G1's entry to an essay writing contest
“What is Financial Literacy and
why is it important to me?” It means to understand finance and its
long-term implication as we face the future. For me, its all about
saving money today so I can build my future as I grow older. As a
teenager, I grew up having to what we call “fitting in” with other
people. I tend to waste my money buying materials that I do not even
need. At the end of the day, I have asked myself ,”What is my purpose in doing so?“
While spending money sounds fun and easy to do, there is just one bit of a problem: What will happen to me tomorrow? Having only my $20 monthly allowance today, I asked myself “How does this contribute to my future goal, what can I do now so it will benefit me ten years from now?”
My Plan A: I need to look on why I should force myself in keeping half of my monthly allowance in the bank. At present I have $500 dollars in the bank, If I add $10 dollars every month for the next 5 years, I am able to add additional $600 ($10 x 12 months x 5 years) and therefore my money will be at $1,100 plus interest .
Plan B: If my parents give me $200 dollars for my birthday, by saving half of it every year , this will mean an additional $500 ($100 x 5 =$500) in the bank for the next 5 years which will now bring up my account to $1,600 (Plan A + Plan B plus interest).
Plan C: At 17, my parents will buy me a car and this means I can start working part time jobs. If I keep another $100 a month from part time, in 5 years, I have an additional $6,000 ($100 x 12 months x 5 years) in the bank bringing up my future savings to $7,600 (Plan A+ Plan B+ Plan C) plus interest.
As a sophomore in High School, college is around the corner. Limiting myself into spending only on important matters can help me achieve my future goals. Looking ahead, if I continue to save, there is a big chance that I can earn enough money to go to the Philippines to visit my friends without asking money from my parents.
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Posted by: guenstigeflugreisen.net | 02/01/2011 at 10:29 AM