11 June 2022 • The Week Junior 19
Wellbeing
Manage your money
Learning to take care of your cash can help you feel confident and happy.
Spender
It makes me
happy to be able
to spend money
that I have
earned myself
and buy things
that I like.
Tait, aged 12.Saver
I save my money
until I find
something I like
and then I’m
really happy
when I spend it.
Jossie, aged 12.(^) Spender
I feel impatient
when I save
money, but
excited when I
think about what
to spend it on.
Peter, aged 9.
TWJ readers reveal whether
they’re spenders or savers...
Budget
A plan for spending
and saving that helps
you take control of
your money.
Investing
This means making a gain.
Investing time in your
football practice can
improve your skills,
and investing your
money in a bank or
building society will
help it grow.
Interest
A reward from the
bank for putting your
money with them. The
bank gives you extra
money (called interest)
and puts it in your account.
This can boost your savings.
Learn the language
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oney may not buy happiness but learning to save or
spend your pennies wisely can help you feel more
confident and secure. Stories about rising food and energy
prices in the news lately show how important good
money management is and what a valuable life
skill it can be.
What does money
management mean?
Have you heard words like
budgeting, interest, investing and
savings? These are all connected
to money management, which
means taking care of your cash.
Kate Pentelow, a money coach who
runs the Money Mindset Mother
website, tells The Week Junior that
managing your money involves making
decisions about spending and saving your
money and – hopefully – watching it grow.
Why is managing money good for me?
Budgeting (deciding what to spend and save) gives you the
confidence to pay for things you want and need, and the
security of knowing you have funds available when there’s
something important to buy. If a new video game is being
released or you have a big shopping trip coming up, saving
up to pay for it will make you feel happy and proud when you
have enough to reach your goal. In fact, a study shows that
when it comes to cash, knowing we have money
saved up makes us happier than if we have a
huge amount and then spend it.
How can I manage money?
Pentelow says, “When you spend,
it’s important to pay for things you
need first then things you want
after.” For example, pens, notepads
and books are things you need
for school, so pay for these before
splashing out on something you don’t
need but want, like sweets or a toy. If
you’re saving up for something big, find
out the price and shop around to get the best
value for your money. With a trusted adult you
can go online and compare prices. Pentelow also suggests
getting into the habit of saving half of everything you earn
or are given, like pocket money. “Get smarter with your
spending,” she says.
Learning how to budget and
save are valuable skills.
Saving money can
make you happy.
SAFE
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