Importance Of Saving Savings

703 Words 3 Pages
Maintaining your savings is very important. When I was 12, I had to go on a school-sanctioned activity to Guam, and my parents gave me $100, which I considered a high accomplishment in my life. My parents told me not to spend everything while I went on that trip. With a $100 bill in my hand and no limits to what I could absolutely purchase, I felt a sense of freedom, but with freedom, came responsibility. I left that trip with a $100 and came back with at least $60 in my hand. That’s when I started to put my leftover money in a money jar and began accumulating savings. Everyone has their own method of saving money, like depositing small amounts of their money into their saving accounts or setting spending limits for themselves. My method incorporates …show more content…
Keeping track of your expenses—every food, drink, or newspaper that you’ve ever bought—helps you account for every penny. Keep a receipt and make notes of what you purchase. If you use a credit or debit card, use your bank statements to help you collect this data. Once you have your information, you can separate it into different categories: gas, groceries, food/drink, etc. After making a list of your expenses and having an idea of how much you spend in a month, you can organize that information into a viable budget. Your budget plan must show how much money you earn each month. My budget every month is a maximum of $80 spent per month, as my income per month ranges around $200-$300. Making a budget helps you to plan your spending and avoid overspending with your own …show more content…
I used to be that kind person, but now I’m always self-conscious of everything I spend my money on. I’d rather walk myself to school than having to pay a $3 taxi fare to bring me there. Every time money goes in and out of your account, record every transaction of it. Figure how much you earn and spend in a month and set a limit on how much you can spend every month. Set a goal to save up for something you always wanted (or always needed). Always prioritize the important expenses that you need to pay off first before you start spending away on your own wants. Saving money is important, but it doesn’t have to be complicated. Anyone could start saving if they make plans for it. Following these simple steps will help keep you on track to reaching your savings goals, no matter if you’re planning to save big or save

Related Documents