Cheyenne – Lakewood High School

Vote for Cheyenne

It is said that menials will need about 25 million to retire. I don’t know about you, but that is a lot of money. As a high school teen, there are things I can do to become a better saver and prepare for future necessities such as retirement. Though I am more educated about finances now, the past version of me thought differently; and I expect as I continue to learn more and mature, my plans will change in the future.

In the past I didn’t think much of money, just that I wanted it. It wasn’t till I was 11 when I wanted a laptop of my own like my parents. So my parents sat me down and said if had half of the amount of money for the laptop, they will pay the other half. This was the first time I practiced saving and spending. So I continued to do this for most of my big purchases.

Now I pay for expensive purchases for myself. I get a weekly commission for keeping my room clean and other chores around the house. That is $20. This helps pay for many things such as, a replacement iPhone, twice. But $20 isn’t enough. I am not 16 yet so I cannot get a regular job yet so I do extra chores or babysit. This helped me pay for the $170 deductible for my first iPhone replacement, and I’m currently working on my second one. Saving is hard for me right now because there is many things a teenage girl would want. So I try to save $2-$5 of the weekly $20. But for times where I need money immediately, I save all of the $20.

For the future, having a good-paying job and a financial advisor would help me save. I would have more money, so I would have to learn how to manage it better, or I will end up in debt and with very little saved for retirement. To prevent that from happening, I will save 10% of every paycheck. This will insure that I have money for retirement.  I will also pay my bills on time.

When you pay your bills on time, your credit score will continue to be high. A high credit score allow you to get lower interest rates on large purchases, like a home. Lastly, I will live on less than I make. Little tips like these will continue to help me save and have money for my future.