Destinee – Schurr High School

Vote for Destinee

Every individual’s first experience with money differs. From a first allowance, to birthday money, or evai paraits’ random change, being given the power to decide what to do with one’s own funds for the first time can be overwhelming. Does the adolescent choose to spend their cash right away, or do they save it and put it away for safekeeping? Having the ability to choose for oneself on how to spend one’s own money is a powerful choice and responsibility, in which subsequent consequences could follow. Making decisions on what to do with personal funds is one of the most important skills in society today; it determines the preparedness that one has for their future and the steps taken towards hopeful prosperity. Everywhere in society, young adults are constantly told not to spend their money foolishly, and to make wise decisions pertaining to their spending habits, but large majorities have difficulty aligning themselves to these simple guidelines, and fail to pinpoint when they needlessly squander cash. They neglect  planning for their future, just as much as they are whimsical about saving for it, yet beginning to build a personal fortune as a teen is not nearly as difficult as some make out to be. By simply avoiding common mishaps of money management, not overspending money, and inquiring their sources, young adults can greatly improve their money saving skills, as well as their life savings.

Deciding how to manage funds and avoiding common mistakes of thoughtless spending in daily life are some very simple ways that teens and children can save cash. Our spending habits mirror how we were raised and our personal life circumstances, each of us differing in levels of self-­ control and discipline, which all play a role in how we decide to purchase something. Many tend to not realize how much they spend on small items every day, yet simply recording purchases down on a notepad or on your phone over the course of a week or so could surprise you, and looking at how much of those items you truly needed or got decent use out of could be even more astounding. For one, saving money starts by readjusting spending habits and revaluating necessities versus desires, as well as changing characteristics towards spending. In a society of technological advancement and ease of accessibility, it is to no surprise or great wonder that deciding between what we need and want leads to blurred borders. In less developed nations, it sometimes comes down to the obvious, simpler needs in life: food, water, and shelter. Just like primitive peoples of the past, peoples today can survive sufficiently by having the bare minimum. Yet, many things today are taken for granted, especially contemporary byproducts of modem innovation. Do humans really need computers or cell phones? Are pencils and paper classified as absolute essentials to life? What about a refrigerator? Personally, I believe that if it is a tool that truly helps you in life -meaning getting lots of productive use from it – and is decent in pricing (differing definitions for everyone), then, yes, purchasing it is wise. But, just because it fits this criteria does not give it a go-by; one must consider how to give themselves the best deal. Choosing to purchase a good quality purse does not entail that it must be a well-known name brand (e.g. Michael Kors, Prada, Louis Vuitton, etc.). Instead, selecting the best option based on what you need (a decent bag) versus your wants (high-end goods that sometimes may not be worth the price) makes a huge difference later on in life, and it will (literally) pay off later. Resisting an urge to use II your available funds on impulsive buys and sales will eventually add up in your wallet.

Though many teens, and even adults, struggle with the aspect of saving money, it really comes down to one simple phrase: “Don’t spend.” These words are spoken much easier than they are performed, and are most definitely difficult to act on. It is within our conscious to crave material goods and wealth, yet it is also within our power to overcome these desires. One way of doing this is simply not allowing yourself the option to spend in the first place. Many people with full-time or even part-time job open savings accounts, and sometimes, can even have their employer deposit a certain amount of their paycheck into their account. Physically restricting and making it difficult to use cash, or even opening a transaction account can be an effortless way to prevent overspending. It is also a good idea to always make sure that you put aside money you know you will have to spend before wasting your funds and having to break into your savings to pay off necessary bills. Even if you don’t have a job or the convenience of being able to open a savings account, there is no excuse to neglect saving money. It is as easy as putting money in a shoebox or envelope of sorts, and every time you receive money like during the holidays, pledge to place a certain percentage of it away, and not let yourself touch a single cent. Asking your guardians to help store your money can be an effective method as well. Saving money and reaching your goal amount of cash honestly comes down to the basic math: depositing more into your system over how much (if any) that you extract and spend will result in more savings.

Figuring out other ways to manage and save money can be very simple. Looking for role models in your lives can help you, especially adults who have gone through the same experiences and life stages of young adults. It would be helpful to know what they did to save, when they started, and the regrets they have. Knowing the experience of others and the mistakes they made could help you. Additionally, paying a visit to your local bank, financial institutions, or educational instructors and talking to someone is one of the best sources of information you can get, or you could conduct a simple web search and look for online resources of advice.

It is within your power to take the initiative and begin the journey of saving money. It isn’t up to your parents or those around you to lead you through every step of life; you must grasp responsibility into your own hands. Though procrastination is something many are guilty of, saving money is something that should not be pushed aside for later. It can be started at any age, child or teen, and hopefully as young as possible. The significance of a good ethic and life plan will allow you to reap the rewards afterwards, and prevent a mid-life financial crisis in your later years.

As a young teen, I admit that I have given little to no thought towards retirement, but throughout the financial workshop, I have realized that starting early really is the most efficient choice, and will make a huge difference in my later years. Even though retirement is practically four or five of my Iifeti mes CN/if, it shouldn’t be an excuse to wait until my twenties, or even thirties to start saving money. There are things that even a young person like myself can easily accomplish over time with perseverance and determination. This year, I plan to put half of my money aside, and ask my mom to help start my retirement funds, maybe making some investments over long term and utilizing the stock market. Within the next year, I plan to apply for and get a part-time job, and similarly to what I heard in the financial workshop for us students, open a savings account where a portion of my paycheck can be automatically deposited. In my last year of high school, I will try and keep adding to my retirement funds through summer jobs. In college, I could use my weekends to earn extra cash for retirement by helping out my uncle’s restaurant business. Having a specific plan to follow and setting a quota for my retirement funds is something I plan to complete within this year to make sure that I am securing a comfortable retirement. Asking my mom for her advice, as well as my numerous aunts and uncles for their experiences with saving money as a teen would be a good starting point for outlining my plan. Another action I could take would be to go to a financial assisting business to get information and ask about advice on savings for retirement. Attending the student workshop caused me to think further about my future, not just college and my career, but also what I will do afterwards. Planning ahead and guaranteeing future retirement is definitely an important consideration for all ages.