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…
Saving gives you more choices!
Saving money is a great habit to get into!
Your mum might save up for holidays, putting a few pounds away into a special bank account.
It’s super easy to do, just transferring from her main account into a savings one.
It could mean you get to enjoy big things like a trip to Euro Disney!
Sometimes going without little things means you can enjoy big things later with the savings.
That’s another good reason to save. It means you can have a larger amount to spend on something big or more important to you in the future.
And it’s definitely not just for grown-ups!
Let’s say there’s a pair of new headphones you really like but they are a little pricey.
You could save some of your pocket money each week and put it into a piggy bank instead of buying sweets on the way home from school and before you know it, you’ll have enough to buy the headphones!
Or you could set up a savings account at the bank.
When you deposit money in a bank, it’s kept safe in a special account with your name on it. When you want to use the money you’ve saved, you go to the bank and make a withdrawal.
If you save money, it helps to have a goal in mind—an idea of how you’d like to spend it.
Parents always go nuts when they get an unexpected big bill – If they have some money put to one side then, well it’s no big deal.
You can hear Money Matters with the Co-operative Bank every weekday morning from 8.30am!