Saving up is something that we leave the adults to worry about. In fact, most of us children believe that saving money is the business of those who earn it — like our parents — and we, their dependents, are just supposed to get our demands fulfilled by them. Ha! Let me dispel your illusion and tell you that saving money is something that all of us can and should do, irrespective of the fact whether we earn or not. Saving up is a healthy activity that includes cutting down your expenditures and putting that part of money safe and sound so that it can be used for our own greater good later on.

Many of us get pocket money or money to spend in the school canteen or the neighbourhood tuck shop. At an average, a child gets anything from 100 to 500 rupees per month. Teenagers and preteens usually spend this money on useless things such as snacks, video games, game cards, etc.

What many of us don’t realise is that we can make a budget of all the expenses that we are likely to have, see what can be forgone, add up the total and calculate the amount left. If you get pocket/spending money in lump sum, say Rs500 at the beginning of each month, take out the money you have calculated that is likely to be left (as per your budget plan) and deposit this money in a safe place, out of your easy reach. Now you just have the amount that you will be spending according to your budget. Initially, you are most likely to run short of money because you just couldn’t resist spending it on something you hadn’t planned but just happened to see in a shop. Slowly you will learn to limit yourself within the budget you have set for yourself and will find it easy not to reach for the money you have saved to satisfy your shopping/spending urge.

The best thing about saved up money is that it is all yours to do what you want with it. As it is a greater amount than you usually have in your hands at any given time, it can be put to a better use than your usual pocket money.

There are many ways to utilise saved up money. You can donate it to a charity or buy yourself pets, any recreational stuff, books and CDs, or spend it on your hobbies. You can also contribute this money towards your household expanses or that of your own that your parents usually take care of. The best use of it would be to surprise your parents by giving it all to them — after all they are the ones who take care of your every need — and it is most likely that they will use this money on one of your needs or your education.

Saving up is the need of the hour now when prices of almost all commodities have increased. Inflation is at its peak and many people are losing jobs. Even if your family is not feeling the credit crunch, it is a good idea to learn the value of money and ways of saving it from an early age.

It would make your parents happy and satisfied when they’ll get to know that you have been respecting their hard earned cash and you are mature enough to understand your responsibilities towards your family.

Nowadays many banks offer a ‘junior’ bank account, meant for children. These can be opened and operated very easily under adult supervision and are great for keeping the money out of your reach, least you get tempted to spend it on things you really don’t need.

Saving up is not only a healthy habit, but it is also the responsibility of every individual to spend money wisely and start saving early. This way we can learn to become responsible and independent human beings.