Tips on how you can save money

Can you imagine the joy of not having to ask your parents or guardians for money because you have your own? That's the power of saving. If you save your cash in your moneybox or in your savings account, then the next time you want to buy something you won't have to hear the ‘no’ word.

So, here are five simple saving tips for you:

1. Save before you spend

The easiest way to save money is to put it in a safe place – your savings account. If it's not with you, you won't be tempted to dip into it. So next time you're passing by your local branch, pop in and deposit your money.

2. When you do spend, shop smart

If you do have to spend some of your money, really think about what you're buying. Do you really want it? Could you borrow the item from a friend if it's a book, DVD or computer game? Is there a cheaper option that you could get? By asking these simple questions you may be able to save yourself some pennies.

3. Keep an eye on your spending

A really good way of seeing what you're spending your money on is to write it all down. Get a notebook and create a money diary and then put in everything you spend, down to a single sweet that costs you 10p. This will give you a really good idea of what you're spending your money on and where you might be able to cut back.

4. Set saving goals

If you know what you need to save you can try and put away a set amount each month to reach your target. So, for example, if you want a fish aquarium and you need to save £60, you'll know that if you can save £10 a month you'll have enough money in six months to get your aquarium.

5. Spread your money

With the Robin Hood Young Saver account you can collect up to four money boxes. You can then start saving set amounts of money for different things.

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