By Kim Gauthier

Many people have a hard time saving money, but it’s an important skill to learn. And, it is a skill. Even if you’ve never done it before, you can start now. Write down 2 or 3 things you would like to save money for. Do you want a new phone? New clothes? To save money for college or to buy a car? Whatever it is, write down the 2 or 3 things most important to you.

Next, figure out how much the item costs and think about how much money you earn, or could earn. Pick a date when you would like to have enough money to meet your goal. Divide the total money you need by the length of time (weeks or months) to reach your goal. This will be the amount you need to save each week or month.

For example, you want to buy new clothes for school which begins in 8 weeks. Everything you want will cost $200. You earn $50 per week. Divide 8 (weeks) into $200 and you get $25. In order to purchase all the clothes you want by the time school begins, you have to save $25 per week for 8 weeks.

It’s important to plan out your money goals. It will help you avoid the temptation to spend everything you get from allowance, babysitting, or a job. If you get into the habit of setting money goals and saving, it will help you manage your money, follow a budget, and stay out of debt.