I am a big believer in educating children the use and purpose of money, especially how it can be acquired.
At this point it would be a good to say you have a few choices to generate more money it just depends on your own personal drive.
(Why don't you test your parents on this, you could earn them more money - you could even ask for 'COMMISSION' for the advice.)
If you are saving money for a particular treat/item or service then its a great idea while saving to let the money work harder for you on its own as best it can to generate even more money without doing anything. This can be done by putting your 'funds'/money in a higher 'interest' savings account.
What does this mean?
1. If you put £50 in a bank account with an interest rate of 0.05% (Half of One Percent) over the term of 1 year you will receive £0.25 in 'interest'.
2. If you put your money in a higher interest paying bank account which pays 4.5%, after 1 year you will receive £2.25 in interest. Which one would you choose?
*Note- Next year you will even earn interest on that 'FREE' Interest you got last year. This is called 'Compound Interest'. (Your parents will definitely not know what this is - test them by asking)
Check out the following link to get a selection of what is available for you at this time (Oct 2018)
http://www.edp24.co.uk/business/best-childrens-savings-accounts-martin-lewis-moneysavingexpert-1-5723300
"HOLD ON, Instead of putting your money in a bank, leaving it there for 1 year you could use it another way to make even more. Want to know how?"
Visit my First Job page to learn more about how you can generate ££££. You could even get your mates involved and get them working for you.
It would be great to see your comments below on this and how you get on.
At this point it would be a good to say you have a few choices to generate more money it just depends on your own personal drive.
(Why don't you test your parents on this, you could earn them more money - you could even ask for 'COMMISSION' for the advice.)
If you are saving money for a particular treat/item or service then its a great idea while saving to let the money work harder for you on its own as best it can to generate even more money without doing anything. This can be done by putting your 'funds'/money in a higher 'interest' savings account.
What does this mean?
1. If you put £50 in a bank account with an interest rate of 0.05% (Half of One Percent) over the term of 1 year you will receive £0.25 in 'interest'.
2. If you put your money in a higher interest paying bank account which pays 4.5%, after 1 year you will receive £2.25 in interest. Which one would you choose?
*Note- Next year you will even earn interest on that 'FREE' Interest you got last year. This is called 'Compound Interest'. (Your parents will definitely not know what this is - test them by asking)
Check out the following link to get a selection of what is available for you at this time (Oct 2018)
http://www.edp24.co.uk/business/best-childrens-savings-accounts-martin-lewis-moneysavingexpert-1-5723300
"HOLD ON, Instead of putting your money in a bank, leaving it there for 1 year you could use it another way to make even more. Want to know how?"
Visit my First Job page to learn more about how you can generate ££££. You could even get your mates involved and get them working for you.
It would be great to see your comments below on this and how you get on.