Money is a material object which society has placed great importance and value on. It’s sought after so heavily in our consumer-based economy because we as humans have unlimited desires. I too fell victim to the common views of money. It was an object I simply wanted in vast quantities, so I could purchase whatever I desired. My parents constantly told me to save at least half of any money I got. I did, but I fell victim to the appeal of going out to eat or shopping for a new pair of sandals, sometimes taking the money from my savings out to do so. Yet at the time, making these purchases felt good, I did enjoy going out or shopping after all.
Nevertheless, I would feel guilty afterward and knew I could do better to ensure more financial security. After attending the Nuvision Workshop, I learned not only how impactful saving money could be, but how important it is to start saving money now. This significantly impacts the amount savings I can have in the future and emphasizes the importance of being smart with One’s money. There are so many things young people can do to become better savers and to achieve a debt-free life. Many of these strategies are simple but require knowledge, education, and understanding of how to handle money. One of the most straightforward strategies is to begin by saving money right away and methodically, putting half of whatever one earns or receives in their savings, leaving it untouched. This is especially important because at the Workshop I learned that money continuously compounds. This knowledge appeals to young people and can motivate them to start saving now and establish a general plan to save.
Young people must also maintain an emergency fund. Emergencies may appear overwhelming especially for young people, but some things are simply inevitable. No matter how small something may seem, it will take some financial toll on the person affected, more so if they do not have a separate savings. This could consequently hinder their bigger savings and young people must have resources, general plans, and money set aside for these emergencies.
One of the most effective methods I have undertaken to better save money is having a budget for a set month. I would do this by stretching a set amount of cash to spend throughout the month. Of course, this strategy depends on the point in life a young person’s life is in and can be adjusted accordingly. An individual should establish and know their limits at all times. To determine things such as this, young people should not be afraid to reach out to a responsible adult or even a banking company to get this information.
All the information presented to me at the workshop along with my personal strategies to save money encourages me to pursue my ambitions with utmost caution about my saving and spending. It has taught me how to go about saving money for college as well as having some on the side for leisure, and emergencies. It has also encouraged me to get a job so that I can have a source of income and further develop my money saving techniques. I now have the fundamental principles to assist me in saving and spending my money wisely. This will help better guarantee the development of smart habits as well as stability and financial security.