Ever since I got a job last year, I have learned to manage my finances. I always loved to spend all my money, whereas my sister always saved hers. You can imagine how happy I was when she could buy that new game and I didn’t have a cent! With my job came the valuable knowledge that money doesn’t just grow on trees. You have to work hard for it. Now, although I do spend quite a bit of my money on stuff I like, I save a lot of it too, because I value it.
Over the summer I saved about $1,000 to make two large purchases. I had to stop buying a few things, but when I remembered what I would get at the end, I gladly stopped spending so much.
I think that saving without a specific goal is not good, because it makes you wonder why you don’t just spend all your money. Whether that goal is an emergency fund, college, a car, a vacation, stuff for your kids, or gifts, you have to have a goal so that you feel that you’re achieving something by saving.
Knowing how to manage your finances is a great big step towards a successful life.