It's all about smart choices
There is a lot of talk about saving money. There is also a lot of pressure to spend it. No wonder it can be hard to decide what to do with your money. Most of the time, the money earned by teenagers still in high school compared to people with full time jobs is notably less. But the incentives to save are a lot less. This makes it easier for us to spend, especially as having a great time with our money can get the better of us. Which leads to the question: Do I spend or do I save?
The paradox about saving is that, in the end, you are eventually going to spend what you save, so the question is not whether to spend but when to spend. With money in the bank, you could spend it now to meet some immediate necessities or wants. Or you could save it for the future. The deciding factor should be motivation. Do you have a good reason to spend?
Most of the valid reasons to save money can be put into four categories: retirement, emergencies, education and housing. But, do these really apply to us? Yes! Saving money for college is a sensible way to maintain your financial health, especially with the high cost of tuition. And even if we’re not retiring any time soon, or don’t need to worry about medical bills, saving for emergencies or dreams is not a bad idea.
The best way to ensure saving is to have a goal. Set one. Whatever your goal is, one thing is certain: if you save now, you’ll never regret it.
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