Money is the root of all evil some say, but it’s also something that young adults strive for and desperately need to survive in this world. Our society has such a difficult time with saving money. An excessive amount of teenagers and teachers at Larue County High School (LCHS) often spend more of what they make rather saving for what they want. There are many way to get a handle on saving money.
People save a lot of money when they only use cash for everyday essentials. Something to consider is eliminating all credit cards. If you use cash, then you won’t have a problem with consumer debt. “Credit cards enable us to spend the money that we don’t have and it’s easy to lose control. The average US household’s credit card debt is $15,263 and growing” (Udo). When people buy items with a credit card they are borrowing money that they don’t have. It’s just easy as swiping your card that can drastically have a negative effect, because the next thing you know you’re not able to afford your car payment, insurance or food.
Another way to start saving any money immediately is saving half or a few dollars from each paycheck or allowance. This will provide money for rainy days. According to Ms. Bernard, Financial Literacy teacher, “I take a certain amount of money from each paycheck and place it into my savings account and individual retirement accounts. I try to save money by limiting my spending and trying to spend money on only needs instead of wants.” Kids are taught at a young age that money can buy us happiness that’s why some students at LCHS just spend every paycheck without stashing some away, but what happens when that money is gone and you have a week to go before your next paycheck with food to buy, or this awesome video game you wanted for weeks? For those that have trouble with money some advice is to save it.
Lastly making a monthly budget will provide less spending on frivolous things like eating out every week or buying video games. Budgets are plans used to decide the amount of money that can be spent and how it will be spent. First, you must assess your financial standings, track your income and expenses, and set goals based upon where you would like to be in future. The next thing you need to do actually implement these steps. Budgeting is just another sure fire way to save money.
In order to save money for items you want or need you should only use cash, saving half or maybe just 10 dollars from your paycheck, and finally make a budget, because planning is key to living a better life. These 3 tips can help better manager your money. Money is very important, regardless of what people say, because without it you can’t get far in modern life.
Bibliography
Bernard, Jennifer. Financial Literacy Teacher Miranda Hickman. 13 January 2016. Interview.
Udo, Joe. “7 Compelling Reasons to Use Cash Instead of Credit Cards.” 2010. Retireby40. Web. 13 January 2016.