By Lizbeth Cuellar | Big Stick Editor |
“Money doesn’t grow on trees.” Many people are either good or really bad at saving money when it comes to paying the important things in life and not buying a new designer shirt at the mall. As people, we are always in debt for something and it can be hard to fight off temptation when receiving a check from work or our allowances. Every age group has a different self control system when it comes to saving money. But what are the pros and cons that a person may deal with financial stability?
According to Investopedia, knowing a person has money secured, it can give you a peace of mind. Instead of laying awake in the middle of the night trying to think on what you can and cannot afford, you have that kind of security with you. Going back to the age group philosophy, a 17-year-old may have really wanted to purchase a new pair of shoes, but they can also have payment going towards a textbook or saving up for college tuition. A 25-year-old can have bills at home but isn’t allowed to go over their working time limit, barely making enough for the week. Even to a 65-year-old where money for retirement wasn’t used diligently at the time, now they struggle to live a peaceful present. These examples can show that no matter what age you identify yourself with, expenses are real. Money can’t truly buy you happiness but it can give you the feeling of relive, hopefully.
“You should know what expenses you have,” said Statistics and AQR teacher, Gilberto Hernandez. “One of the best ways to save money is to actually have cash , the reason why you want cash is because you have a set limit. You want to spend less than what you get.”
Tips on saving money: Choose something to save up for, make a budget, set a goal , record your expenses, plan on saving money, decide your priorities.