Here is an excerpt from, “Bank Magic: Financial Literacy for Young People,” written by TaxAssurances’ owner, Kolonji Murray. The full book can be purchased on Amazon for Kindle and in paperback.
“Your piggy bank can become your magic tool for saving money for all the special things you want. Using a piggy bank is a great way to start saving money. You can start by collecting your spare change and adding your coins to your piggy bank every day or every week. Pretty soon, you will have a nice collection of coins that you can put towards a future purchase. Ask your parent, guardian, or a trusted adult to allow you to open your piggy bank every month or so to count how much you have saved.
Joining a Money Club
You can create a larger piggy bank by starting a money club with a few friends or classmates. Creating a money club can go a long way in helping you understand how to earn, save, and invest money. You can plan monthly meetings to talk about your money plans and schedule time to go to a bank together.
Opening Up a Savings Account
Once you’ve filled a piggy bank (or two!), you can now open up a savings account. You can still use both your piggy bank and savings account. You can use your savings account to store money from your piggy bank, allowance, and birthday and holiday money. Once you start building your savings account, you can begin saving for a special purpose like a summer program or money toward your college savings fund.”
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