How to Save a Lot of Money As a Kid, on Your Own, Without Using a Bank Account

Last Updated: February 23, 2023

Kids who have money often have trouble saving it. There are so many tempting things to spend money on and some kids have to spend their own money on essential things like school lunches, school stationery, personal grooming items, gifts for parents or siblings, and even clothes. So if you don't have a bank account that you can keep that oh-so-spendable money safely in, how can you save it, by yourself, and save a lot of it? All of these steps might not work for all kids, so, see which apply it you.

Steps

1
Set a savings goal. Think of an amount you want to save or a specific thing you want to save for. Give yourself a date to have saved up your chosen amount for - give yourself regular targets to reach on the way to your goal. You might, for example, want to save $250 dollars in two months, your sub target would be 31 dollars and 52 cents a week. It's good to be really particular, that way you'll be encouraged to count every cent and save as much as possible - just two cents will be helping you reach your goal, in that scenario, so you'll be less tempted to spend even one single penny you really need to.
2
Ask for things you need as presents so that you don't have to buy them. It's a bit boring to get school books or clothes for Christmas your birthday or at other gift times but if you usually buy these yourself, getting them as gifts will let you save your money for something you want, rather than something you need.

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3
Take care of your stuff! If you look after your games, clothes, bike, tech devices, etc you won't need to spend money getting things fixed or replaced. Don't take your things for granted whether they were expensive or cheap. It's not a big deal to lose a pencil, but, if you have to buy a new one because you've lost yours right before class, that's money you didn't need to spend if you'd just been a little less careless.
4
Keep a note of what you spend. It's easy to lose track of what you spend, especially if you keep cash or a debit card on you. For a couple of weeks note down everything you spend and see if you're wasting money on buying duplicate items and things you don't really need, such as soda which could be replaced with water from a water bottle you filled at home. It's easier for kids to save a lot of money without a bank account when you know how much you spend.
5
Keep your cash out of reach. Put all the bank notes and coins you have in a piggy bank or a safe place such a jar, a tin or a box. Think about keeping any cash withdrawal cards or debt or credit cards out of reach too so you're less tempted to spend and can save more easily.
6
Keep tabs on the amount of money you are saving. When you earn or are given money, note down the date and the amount you got in a log book or on a computer spreadsheet if that's your thing. This will help you identify if you've lost any money as well as help you keep track of how much you have saved and how close you are to reach your goal.
7
Stop buying lunch in school if that's practical. Take a packed lunch to school and save your lunch money. Make sure your parents are okay with this.
8
Switch to cheaper brands on the things you have to buy. It's cool to have the top brands and, you can be judged for having things from budget stores by other kids, but, if you really want to save a lot of money, buy less expensive stuff! Exercise books, deodorant/antiperspirant, hair bands, socks, candy, pens, chips - there are expensive options and bargain options on these items and similar that no one is really going to notice you being thrifty about.
9
Walk or cycle when you can instead of paying for public transport like the bus or getting an Uber. You can save quite a lot of money by getting places you need to be under your own steam! Don't walk or bike home when you might be at risk and make sure your parents or guardians are okay with you not taking the bus.
- If you have to use the bus, train, metro, subway, or tube, make sure you're getting any discounts you're allowed by having a Young Person's Railcard, carrying your student ID and just bring aware of what you are entitled to when it comes to discounted travel.
10
Use your local library instead of buying books. Some libraries lend movies and even toys. See what you can get for free at the library and save yourself some money on your entertainment expenses.
11
Try not to give into peer pressure. It's really hard to be the only one not getting lunch from a fast food place or being the only one not buying something when you're having a day at the mall with your friends. Keep your goal in mind and politely decline. You can explain what you're saying for to your friends if they'd get it, but, if you need to save a lot of money on your own without a bank account because finances are tight in your family, you can just say you're not in the mood for burgers or whatever or claim you can't find anything you want to buy. You shouldn't be embarrassed about not being well off but it's fine to want to keep it to yourself.