How to Save Money at a Young Age 1. Choose a savings goal. When you first start getting an allowance, decide how much you will save each week. Consider a savings goal of one-third or 33% (percent) of your weekly allotment. If you get five dollars, save about $2.00 a week. Also consider how much you want to have and when. If you want $100 at the end of a year, then $2.00 a week is about perfect. 2 2. Open a savings account. You Consider a credit union instead of a bank, the fees are often lower. If you're under 18 years old, you will need your parent's help. This will enable you to earn interest on the money you save and potentially making your savings less accessible when you feel like splurging. 3 3. Save the birthday money. If you get extra cash on holidays or your birthday, always save at least half of that. Some families even give their relatives' children savings bonds for college or money earmarked for long-term savings. Put those in the bank though, not in your piggy bank. 4 4. Keep saving. Have a goal and spend the money on something special. 5 5. Share If you have a sibling, try to make a deal with them for putting together all your money, and sharing it half and half, or saving it all for something special. 6 6. Statistics show that the quicker a person buys a house the more money they save. Don't rent an apartment, your just giving your money away!7 7. If a kid started an IRA (individual retirement account) at 17 years old and at more than 5%, and kept putting money into the account monthly. by the time he/she retires they would have accumulated a little over $1 million dollars.