Activities to help you learn about saving money

Difficulty: Explorer (Level 1)

Money can bring us great happiness, but it can also be the cause of a lot of stress. For many of us, the thought of keeping track of our spending can seem quite scary. But it can be easier than you think!

There are plenty of apps that make it quick and simple. You can also create your own tracking sheet, like in the activity below.

But why is it important to track your expenses in the first place? This lets you know how much you spend each month and shows how much money you save. It can also show you what you are spending your money on.

You might be surprised to find that you spend more on buying clothes and games than important, necessary items. Be aware of where your money is going, so you can make better spending decisions.

Track your expenses

Materials

• gridded notebook

• pen

Instructions

1. Think of three to five different ways that you spend your money. Examples of these categories include snacks, meals, clothes, accessories and transport. You can make as many categories as you want and write them on the first page of the notebook.

2. Draw lines to make four columns on a page.

3. At the top of the first column, write “Item”. In the second column, write “Method”, which is where you will note how you paid for the item – Octopus, card or cash. In the third column, write “Cost”. In the fourth column, write “Type of spending”. The type of spending will refer to the categories you brainstormed in Step 1.

4. As you go through the month, keep the notebook in your bag. Each time you make a purchase, keep the receipt. At the end of each day or week, write down all the purchases and add them up. At the end of the month, add up all of the week’s purchases. This will give you an idea of how much money you spend each month.

Interview a parent or older friend

Materials

• your parent or older relative

• questions below

• pen and paper

Instructions

Do you want to better understand how to spend wisely? You can get advice from someone who has learned to be careful with their money over many years. Ask an older family member or role model to tell you some good spending tips. Use the questions below, and take notes on a sheet of paper.

• What are the most important things to spend money on?

• What are things that you would think twice about purchasing?

• What are the most important tips you have learned about spending as an adult?

• How have your spending habits changed from childhood to adulthood?

• What budgeting tools do you use in your own life?

• When is it OK to purchase a “fun item” – something that you want, not what you need?