Nuvision Essay Challenge
It’s always hard to fight the urge to impulse buy. It’s difficult to say no to those shoes that just came out or that shirt I’ve had my eye on for some time; it’s happened to the best of us. But when it comes to savings and planning for a debt-free future, it is crucial to remember the importance of saving money. The earlier you start, the more financial stability and independence you will have in the future.
Because financial education is only required in five out of fifty states in the U.S., it is essential for young adults to be knowledgeable of the reality about money, savings and debt. Before this Nuvision workshop, the thought of my savings and debt had never crossed my mind. I didn’t think it was important in my current life stage. I always knew I needed to learn how to manage my money but didn’t know how to begin. The idea seemed so intimidating and unmanageable. I was completely wrong. After learning the basics of financial independence, the idea of saving money became attainable.
Having a clear, focused, and motivated mindset is needed to become a savvy saver.
Saving more and spending less builds long-term savings and peace of mind for the future. When it comes time to retire, your personal savings is what you will rely on the most because social security and pensions can only give you so much. The earlier you start saving, the more money you’ll have for retirement.
One of the easiest and fastest ways to begin earning an income, as a young adult, is to get a job. When you start earning a steady income, you can now start to save. Eventually, over
time, your money will start accumulating and turns into wealth. Borrowing to spend on unnecessary items instead of saving, can end up drowning you in debt. This will drastically hurt you. Your money will no longer go back to you; instead it will be used to pay back all the money you borrowed. It is prudent to stay far away from the inessential products that will force you to borrow.
For many, the reality of the America Dream is living pay check to pay check, with large amounts of debt and insufficient protection. This can easily be avoided by following a safe financial path that you set early on in life. You should start as soon as possible and save, save, save!