle school.
Save before spending. By taking the savings out of that money first, you’re free to spend the rest. It’s your reward for working so hard!
A savings account at Andrews Federal is the best place to put your savings because you can earn dividends each quarter. After awhile, you’ll have more money in your account than you actually put in it, because we’re paying you to hold your money,
Some tips to help you save: