Erin W. – Lakewood High School

Young adults can create personalized budgets by listing their financial priorities in the order of importance as well as buy what they can afford in order to become better savers, and remain debt-free. As a young adult, I realize how important it is to save money and live within a budget of my current means. Many young adults like to have whatever is trending so they can have what is popular (i.e. new shoes). Personally, I do not feel the need to follow such expensive trends because I have my own style. To save money, my mother and I always shop sales and go to thrift stores to shop for clothes, and at times shoes; we make one purchase for several outfits at the retail price of one outfit. Young adults also tend to eat out at fast- food restaurants quite often, which adds up, and ultimately costs more than grocery shopping and cooking a meal at home. As a young adult, it is difficult to recall the last time I ate a meal at a fast-food restaurant, but I do enjoy occasionally dining out in which my family often uses discount apps, coupons and restaurant specials.

Fundamentally, young adults should spend their money on their priorities, and look for alternative expenses in order to save money. As for young adults remaining debt-free, they should use cash instead of credit; and when using credit cards the amount should be paid in fulI (month-to-month) in order to maintain a positive credit rating. Credit should only be used to establish credit, not create debt. The holder of a credit card should not purchase something they know they cannot afford by the time the bill is due because the interest will cause the initial amount due to increase: putting the credit cardĀ holder at a higher disadvantage. Young adults must understand that if a bill goes unpaid for longer than they expected there will be consequences making future purchases. Many purchases that are affected by bad credit is the ability of owning a house, car, business et cetera- to avoid disadvantages such as these, and have the ability to own a home, a car, and/or business young adults must start making decisions prior to their means of spending.

I understand that it may not be easy for young adults to save money, but if they were to create budgets and include leisure spending into their budget they should not find it as challenging. Young adults must take into account their future goals because if owning businesses is one of them they must maintain their credit and savings to invest into their businesses. Young adults who save money and remain debt-free are investing into their future.