iPhone Leads to Saving Success

September 29, 2011

By Charlie Tiseo, Money Smart Kid Chicago 2011

CharlieBeing a twelve-year-old kid I don’t really have the opportunity to get a job, but for me there are some ways to earn money such as allowance or gifts. I make a habit of only spending some of this money, not all of it. The more money I put into my savings account or piggy bank the faster I will reach my savings goal of, let’s say, buying a phone - and that’s how the story starts.

A couple of years ago I was doing lots and lots of chores to save up for an iPhone. At the time, an iPhone cost $100 and I only had $35. After about two months, I had made $80. It was getting close to my birthday and all I needed was a bit of extra cash. That bit of cash was enough to get my phone, and I was super excited. I couldn’t sit down on the way home, not only because I had an iPhone but also because I worked hard to get it.

I was proud of the fact I worked hard to get the phone, but I still had to keep working to pay the monthly fees. If I spent all of my allowance going to the movies and buying games and couldn’t pay my phone bill, my parents would take the phone away.

This only happened once, and it was enough for me to learn my lesson and realize I have to prioritize my spending. This experience made me aware of my bill every month, it taught me to budget and it also made me responsible for the item as well.

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Tip of the Day

  • Written by Administrator2 | January 13, 2014

    Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings. http://ow.ly/sj972

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