How to start saving with a monetary gift

Young African American teen with very little money in his wallet.

Take this poll about your saving efforts.

According to an 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.

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