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Nikki Adderley

Updated on May 13, 2026•others

How to make a savings from pocket-money?

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3 Answers
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Valdis
Updated on May 13, 2026

When you are at school or college, saving can be much easier if you keep a determined goal to achieve. You don't have to pay for any of your expenses therefore, you can easily save from your pocket money.

1. Set a goal for yourself: Decide on a set amount from half of the pocket money you get or you earn or given by others.

2. Piggy Bank: It is a great form of saving money but choose a specific place or a hidden place to put it. Making your wallet as a piggy bank is a poor decision because of its easy access.

3. Upgrade your goals: When you are able to serve your basic goal, go for multiple milestones and stay motivated to save more and more.

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daveed_ D
Answered on May 8, 2026

To save from your pocket money, try the "save first, spend later" approach by setting aside a small, fixed percentage the moment you receive it. Tracking your daily expenses in a simple notebook or app helps you spot unnecessary small purchases that add up, allowing you to cut back on things like snacks or impulse buys. It's also helpful to set a specific goal, like a piece of tech or a hobby item, which keeps you motivated to keep that extra change tucked away rather than spending it.

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Michael Jons
Answered on May 9, 2026

Saving money from pocket money is a simple habit, but it can make a big difference in your future financial life. It teaches discipline, patience, and smart spending from an early stage. The key is not how much you earn, but how consistently you save a part of it.

First, start by setting a clear goal. Decide why you want to save money. It could be for buying a mobile phone, clothes, gadgets, or even for future investments. When you have a goal in mind, you naturally become more careful with spending. A goal gives your savings purpose and motivation.

Second, follow the “save first, spend later” rule. Whenever you get your pocket money, immediately keep aside a fixed percentage—like 20% or 30%—before you start spending. Even if the amount is small, consistency matters more than size. Over time, this small habit builds a strong saving culture.

Third, track your expenses. Many people don’t realize where their money goes. You can simply write it down in a notebook or use a mobile app. When you see your spending clearly, you will automatically notice unnecessary expenses and start controlling them.

Another useful tip is to avoid impulse buying. Many times, we spend money on things we don’t really need just because they look attractive at the moment. Before buying anything, ask yourself: “Do I really need this?” Waiting for a day before making a purchase often helps reduce unnecessary spending.

You can also try simple budgeting. Divide your pocket money into categories like savings, needs, and entertainment. This helps you manage money in a balanced way without feeling restricted.

If possible, keep your savings in a separate place like a piggy bank or a bank savings account. When money is not easily accessible, you are less likely to spend it impulsively. Watching your savings grow also motivates you to continue saving.

Lastly, try to increase your pocket money value indirectly by developing skills. For example, helping at home, doing small tasks, or learning new skills can sometimes lead to extra rewards or opportunities.

In conclusion, saving from pocket money is not about sacrifice—it is about smart choices. With discipline, planning, and consistency, even a small amount saved regularly can turn into a meaningful financial habit for life.

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