Why save? Why not?

Saving is a good way of managing your money, and your money can earn interest as well.

Ask the adults at home to help you look for an account which will pay you the best interest. Interest is what the bank/building society gives you for leaving the money in the account for a certain length of time. Not all accounts do this. A current account is one where you can take money out as and when you need it, but you do not benefit by leaving it in there: no interest is paid.

Interest works the opposite way if you borrow money from and account. They charge you for borrowing the money if you do not pay it back within a certain time limit. Check the interest rate for this - as it is usually high!

Saving also helps you when you are planning for holiday spending, or for saving up for a special outfit, gizmo, CD etc.

Decide on the amount you are going to save on a regular basis. It is good to aim for about 10% of what you are earning as a minimum. That is 10p for every £1 you are receiving.

If you have saved up for something it will mean more to you and you will value it more.

Saving money regularly shows you are managing your money and that you are taking the responsibility seriously.