Saving money

Open a savings account. Look out for one that will give you a good rate of interest - check the terms to see how often you can take money out.

Want to make more money without having to work for it? Let some of your money work for you instead. Banks and Building Societies need money - they use it to loan to other people and charge them. This way they get more money! If you save money in an account they will use it as backing to loan other people, and pay you interest in return.

Always check the small print - this will tell you how long you have to leave the money in, how much you need to save and whether you have to give them notice if you want to take some of the money out.

Check out which account will give you the best rate. Look for the highest rate of interest - but make sure you aren't being locked into an account you can't access if you need to! The highest interest rate isn't always the best account - check out all the terms.

Don't buy something straight away. See if you can manage without it for 2 weeks. If you can - then do you really need it?

This is a good way of saving money as it checks out whether you really need something or not!

Impulse buying (when you buy something as soon as you see it) is not always the best idea. Sometimes you go out knowing you need something - a pair of shoes to go with an outfit for a special occasion, a new pair of trainers (your others are worn out) - then check out which shop has what meets your needs, at the best price. Again cheapest is not always the best. You may have to pay more to get something that really fits the bill - and it may last longer.

When you do see something you like - think about when you will use it/wear it, why you need it - then wait and see if you still need it after a couple of weeks.

These days it also pays to check out goods on the web. Sometimes you can get better bargains - sometimes you get the best deal in the shops!

Put 10% of your money aside each month (that's 10p for every £1 earned). Use a high interest account.

This is often suggested as the best amount to think of saving as a minimum. It doesn't seem much but can make all the difference.

It is a good habit to get into as you then begin to build this in on a regular basis. Saving gives you money which you can use for larger purchases and for unexpected expenses.

Can you swap hard work for goods - clean the car for a mobile phone top-up?

This is how money started after all - exchanging one thing for another. Do a deal! Maybe mum or dad will give you a lift to a special event if you clean the car? Be creative!!

If you are interested in this subject check out LETS on the web - Local Exchange Trading Systems.

Make your own presents and cards.

Another way of saving money - and there are many computer programs that help you make your own cards.

People appreciate personalised cards and gifts. Spend a little time making something - or doing a job for someone. Cook biscuits or sweets, make a toy, whatever you are good at - the time and effort you have put in will be appreciated.

Visit the pocket money section.