As a young adult I live by the motto C.R.E.A.M. meaning cash rules everything around me. Thanks to Nuvision Financial workshop I honestly believe in C.R.E.A.M. and it’s a good thing. The Financial Workshop taught us a lot about saving, we actually had a special guest who works security for the Los Angeles Lakers. He gave us the keys to what he called “Ballin on a budget” by first saving a certain percent of every paycheck received until we retire. This money can be used for an emergency fund to keep us afloat in case of health emergencies or unexpected unemployment instead of taking loans and ending up in debt. This relates to the phrase “let your money work for you, not work for your money” and the fact that Warren Buffett started buying stock at 14 years old is seared in my brain. This is the most important thing to take from the workshop because it sums up everything and it’s an introduction to another way young adults can save. Putting the money we earn in a savings account and not touching it so it can grow throughout the years and by doing nothing your making money. Another way to make and save money at the same time is buying stock in business. At the age of 18 you can buy and sell stock and lucky for us there’s business who are safer bets like Amazon or Disney.
I also learned to not always spend our money going to fancy restaurants that coupons are okay! That advice can really help teens save money because according to the Bureau of Labor statistics Teens spend an Average of $2,787 a year on food. This can easily be cut in half with apps such as McDonald’s and the Burger King app because they give exclusive offers to those that have the app and most importantly it’s free to use. Other companies give coupons in the mail and overall the easiest way to save money is to eat at home. During the Financial Workshop they gave us ways to save money on transportation as well, they told to us to look how far we travel on a weekly basis and decided by that, for example if you have to go to and from school every day of every week it’s cheaper to get a student bus pass for a month instead of paying $2.50 to catch the bus every day or paying $5 or more to get an Uber.
The final way for teens to save money is setting up a proper bank account and budgeting properly to avoid overdrawing your check account. It will also help by setting up a credit card to start to build your credit up now with small things like going shopping or using it to go out to eat. Doing that will make us have small bills and those small bills will be easy to pay off on time. This strategy also works with debt to, take a loan you know you can pay off in the time allotted. To conclude the simplification for teens to save money can be stated in the 7 Banking Tips for Young Millennials: Budget using apps, set up automatic transfers to savings, avoid overdrawing your checking account, establish credit, repay debts strategically, start an emergency fund, and set long-term savings goals. Practice makes perfect, so the more use of the 7 Banking Tips for Young Millennials the better off you’ll be financially.