Savings for teens 💰😎- Its never too early to start!
Introducing Save the streak savings challenge for the teens to walk the talk!! 💸
What is Savings💰?
Savings is the amount you keep aside for later use, periodically (everyday, week, month or year). This amount may vary from time to time. The practice of doing so is called Saving. In short, saving for your savings.
Why should you save? 🤔
There are usually two reasons why its better to save up what you get:
Planned purchase - You may have planned to buy something in the future.
"I'm gonna buy FIFA 2021 next year ⚽ from my own savings Mom! Need to spend less on shoes 👟 "
Unexpected expenditure - You may incur an unexpected expense. So you have to save for a rainy day!
"Wow! I really wanna go on the girls trip to Goa 🌴🌊, wish we would have planned a little earlier"
How can you save? 🤔
Keep a budget
A budget is basically a plan of how you are going to spend money from the money that you earn.
Choose willpower over impulse
Impulse is the urge to spend money immediately. It helps you get instant gratification, something that is craved by our brains. Basically, it's when you want it; and you want it now.
And its difficult to control impulses. But its very rewarding.
Some of the important ways to exercise willpower over impulse is to ask yourself any of the below questions.
Now? Or later?
Want? Or need?
Can I substitute it?
Can I make it myself?
Do I have a back up plan?
In an experiment, kids were put into rooms, and were given a marshmallow. They were told that if they didn’t eat the marshmallow until they heard a bell. Ten minutes later, they would be given 2 more marshmallows…BUT if they succumbed and ate the marshmallows, they wouldn’t get any extra marshmallows…
Seems like wait pays, right? Yes, its true in the case of savings. Having set aside some amount of money consistently will certainly reward over long term. Choose willpower over instant gratification next time and let us know the results! And you don't have to wait too long to test it out!
FamPay Savings challenge - Save The Streak 🔥
We have created our own version of the Marshmallow experiment at FamPay! A brand new, fun and rewarding savings challenge for teenagers (age 11-19) - where they can save a minimum of Rs 10 and a maximum of Rs 200 every day for 10 days to maintain a streak. At the end of a successful streak, you will get a chance to spin the wheel and double your savings!! 🍪🍪
So, what are you waiting for?? Double your savings now, Double your marshmallows in life!!
Parting Wisdom Nuggets 🦉
- Prepare your budget sheet (Expenses, Earnings, Savings)
- Set aside money every month as a priority, you end up paying yourself first.
- Your expenses are then determined by what you have left after you have saved, rather than your savings being determined by what you have spent.
- Don't just stop there
- Get a taste of savings - download the app to double your savings and joy!