What Would You Give Up For a New Bike?

20. June 2011

Each month we ask students to share their stories about saving money as part of the Young America Saves program. To learn more about the program or to enroll visit http://www.americasaves.org/youth/

By Gregg Kelly III, Illinois HS Student

When I was 11, I thought that my parents were going to buy me my first bike. I was all happy, I felt that I was “gonna ride with the big boys,” meaning my older brothers. I had been asking and asking if they were going to buy me a bike and they said, “We’ll see.” They kept saying that, so eventually I realized that they weren’t going to buy it. I was mad, but I decided to earn the money myself.

At the time, I thought a bike would cost about $50.00. Then my Mom gave me a Toys ‘R Us flyer and I saw how much it really cost. $115! For a bicycle! I asked my Mom if there was anything I could do to earn enough money for the bike. She told me I already earned money completing chores around the house and that I should use that money to save for a bike. Luckily, she made a deal with me that when I earned half of the money for the cost of the bike, she would pay the rest. This made me kind of happy, although I was disappointed in myself because I realized that each week I spent all my chore money on gum, candy, and ice cream.

Because I really wanted the bike, I had to spend less money on snacks and put this money toward the bike. I kept doing this for three months, and I eventually reached my halfway mark. My mother then bought the bike.

I learned that some things you want require sacrifice. I had to give up food and snacks in order to get the bike that I wanted.

Then I rode with my brothers.

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Tip of the Day

  • Written by Administrator2 | January 12, 2014

    Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you've purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account. http://ow.ly/sj972

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