Planning for the Future
When one receives an amount of money, the first thing we want to do is spend it all. However, if we are smart with the way we spend, a small sum today could be worth a lot more tomorrow. As a student, it is important to know how to start saving for the future because it is closer than it appears. I learned a lot from the lessons of the THINK. TANK. Challenge for example, how important it is to have funds for the future. Now it is important to apply these tips I learned in real life.
To begin with, I feel that anyone can start saving by bringing their own lunch to school. Instead of spending two dollars a day for a bag of chips and soda, you can bring your own lunch from home and keep those two dollars in a place where it can grow and in a few months those two dollars a day can become significantly more. Starting to save a few dollars a day can also help in school. It can allow flexibility and open up doors for new experiences such as field trips and visiting educational places like museums or travelling and learning more about different cultures and history. This realization has influenced me to not spend my allowance on candy or unnecessary treats but instead have money saved up for college expenses.
Furthermore, upon entering college I will be at the age in which I can start working. The money I plan to have saved will be necessary in order to buy books and other materials.
However, the saving should not stop there. Once getting a job, it is a good idea to keep more money than you spend because you can make one thousand dollars a week but it will not matter if you spend nine hundred dollars in two days. Also, saving money in college will be a good idea because with more freedom comes more responsibility. This means that if I have a car it is a good idea to be prepared for the unexpected because, at any moment an accident can happen and you need a spare tire or money to fix a dent and that money will be there instead of struggling with debt and trying to make ends meet.
Moreover, when in college retirement seems very distant but it is never too early to start saving for it. As the world changes money, does too. Prices will go up and what we pay today can double in the future that’s why I will invest all my money and learn how to manage it so that it can help me in the future. The reason why starting to save now for retirement is important is so that I can retire comfortably. People who do not think of saving for retirement have a hard time because they do not have any money to fall back on and sometimes they cannot even retire from the workforce or they will not have any income at all to sustain them.
All things considered, I have been influenced to start saving money and investing for my future. It is never too early to start saving and the more we do it now the better I can enjoy life and do the things I dreamed of doing, as well as reach my goals, in the future. I also learned that it is imp01tant to be prepared for the unexpected because nothing is guaranteed and one day I might need to pay something but it will not be out of my reach because I have been prepared for it. It is important to have this knowledge about money because now knowing what comes in the future beyond college like retirement, I can better plan ahead. If I am smart with the way I spend, a small sum today could be worth a lot more tomorrow.