The Importance of Saving and Budgeting Money
One Student's Perspective
by Amira Caire, age 15
In today’s difficult economy, it is more and more important for young people to be savvy with their money by learning how to spend it wisely, how to budget, and how to save.
Most teenagers, however, don’t seem to have a clue how to handle their money. As a teenager myself with a bank account and some income, I find keeping track of my money to be a challenge. Teenagers with bank accounts tend to think they can buy anything and everything. We forget about saving and budgeting our money because we’re excited just to have some.
Parents can start teaching their children to save at a young age. The younger they learn, the easier it will be for them to save when they are older. One of the best ways is to start at home with a piggy bank, teaching children how to count money. Eventually, they can work their way up to a bank or a credit union.
Wisconsin’s Summit Credit Union provides tracking sheets that help young kids and teenagers keep up with what items they purchase, how much those items cost, and how much they need to save to reach their money goal.
In September 2011, I started my job here at Simpson Street Free Press as a writer. Working here and getting paid made me want to save and budget the money I earned. My parents opened a savings account for me at UW Credit Union.
Having this savings account helps me out a lot. When I go shopping, I tend to get lost in what I want to buy and don’t often think about how much everything will cost in the end. But after learning the importance of saving and budgeting, and its positive effects on my future. I now only buy a few things and think about the more important things I will need to save my money for, like college or a car.
Now you see why saving money is important! There are many good ways to start saving and budgeting for your future. Doing this will allow your money to earn higher interest and grow faster. The more money we save, the easier our lives will be.
[Source: Summit Credit Union]