Chantel – Schurr High School

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Securing the Future

One can never start too early when it comes to preparing for the future. This is especially true for young adults, who are often in a transitional period, trying to secure a place in the world as well as a future. An important part of this is becoming a better saver. This can be accomplished in a variety of ways, and especially with a few key concepts. This includes how it is important for young adults to educate themselves thoroughly regarding savings accounts, checking accounts, student loans, retirement, and overall money management. This way, they can avoid rude awakening, and formulate a more cohesive plan to reach their goals.

In addition to this knowledge, it is important for these goals to be realistic and well thought out, making it all the more important for one to know him/herself. This can prove beneficial, as one can be aware of and work towards conquering vices, along with ensuring a future with a greater absence of regrets. By utilizing one’s resou rces, and with a little creativity, a young adult can maximize the benefits of both their savings and earnings.

Education regarding what happens to one’s money under many circumstances is of great importance. Young adults can develop an awareness of their options, and take advantage of what banks and credit unions have to offer. For example, someone who has just entered the workforce can open a Roth I RA account to begi n building the foundation of his/her retirement. I n addition, they can figure out whether they are required to file taxes, and if so, how they can benefit from tax returns at an early age. By having an understanding of the nature of student loans, young adults can minimize losses in the future. Being aware of consequences, fees, and one’s credit reputation is just as important as the benefits of saving.

Knowing oneself can prove beneficial in many ways, and this is especially true when it comes to being a better saver. There is a variety of vices a young adult can have, such as eating out too often, purchasing an unnecessary amount of clothes and beauty products, acquiring the latest gadgets, regularly buying coffee at Starbucks, and i n some cases, drinking. All of these behaviors can have a significant negative impact on one’s resulting savings. At the same time, these behaviors often become habits, and many find themselves making impulse purchases instead of adhering to their savings plans. Awareness enables young adults to put more consideration towards their purchases, and figure out how much responsibility they are ready for when it comes to their finances. Knowing this, they can know how to accommodate themselves, and build an adequate support network of friends and family.

Information and tools that provide budgeti ng techniques can be easily found. For example, a quick search on google will bring up many websites        dedicated to training one into becom ing the best saver he/she can be. These websites often contain not only tips and tricks, but spreadsheets and information regard ing available resources. I n addition, there are a variety of apps available today that can help one track his/her spending, such as the popular “Spending Tracker.” I currently use this app, and have found it to be incredibly useful when it comes to keeping myself accountable.

In the next 5 years, I will secure the future of my retirement  in a number of ways. I will educate myself regarding the nature of various accounts and plans I have access to. I will use available resources, such as the guidance of friends and family, the internet, my local library, and information from various representati ves. I will learn how to master my own vices, and formulate a savings plan that aligns with my goals for the future. I will take advantage of opportunities as they come, by keeping track of discounts, and alternatives that I can better invest my money in. Money is hard earned, and is best treated and used with respect. I plan to do just this by being the best saver I can. This is one way I will secure my retirement, and my future.