Bobby, Chloe and Elisha have been given a school project all about money!
They are going to write a pop song full of top money tips, but first they need to learn a thing or two…
What is interest?
You probably think that a pound is just a pound right?
Think about what happens when you put that pound in the bank.
When you put money into a savings account, the bank may add a little bit to your account each year.
So the more you save, the more interest you get – for free! So there’s a starting point – savings accounts can give you interest to make your money grow.
It’s worth checking out what savings accounts your bank offers to ensure you get the one that works best for you – as they are all different.
Some offer welcome gifts when you open an account, others pay bonuses to encourage you to save more.
Another way to get more out of your money.
If I want to buy a game or something, and you know you’re only going to be playing it for a few weeks, sometimes you can buy the game second hand. It’s much cheaper!
Make sure you shop around and don’t spend more than you need to.
That’s pretty clever because you can also sell them on to someone else when you’re done.
Yeah – and don’t buy anything old or new before you have a good old look online!
You can hear Money Matters with the Co-operative Bank every weekday morning from 8.30am!