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Information » Money » Pocket Money » Saving Pocket Money

Saving pocket money

It is up to you what you do with your pocket money, but some people choose to save it. You might save your pocket money up to buy something you want, like a new pair of trainers or a computer game.

Some people also save their money for spending when they go on holiday, to buy Christmas and Birthday presents for family and friends, for a school trip, or just for a 'rainy day'.

You can either save your money at home or you can ask your parents or carer to help you set up a savings account at a bank, where your money can be kept until you need it. If you have a savings account, your money will also earn more money for you.

The bank will pay you a small amount of money each month, known as 'interest' as a reward for using their savings account. Ask your parent or carer for advice on choosing the right type of account if you are worried.

See Types of Accounts for more details on setting up a savings account.

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