Work, Save, Sleep, Repeat
Remember when you were young and your parents would give you money? If you were like me at all you would have spent that money in one sitting Why save? I thought. Why not spend the money I have right now? As a child all your money goes to candy and toys anyway so live a little, why not? But unfortunately the older you become “living a little” will probably cost a lot more than you think. This is why adults save their money smart for the future.
Most teenagers and some college students tend to believe that saving money can wait, but there is a Jot of harm in saving money at a later time in one’s life. They must understand that putting money away while young can have a huge benefit when they become adults with expenses. A you ng adult earning an income should practice budgeting. Every time you earn money from a job, a certain percentage of the paycheck goes to taxes so you receive less than what you made. Along with the percentage of money for taxes, even more needs to be set aside for things such as rent, gas, food, education, loans, etc. Budgeting can help keep you organized and make saving a lot easier.
Warren Buffet once said, “Do not save what is left after spending but what is left after saving”. Believing that it is possible to simply put the leftovers of what money you have after a month of spending is a fool’s task and not a plan that is likely to succeed. Although that quote ties into budgeting it is mainly about financial security. Making sure your money is secure is more than just having a jar to drop pennies in but it is opening a savings account, or a retirement account to further insure you are financially stable in the future. Not many people have a retirement account simply because they can’t access that money until they are in their sixties, and it is a lot easier to access money from their savings account. As a young adult it is important to know that there are options when it comes to saving and how you want to save. I t may feel as though the stress is pilling on and responsibilities keep knocking at your door but there are many freedoms resources to make sure your money is in a good place.
I am currently sixteen years old, soon to be employed, and creating plans for the future is basically what I spend ninety percent of my time doing. I plan to save half of what I make every month until I’m eighteen, then forty percent from then until I’m twenty one, I will have over thirteen thousand dollars saved up (not including whether or not my career as an entertainer begins to take oft). I plan on working while attending college to have a better jump-start. I’m currently not sure what my major/s would be or even where I want to go to college but in the summer I will be taking college courses and in the fall I will be taking a tour of colleges in the state. In five years I will be twenty-one (drinking age yay! Jk) and will still be in college getting my degree. If I had to sum my five-year plan in four words it would be would be; work, save, sleep, repeat!
Saving is extremely important to not only you ng adults but to everyone who is earning money. Practice budgeting and keep your money secure, because it better to have it and not need it than to need it and not have it. In this world you never know when a little extra money will come in handy.