Sydni Otto
12 November 2019
As we get older and get jobs and go to college, money seems to play a bigger factor in our lives.
Though saving seems hard or we think we’ll have time to do it later in life, saving and creating smart habits with you money is more crucial now than it will ever be. The first thing to do is to save every little bit you can, no matter what new pair of shoes is out or that movie you really want to go see. Budget well so you can enjoy those things while also saving for that not-so distant future. Next, make a money habit and stick to it. As soon as you start to put away a certain percentage of your check into a savings account, you’ll soon forget that you even are. If you put 20% of your check away every pay period, soon your money will accumulate in your account and you’ll see the growth in a short time. Another huge factor that plays into smart money habits is, tracking your spending. For most of us, our checks seem to be gone faster than we receive them and you have no idea where it may have gone, by having a budgeting app to simply writing down every transaction you make. Knowing where and who your money is going to is extremely important.
The final factor I would say in creating smart money habits is just setting financial goals for yourself, whether you want to save up to buy that new piece of clothing or just want to save a certain amount for college. Having that end result in mind can better help you save and create that money habit of saving for your futureself.
Works Cited
“10 Money Tips for Teens.” U.S. News & World Report, U.S. News & World Report, money.usnews.com/money/personal-finance/articles/2014/11/05/10-money-tips-for-teens.“11 Money Management Tips for Teens.” Credit Marvel - The Ultimate Authority on Credit Repair, 10 Aug. 2019, www.creditmarvel.com/blog/11-money-management-tips-to-teach-teenagers/.
Elliott, Candice. “Money Tips For Teenagers: Your Future Self Will Thank You.” Listen Money Matters, 16 Aug. 2019, www.listenmoneymatters.com/money-tips-for-teenagers/.
I agree that saving money is extremely important when we are in high school. Many of my friends get a check and in 3 days it's gone. Personal I try to save 60% of my check and then balance the remaining 40% around my life. For example a percent will go to gas or food or just casual spending. But saving some of your check every time you get paid is important for your future because there a lot of things that can happen such as a broken car when you are in collage and anything you can do to stay out of debt when you all ready have collage debt is extremely important. I agree that saving money for teens can be very hard and I would recommend opening a CD so you can put money in the bank and know you are not going to use it.
ReplyDeleteI just recently got a job and it feels so nice to have my own money. So far, I have really only been saving and not spending a lot because whenever I want to spend, I do go a bit crazy with getting things that are unnecessary. So far I having been work on saving for my future.
ReplyDeleteI agree with your point that as we get older, money plays a huge key factor in out lives. For me personally; its hard to not spend my money because I am a spender not a saver. But I am now starting to become a saver. I need to start saving for college, text books, and other things I may need in college.
ReplyDeleteReading this post reminds me of how crucial it is to start saving early which can be difficult but you laid out easy tasks that you can do to aid that process. I have my own job which can be good and bad at the same time. Because I have a job, I think it's okay to blow all my money on clothes or food when in reality, I should be saving which is hard when you have money just sitting in your account. It becomes very tempting to just spend it initially, but college costs a pretty penny so I've found it's easier to not spend so much money on things I don't need when I actually focus on my long term goal.
ReplyDeleteI agree with your points and I feel this is a paramount topic among our lives as the spending vs saving epidemic haunts most people. It is really shocking how saving just a little portion each month can make such a substansial difference, which again ties back to how important saving money really is as we grow older.
ReplyDelete