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Building up your savings from your money - whether it be your pocket money, benefits or wages is a sensible thing to do. You might want to save up for that something special; the latest X-Box game or a holiday with your mates.

Whatever your reason, the most likely place is with a bank. Main account types at banks and building society's are:

• Current account - lets you put money in and take it out easily, but does not pay much interest, you may get a cheque book and cash point card at age 16 or 18.
• Savings account - pays interest on what you put in and it's a good place to put your cash if you are saving up for something.

There are lots of reasons why you will find it useful to have a bank account so why not read our article on opening a bank account.

Don’t know where your money goes? Try these saving tips to help keep and manage your money:-

• Decide what you are going to save for, it is easier to save when you are aiming for something.
• Start slowly, save for a short term goal first. You might start with saving for something in two months time. When you have done this a few times, try some longer term goals, such as a holiday.
• Write down a budget. Your income may be from government allowances or a part time job, your expenses might be frequent such as transport money and rent, or infrequent such as electricity bills, vehicle insurance or birthdays.
• Set aside your money (such as 10% of your earnings) in a separate area (watch for additional fees, charges and exit fees if you establish a separate account).

The government runs savings schemes that are easy to manage. Find out how you could win a prize by simply putting you money into a National Savings account. Follow the link below to find out more.

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