According to an Ebates.com holiday survey, most teens put cash at the top of their holiday wish lists. If you think you’ll receive money as a gift this year, you may want to start planning now for how you can make the most out of those extra funds.
Receiving money as a gift during the holidays can be a great way to kick start your savings plan. By setting the money aside, you’ll be able to plan for future college costs, or even emergencies. In fact, according to a study by the University of Michigan, 17% of teens are saving half or more of their earnings for college. The study also reports that saving for or paying for a car is the second place teens put their money.
Whether you’re saving for a specific goal or to just have money in the bank, learning how to save money now can provide you with financial security as you transition beyond high school.