Just for Kids
Money can be used in many ways. You can use it to buy things you want or you can save it for the future. It is never too early to start saving money. Sometimes you might want to buy something that costs more than the amount of money you have. You will need to plan ahead and save enough money to purchase these things.
Iowa State Bank can help you save. You can open a savings account with $10.00. Your parents will need to help you do this. Once your money is in the bank it is very safe. Banks are insured so if something happens to the bank your money will still be safe.
When you save your money that you earn, you can take it to the bank and put it into your account. Once you open your account, you will get a savings passbook. This book keeps track of how much money you have at the bank. This is called your account balance. A deposit is the money you put into your account and a withdrawal is money you take out of your account.
The bank will pay you interest on the amount of money you deposit. This way your money will grow fast. The more money you put into your account, the more interest you will earn.
What can you do to save extra money? Ask your parents if there are extra jobs around the house or neighborhood that you can do to earn an allowance. An allowance is money paid on a regular basis for doing certain chores. Before you buy something decide if it is something your really need.
You can do it. Try to save half of the money you earn and watch your savings grow.