Angela A. – Carson High School

“You better be saving your money,” is a phrase my dad started telling me when I got my first job. I used to think money was easy to come by and it wasn’t until I started making my own that I had that quick switch of mind. We as young adults have not yet realized what it is like to pay bills or support a family but soon enough we will be faced with these financial challenges that are going to carry us through adulthood if we do not take action now. At the Nuvision Credit Union meeting I learned more about money in that short hour than I had before.

Throughout the presentation they explained different aspects that would help us become better with money. Terms like inflation, retirement income, and taxes scared me at first but I learned what these things meant and how they can provide for me. Inflation is when the cost of things goes up and with this is important to keep your money growing. I was surprised to see that retirement income comes from social security, pension and your personal savings, personal savings being the one that would provide the most. One of the most important things I learned from the workshop was the wealth formula which was income then savings then some more savings equals wealth this really made me think just how important it is to keep saving your money.

The last thing that was provided was a handout titled 7 Banking Tips for Young Millennials. If we follow these tips we are sure to have a better future financially. I don’t think we recognize the difficulty it is to manage money but with some guidance we can achieve that. Tip one is “budgeting using apps” we already spend a great deal of our time on our phones so why not have something useful that will help track when and where we are spending our money.

The second tip is “set up automatic transfers to savings,” you should have an account that is set up for savings and when you deposit your checks most of your money should automatically go to that account so that you find yourself saving way more than you are spending. The next one is “avoiding overdrawing your checking account,” helps prevent in spending more money than you have in your account if you are checking how much money you have for the use of large amounts of money. Tip number 4 is “establish credit.” Credit is what shows how responsible you are with paying back the money you used monthly on the card. This is a major component when it comes time to buying a home or asking the banks for loans to start businesses or for any car loans. Number 5 is “repay debts strategically,” if you have debt and have to pay off your loans the best way to do that is by paying the minimum on each then start paying more attention to those with higher interest. Tip number 6 is “start an emergency fund.” Having that extra money on the side when unexpected issues happen you have something you can fall back on and have some time to get back up. Lastly tip 7 is “set long-term saving goals” when you retire having this money can put you at a grand advantage. It takes time to accumulate your money but starting now you can prepare for the future.

Telling someone to just save their money I don’t think has a major impact but when someone takes the time to show someone the benefits and the reality of money, it is what can make that turning point. I know that this information will help me and why not pass on this information that can help make the difference in someone’s life.