Glass jars with dollars and text: house,car, travel, education; Shutterstock ID 290398649
April is Financial Literacy Month, and the Council for Economic Education has engaged 28 entrepreneurs, economists, and editors to publish their #1 tip for saving money. The social media campaign — dubbed #MySavingsTip — is designed to inspire students to start thinking and talking about money, instead of making the conversation taboo.
Below, find part 1 of the tips from a variety of contributors.
Melissa Giannini, editor-in-chief, Nylon Magazine: When you’ve got your eye on a splurge item, jot it down as a goal, and increase the amount you set aside for savings. Check back in a few months. Still want it? Great. If not, even better! Buyer’s remorse averted + healthy savings account = 🙂
Randi Zuckerberg, entrepreneur, author and radio host: Invest in you! Use your money to help expand your mind. Buy educational tools, gadgets, or money saving apps! Take coding lessons! Or support an organization that has helped you learn and grow!
Rosie Pope, entrepreneur, maternity designer: Try to save each $1 bill — start at $1, then $5, then $10, $20, $50 all the way up to $100! Go to the bank at each benchmark and exchange it for the correct note. Celebrate your $100 bill!
Natalie Zfaat, social media entrepreneur, writer: Money doesn’t grow on trees. Don’t be afraid to talk openly about the importance of saving, spending + investing.
Andrew Ross Sorkin, New York Times financial columnist and co-host of CNBC’s "Squawk Box": If you can’t affording something, set this goal: You can buy it, but only once you’ve saved twice as much as it costs!
Annamaria Lusardi, professor of economics and accountancy at George Washington University: Spend a little time each week going over your personal finances and educating yourself about personal finance — you will become both knowledgeable and rich!
Beth Kobliner, personal finance expert and bestselling author: Start saving when you are young! If you save a quarter a day start at age 10 in a basic invesement, you could end up with more than $50,000 by the time you stop working!
Carrie Schwab-Pomerantz, financial literary advocate and president of the Charles Schwab foundation: Always comparison shop. A little extra leg work to find a lower price could end up saving you a lot of money in the long run.
Mark Cuban, businessman, investor, owner of the Dallas Mavericks: Open a savings account and do odd jobs to earn money to save!
Ron Lieber, "Your Money" columnist for the New York Times:
Doing things > Having things
Your spending = Your values