The sooner kids learn about how to manage and save money, the better off they will be.
"With early and continued exposure to personal finance and economics, kids grow up to be better savers, investors, borrowers, voters and participants in the global economy," the Council for Economic Education says in its social media effort to promote saving among kids.
"They can make better financial decisions for themselves and their families."
As part of a month-long financial literacy program organized by the CEE, 25 successful leaders and execs, including billionaire tech investor Mark Cuban, shared their best money-saving tip. The goal of the month-long social media effort was to inspire young people to start thinking about how to manage their money.
You don't have to be young to benefit from the advice, however. Here are the 25 tips:
1. Lo Bosworth, entrepreneur, author and creator of TheLoDown
Tip: "I love to create a monthly savings goal for specific things. Like, save $250 for shoes and you won't spend more."
2. Mark Cuban, investor, entrepreneur, television personality and owner of NBA's Dallas Mavericks
Tip: "Open a savings account and do odd jobs to earn money to save!"
3. Melissa Giannini, editor-in-chief, Nylon Magazine
Tip: "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 and healthy savings account."
4. Kelli B. Grant, consumer reporter, CNBC
Tip: "Regularly review your big expenses — like auto insurance, cell phone plans and energy bills — to make sure you are getting the best deal. You could be missing out on savings!"
5. Megan Hess, mobile editor, Bloomberg
Tip: "I invite friends over to cook dinner or for game night instead of going out and spending money."
6. Dan Kadlec, journalist and author. His most recent book, co-authored with Ken Dychtwald, is "A New Purpose: Redefining Money, Family, Work, Retirement, and Success."
Tip: "Wait 24 hours … Before buying an item on impulse. You will go back if it is really worth it!"
7. Brian Kelly, founder and editor in chief at ThePointsGuy.com
Tip: "Travel makes you a better person. Save for trips — not things!"
8. Ron Lieber, The New York Times "Your Money" columnist and author
Tip: "Doing things > having things. Your spending = your values."
9. Erin Lowry, founder of Broke Millennial
Tip: "Nickname your savings account(s)! This will help motivate you to save and reduce temptation to pull money out."
10. Dr. Annamaria Lusardi, Denit Trust Endowed Chair of Economics and Accountancy at the George Washington School of Business
Tip: "Spend a little time each week going over your personal finances and educating yourself about personal finance. You will become both knowledgeable and rich!"
11. Kathryn Minshew, founder & CEO at The Muse, contributor to HBR, WSJ & Bloomberg
Tip: "Rather than spending $1 here or $2 there, save up for larger, more meaningful purchases!"
12. Nan J. Morrison, CEO & President, Council for Economic Education
Tip: "Evaluate online banks for great rates on money market savings accounts."
13. Brian Page, high school teacher, Cincinnati, Ohio
Tip: "Pay yourself first by splitting your paycheck deposits into three low/no fee accounts: 1. Investing for retirement (myRA, 401k, etc.) 2. Savings (for emergencies and goals) 3. Checking (for daily spending)"
14. Mona Patel, Founder and CEO of Motivate Design
Tip: "Keep it simple, decide what you want and then go for it. Get rid of the excuses, check your stories and recognize whatever money challenges can be overcome in the future."
15. Carrie Schwab-Pomerantz, President, Charles Schwab Foundation and SVP Charles Schwab
Tip: "Make saving a part of your routine — like brushing your teeth! Put aside at least a small portion (say 10 percent) of every dollar you receive, including gifts, allowance, and money from your first job. You'll be really glad you did."
16. Rosie Pope, creative director and co-founder of Rosie Pope Maternity
Tip: "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!"
17. Chondra Sanchez, creative co-director and writer at Evil Ink Comics
Tip: "WAIT. Sometimes if you wait at least two before making a big purchase — you find you don't really need the item at all!"
18. Chris Siegfried, mortgage consultant at HomeStreet Bank
Tip: "Save at least 10 percent of everything you make/get! #SavingIsCool"
19. Ann Shoket, author of "The Big Life," former editor-in-chief of Seventeen Magazine
Tip: "Before you buy anything ask yourself: How will I feel about this tomorrow? Happy? Do it! Panicked? Skip it!"
20. Andrew Ross Sorkin, The New York Times columnist, editor; CNBC Squawk Box co-anchor; author and creator, executive producer of Showtime's "BILLIONS"
Tip: "If you can't afford something, set this goal: You can buy it, but only once you've saved twice as much as it costs!"
21. Alexa von Tobel, founder and CEO, LearnVest
Tip: "Saving is a muscle. The sooner you start the stronger it gets!!!"
22. Tara Lynn Wagner, NY1 reporter
Tip: "When you want something new, think about how long you'll have to work to earn enough to buy it. For instance: Cute new boots = 10 hours of babysitting. Then ask yourself, 'Are they worth it?'"
23. Natalie Zfat, entrepreneur and Forbes contributor
Tip: "Money doesn't grow on trees. Don't be afraid to talk openly about the importance of saving, spending and investing."
24. Sam Zises, founder and CEO, [L]earned Media
Tip: "Paying with cash instead of with a credit card can help you save money. If you are physically holding cash at checkout, you will feel more conservative and often times make better decisions."
25. Randi Zuckerberg, founder and CEO, Zuckerberg Media
"Invest in you! Use your money to help expand your mind. Buy educational tools, gadgets, or money savings apps! Take coding lessons! Or support an organization that has helped you learn and grow!"
See also:
Mark Cuban's No. 1 money-saving tip for kids
Tony Robbins and Warren Buffett say this is the best investment you'll make in your life
How a tech entrepreneur ran a 7-figure business from a bus he lived on with a wife and 3 kids
