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The Importance of Saving Money

Categories: Money and Class in America Personal Growth and Development

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Published: Mar 16, 2024

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The first step people might take is recording their spending. It is a practical decision that allows for transparency and calculation. According to Better Money Habits, “Keep track of all your expenses—that means every coffee, household item and cash tip. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Consider using your credit card or bank statements to help you with this” (“Saving Money Tips – 8 Simple Ways to Save Money”). It might seem painstaking, but this process will help you to note how payments and purchases affect your balance, and savings ultimately.

Another important factor in saving money is creating a budget. This is usually done after reviewing all your transactions and what you need to use your money for in order to survive. As stated by America Saves, “Create a budget that you can stick to. Look at places you can cut back in order to pay down high-interest debt and save. Each week, check your finances to make sure you are staying within your budget” (Bryan, Katie). The most essential factor in creating a budget is knowing you can keep to it through the bumps on the road of your finances.

As an extension of your budget, you can create a plan for your spending. You can give exact percentages and figures. According to Better Money Habits, “Try to save 10 to 15 percent of your income. If your expenses are so high that you can’t save that much, it might be time to cut back. To do so, identify nonessentials that you can spend less on, such as entertainment and dining out, and find ways to save on your fixed monthly expenses” (“Saving Money Tips – 8 Simple Ways to Save Money”). It might be painful to slash out certain areas of your life you enjoy spending money on, but in order to save money, you have to sacrifice some of your desires in order to achieve your goals.

A useful tip in addition to the previously mentioned points is that you can save money with a certain item or items in mind. Sometimes focusing on a certain object of desire can work better for people in terms of saving money. According to Better Money Habits, “One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it” (“Saving Money Tips – 8 Simple Ways to Save Money”). Whether short-term or long-term, it is good to have a goal in mind while saving money.

Finally, prioritizing the way you spend and save money is a key element. According to The Balance, “Each individual will have slightly different priorities, but no matter what those priorities are retirement and your emergency fund will come first. After that, you can focus on your other goals and building wealth. Once you determine your priorities, you can create a chart or excel sheet that lets you track your progress on your goals” (Caldwell, Miriam). So, setting priorities is a nuance you should take into account while creating your spending and saving plans.

Looking back, we can say for certain that saving money is possible for the average citizen. However, there are certain ways you have to go about it: noting down your spending, making a budget, creating a plan for saving money, setting a savings goal for particular items, and figuring out your priorities.

Works Cited

“Saving Money Tips – 8 Simple Ways to Save Money.” Better Money Habits, Bank of America, 6 Sept. 2018, bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money.

Bryan, Katie. “Creating a Budget.” America Saves, americasaves.org/for-savers/make-a-plan-how-to-save-money/creating-a-budget.

Caldwell, Miriam. “How Should I Prioritize My Savings Goals?” The Balance, www.thebalance.com/how-should-i-prioritize-my-savings-goals-2386146.

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Sample Essay on How to Save Money: How to Be in Good Funds When You Are a Student

Students are always looking for ways to save money. Some turn to part-time jobs while others resort to reducing their expenditure. This is a sample essay on how to save money that could inspire you to write a masterpiece on this issue.

The life of a college student is not as rosy as most people imagine it to be. Well, there are amazing parties and all sorts of fun things to do when in college, but that’s just it. Students have societal expectations to deal with. They have assignments and projects to deliver and exams to ace. This is no easy task since some of the courses in college are tough and ever-absent professors don’t make things easier as well. There is also the issue of student finances to deal with. Without a steady income, college students are forced to rely on student loans and funds from their parents to see out a semester. These funds, however, are not always enough and students are forced to turn to unorthodox means to make sure they have enough for their education. Students are forced to reduce their spending on certain items, and this usually comes with harsh consequences.

In an attempt to save more, students would resort to cheap meals or even skip some of them altogether. These cheap meals are usually very unhealthy, and the students miss out on the vital nutrients that are needed for healthy growth and development. Some of the cheap meals that students turn to in an attempt to save money include fast foods such as French fries and burgers. These meals are unhealthy, and their regular consumption has a bad impact on people’s health.

Cutting out on entertainment is another ‘luxury’ that students do away with to save money. Movies and music concerts cost money and students avoid them so as to save as much as they can. Some even avoid going out with their friends and spend most of their time in their rooms. Entertainment, however, is very important for the emotional development of a human being, and students are advised to take time for entertainment. A lack of entertainment among college students may cause depression and other emotional issues since all that the students will be thinking about is books and their academic assignments.

Students also turn to free software and applications so as to save money. These non-premium versions, however, come with a lot of bugs and students are at risk of virus attacks to the minimum.

Some would even terminate their gym membership to save money. Most colleges have gyms on campus, but they are usually in a poor state and that is why students visit gyms that are off campus. When times get tough, most students would terminate their membership so as to save as much as they can. Without working out, students get unhealthy, and this brings a lot of challenges.

Tough times call for tough measures. Students resort to the above-mentioned activities to save money, but these methods have some harsh consequences attached to them.

References:

Boatman, A., Evans, B., & Soliz, A. (2014). Applying the lessons of behavioral economics to improve the federal student loan programs: Six policy recommendations. Policy report written for the Lumina Foundation .
Buckley, A., Soilemetzidis, I., & Hillman, N. (2015). The 2015 student academic experience survey. The Higher Education Policy Institute and Higher Education Academy .
Duclos, R., & Khamitov, M. (2016). Is Cash Almighty? Effects of Hard vs. Soft Money on Saving/Investment Behavior.
Fagerstrøm, A., & Hantula, D. A. (2013). Buy it now and pay for it later: An experimental study of student credit card use. The Psychological Record , 63 (2), 323.
Garbinsky, E. N., Klesse, A. K., & Aaker, J. (2014). Money in the bank: Feeling powerful increases saving. Journal of Consumer Research , 41 (3), 610-623.
Karlan, D., & Linden, L. L. (2014). Loose knots: strong versus weak commitments to save for education in Uganda (No. w19863). National Bureau of Economic Research.
Thompson, S., Cross, W., Rigling, L., & Vickery, J. (2017). Data-informed open education advocacy: A new approach to saving students money and backaches. Journal of Access Services , 14 (3), 118-125.

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Essays About Money: Top 5 Examples and 6 Prompts

With money comes great power; however, power must always come with responsibility. Discover thought-provoking essays about money in our guide.

Money is everywhere. We use it to eat, drink, clothe ourselves, and get shelter, among many other uses. Nowadays, it is an undisputed fact that “money makes the world go round.” The earliest known form of money dates back to around 5,000 years ago ; trade was previously carried out using a barter system. However, over the centuries, more and more nations began implementing a currency system, and money has become more critical.

In the contemporary world, it seems to be “all about money.” However, it is important not to lose sight of what is important; we must maintain good physical and mental health and healthy relationships with the people around us. Money is necessary; it is just not the only thing necessary. To start your essay, read these examples to write insightful essays about money.

5 Top Examples On Essay About Money

1. essay on money by prasanna, 2. how money changed human history by jacob wilkins, 3. capitalism: money that make money by ernestine montgomery, 4. is money the most important thing by seth higgins.

5. An Introduction to Saving Money by Jeremy Vohwinkle

Writing Prompts For Essays About Money

1. good uses for money, 2. the “dark side” of money, 3. money’s role in history, 4. morality vs. money, 5. can money buy happiness, 6. how to save money.

“Imagine the world without money. We will eventually come to a point where we will be asking questions like “what’s the point of life”. Hope and goals are some of the important things that will keep a man going in life. Without any sense of achievement or motivation, there wouldn’t be any inventions or progress in the world. People work to get money and then people work harder to get more money. This cycle of life that keeps a man motivated and hopeful is one of the biggest advantages of the system of money”

This essay gives readers a general outlook on money and its advantages and disadvantages. It gives people equal opportunity to work for their dreams and motivates them to be productive members of society, while it also raises the question of greed. Money, without a doubt, has its positive and negative aspects, but it exists and is only becoming more critical.

“But the barter economy was flawed. There was no universal measure for determining the value of an item. It was all based on the subjective opinion of the individuals involved. And to make matters worse, the barter economy relied on both sides wanting something the other had to offer. Trade, therefore, could be sluggish and frustrating. Human beings needed something different, and money was the answer.”

Wilkins writes about how money revolutionized the way trade was conducted. The barter system involved trading any objects if both parties agreed to a deal, such as trading animal skins for fish or medicine for timber. However, the only measure of an item’s value was how much one party wanted it- both sides needed to have something the other wanted. The introduction of money allowed people to put a solid value on commodities, making trade easier.

“So, if you were to closely observe the dirty, disordered canvas of economic progress during the 20th and 21 st century, you should conclude that, for all its warts, capitalism has been the winner. It has sometimes caused pain; suffered from serious cycles; and often needed the clout of the state- such as we have seen from September 2008. It has also been quite resistant to sensible regulation. Even so, the basic institutions of capitalism have worked, not just in the US and the OECD (Organization for Economic Co-operation and development) nations, but also many developing countries, of which India is one.”

Albeit lengthy, Montgomery’s essay discusses the debate between socialism and capitalism, a topic of which money is at the core. Montgomery describes Karl Marx’s criticism of capitalism: all the money goes to a few people, not the workers. She believes these are valid to an extent and criticizes certain forms of capitalism and socialism. Neither capitalism nor socialism is perfect, but according to Montgomery, capitalism creates a better economy.

“Being the richest man in the world does not mean you are the happiest man in the world, although money can buy you happiness sometimes, but not always. If we could all appreciate the way life is, the fun, and the beauty I think the world would be better. If people weren’t power hungry maybe we’d have a lesser demand for money. Those people who is money hungry and power hungry need to relax. Money can’t buy you happiness. These individuals need to understand that.”

Higgins implores readers to remember that money is not the only thing people need in the world. He stresses the necessity of money, as it is used to pay for various necessary goods and services; however, he believes it is not a prerequisite for happiness. Material things are temporary, and there are other things we should focus on, like family and friends.

5. An Introduction to Saving Money by Jeremy Vohwinkle

“A financial emergency may take the form of a job loss, significant medical or dental expense, unexpected home or auto repairs, a hurricane or major storm, or something unthinkable, such as a global pandemic. The last thing you want to do is to rely on credit cards with their hefty interest fees or to be forced to take out a loan. That’s where your emergency fund can come in handy. Historically, the formula for an emergency account is to have enough readily available cash to cover three to six months of living expenses.“

Vohwinkle’s essay gives readers some suggestions on how to save more money. Most importantly, he suggests setting up an emergency fund, as all other saving techniques stem from there. He also suggests creating an automatic savings plan and cutting down on “spending leaks,” like buying coffee. You might also be interested in these essays about celebration .

In this essay, write about why money is necessary and the ways to use it for the greater good, and include ways in which it can be used (investing, donating, etc.). For each point, you make, be sure to explain why. Of course, this is entirely subjective; feel free to write about what you consider “good uses” for money.

On the other hand, money also has a negative side —research on money-related issues, such as taxpayer-funded corruption and trading of illegal goods. In your essay, explore this side of money and perhaps give solutions on how to stop these problems.

Money has played a progressively more important role throughout human history. Discuss the development of currency and the economy, from the barter system to the digital world we live in today. You need not go too in-depth, as there is a lot of ground to cover and many eras to research. Be sure to cite reputable sources when discussing history.

Many people warn of “selling your soul” for financial gain. In your essay, you can write about the importance of having solid values in this day and age, where money reigns supreme. What principles do you need to keep in mind? Explain how you can still value money while staying grounded; mention the balance between material needs and others.

As stated in Higgins’ essay, more people have begun to prioritize money over all else. Do you believe that money is truly the most important thing? Can it alone make you happy? Discuss both sides of this question and choose your position accordingly. Be sure to provide precise supporting details for a stronger argument.

Enumerate tips on how you can save money. Anything works, from saving certain things for special occasions to buying more food in the grocery rather than eating out. This is your opinion; however, feel free to consult online sources and the people around you for extra advice.

For help with your essays, check out our round-up of the best essay checkers .If you’re still stuck, check out our general resource of essay writing topics .

Martin is an avid writer specializing in editing and proofreading. He also enjoys literary analysis and writing about food and travel.

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Essay on Importance of Saving Money

Students are often asked to write an essay on Importance of Saving Money in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Importance of Saving Money

Understanding money.

Money is a tool that helps us meet our needs. It’s important to understand its value at an early age.

Why Save Money?

Saving money is crucial. It helps us prepare for unexpected situations and achieve our goals.

Benefits of Saving

Saving helps us become financially independent and secure. It also teaches us discipline and planning.

How to Save?

Simple steps like cutting down on unnecessary expenses and setting aside a part of our pocket money can aid in saving.

In essence, saving money is a habit that can lead to a secure and worry-free future.

250 Words Essay on Importance of Saving Money

Introduction.

Money is an essential part of our lives, facilitating the exchange of goods and services. One of the most important aspects of money management is saving, a habit that can significantly impact our financial security and future.

The Role of Savings in Financial Stability

Savings act as a safety net in times of financial distress. Unexpected expenses such as medical emergencies, vehicle repairs, or job loss can be easily managed if one has a sound savings plan. It reduces the reliance on credit, thereby minimizing debt and the associated stress.

Savings and Investment Opportunities

Savings also open doors to investment opportunities. The money saved can be invested in stocks, bonds, or real estate, which can generate additional income over time. This concept of compounding can lead to substantial financial growth, helping to achieve long-term goals like buying a home or planning for retirement.

Savings and Financial Freedom

Furthermore, saving money promotes financial freedom. It allows individuals to make choices based on their desires and not just financial constraints. Whether it’s pursuing higher education, starting a business, or traveling the world, a solid savings plan can make these dreams a reality.

In conclusion, the importance of saving money cannot be overstated. It provides financial security, enables investment opportunities, and promotes financial freedom. Cultivating the habit of saving can lead to a financially secure and fulfilling life.

500 Words Essay on Importance of Saving Money

The concept of saving money.

Saving money is a fundamental aspect of financial management, especially in the current economic climate. It is a practice that not only encourages financial discipline but also prepares individuals for unforeseen circumstances. The importance of saving money cannot be overstated, given its multifaceted benefits in fostering financial independence, securing the future, and mitigating financial risks.

Financial Independence and Empowerment

One of the most significant advantages of saving money is the financial independence it brings. When you save, you essentially create a financial buffer that can help you navigate unexpected expenses or financial emergencies. This independence can lead to a sense of empowerment, as it allows you to make decisions based on your best interests rather than immediate financial constraints. For college students, this could mean having the freedom to pursue internships in their field of interest, even if they’re unpaid, or investing in educational resources that can enhance their academic performance.

Securing the Future

Saving money also plays a crucial role in securing your future. By setting aside a portion of your income, you’re essentially investing in your future self. This could mean being able to afford a down payment on a house, funding your post-graduate studies, or even starting a business. The act of saving money can provide a safety net that allows you to take calculated risks and make significant life decisions without fear of financial ruin.

Mitigating Financial Risks

A robust savings account can serve as a financial cushion against unforeseen circumstances such as job loss, medical emergencies, or sudden major expenses. Without savings, these situations can lead to debt or financial instability. Moreover, in an increasingly unpredictable job market, having a substantial amount of savings can provide a sense of security and reduce stress associated with financial uncertainty.

Encouraging Responsible Financial Behavior

Lastly, the practice of saving money encourages responsible financial behavior. It necessitates budgeting and conscious spending, skills that are invaluable in managing personal finances. For college students, learning to save money can provide practical experience in financial management, setting the foundation for a future of financial prudence and stability.

In conclusion, the importance of saving money extends beyond the immediate benefits of having extra cash on hand. It’s about financial independence, securing the future, mitigating risks, and fostering responsible financial behavior. It’s a habit that, when cultivated early, can lead to lifelong financial stability and independence. As such, it’s crucial for college students to understand and appreciate the value of saving money, as it’s an investment that yields significant returns in the long run.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

Essay on Importance of Money
Essay on Happiness Is More Important Than Money
Essay on Expensive Weddings Are a Waste of Money

Apart from these, you can look at all the essays by clicking here .

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The Practice of Saving Money Essay

Difference between eap and general english, skills i have improved and the methods i used, eap areas to be worked on and the methods to use, saving money and carefully planning for the future, contrasting views on the topic, examples of contrasting views on the topic, personal view on the topic.

English for academic purposes focuses on high standards of English for higher learning and studies in general. It provides only what the students need. Therefore, it is goal-oriented as opposed to general English, where students are taught everything necessary to be learned and known in English (Smith 2015). EAP’s major task is learning how to plot theses and dissertations. Hence, there is a need for proper planning, writing, organization, and even proof-reading written works to ensure adherence to the rules of EAP.

Various factors such as the objectives, levels of the students, their goals, and even culture are challenges that make it impossible for EAP to be provided equally. Consequently, such factors must be put into consideration when establishing effective methods of learning EAP. On the contrary, general English only aims at basically teaching students how to listen, speak, read and write English in their day to day communications (Smith 2015).

EAP has numerous features. These features include genres, signposting, and even the use of linking words. Knowledge of the language is also a very crucial component of EAP as it aids the learner in understanding questions and responding to them in their examinations.another differentiating factor between the two varieties of English is that EAP learners are generally adults while General English learners include both children and adults.

Reading and writing are among the main skills I have enhanced. The process of achieving their enhancement was possible through the formation of groups. Particularly, we always hold discussions for purposes of demonstrating how to pronounce and write English words. Group discussions have also helped improve speaking and listening skills. Through them, we are always able to discuss every challenging thing we came across. Eventually, every learner is corrected through consensus and lessons end with all problems settled.

Learners’ expectations should always be addressed in good time (Smith 2015). In this process, appropriate materials must be used in proper ways. This situation can be achieved by setting goals on how to meet learners’ expectations and using certified and approved materials. At the same time, individuals training as teachers of both EAP and general English should be well trained to handle their students without difficulties.

Saving money and striving to make one’s future bright is vital. People should invest every small amount of money they get in businesses for the sake of securing the future. Investing in businesses helps reduce a lot of expense and increase earnings ( Spreading your wings 2015 ). Savings also prevent people from becoming bankrupt for the money is not all spent. Some reasonable amounts of money are left for use later in life. Saving also enables one to get ready for responsibilities that come with getting children. Specifically, one will be able to cater to needs such as good clothing, food, and even quality education.

Apart from taking care of future needs, saving money is ideal because individuals that save money are able of coping with emergencies that may leave someone helpless if he or she did not save (Kobliner 2010). Hence, it is important to save in order to better the future and make life more comfortable. In addition, people must also save with the view of avoiding debts that come when one lacks money. Saving ensures that they comfortably and conveniently cope with situations as they arise without requesting loans and grants, which might later burden them.

However, saving can be very challenging considering the small amounts of money earned by some groups of people and many unending needs that people must satisfy (Eyden 2012). Nonetheless, such situations can be solved and made easier by opening bank accounts for safekeeping. In the same vein, the situation can be salvaged through engaging in leisure activities that do not require money or those that need less money (Eyden 2012).

Examples of such activities are mostly sporting activities that keep one occupied with the view of reducing his or her expenditure. Selling items you no longer need can also earn extra money for saving. Similarly, the keeping of receipts and analyzing them as you check on what you should not buy again or what you will reduce spending on can significantly reduce the amount you spend.

Some people may argue that the death of someone cannot be predicted. Therefore, there is no reason for saving money for the future (Kobliner 2010). They may also argue that saving makes someone lag behind in terms of modern trends and fashions as one is forced to forego secondary needs and only focus on necessary items. Worse still, balancing between one’s spending habits and saving is also a difficult task. Proponents of this standpoint insist that people deny themselves very many things when they decide to save. Hence, such people’s lives do not run the way they should.

An individual who opens a fixed account to save money for five years then dies in the third year of saving having foregone very many things is a good example of a counterargument to the topic. Such a person does not enjoy the benefits of saving. Another good example is that of an individual who avoids keeping up with trendy things and fashion and being classy just to save money for the future (Eyden 2012). Such an individual lives differently from his or her friends. The third example of contrasting views is that of one having problems with balancing between saving and spending. Precisely, she or he saves enough money, but when an emergency arises or when an urge to acquire something or use the money in another way comes up, one quickly opts to use the money saved. This brings about the challenge of balancing.

I believe that both saving and spending are necessary. The best thing to do is to be conscious of both. Do not deny yourself so much in the name of saving and do not also spend everything without thinking of what tomorrow will be. It is good to budget for everything that requires your money and balances the budget well as this prevents overstraining in other areas. Budgeting helps people avoid debts as the money one has is planned for in a way that ensures that all things are catered for, including savings and other amounts meant for future use and emergencies. For easier saving of money, one should avoid impulse buying as it leads to having unnecessary items and spending money in an unplanned way. Hence, it is important to create a budget for yourself.

Eyden, T 2012, Personal financial plans: Saving for the future . Web.

Kobliner, B 2010, A painless saving plan for your future . Web.

Smith, Z 2015, English for academic purposes Vs. general English- 101 crash course . Web.

Spreading your wings, 2015 . Web.

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Student Essay: Saving for Retirement: ‘Time Is on Our Side’

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Rohit R. is a junior at Ridge High School in Basking Ridge, N.J. Roy responded to KWHS’s recent outreach for student essays with a pitch about the importance of saving for retirement, a topic that is not typically top-of-mind for 16-year-olds. After all, when you’re a teenager – retirement just seems so far away. But, as Roy points out, starting early can make a huge difference. And considering 46% of all American workers have less than $10,000 saved for retirement and 29% have less than $1,000 saved, it’s never too early to start thinking about your nest egg. In this essay, Roy helps us understand why.

Both my parents are computer engineers. My father Jaideep is vice president of information technology at HSBC, a global financial services firm, and my mother Anu is a senior IT professional at Verizon Wireless. I often hear my parents discuss their retirement plans and the likelihood that they are not saving enough for the days when they are no longer earning income from their jobs. They worry about not being able to pay for housing, transportation, medical care and other basic living expenses after they retire. Additionally, they want to travel, play golf and eat out, but are anxious that they won’t be able to afford the good life. They often lament the fact that they did not start to save for retirement earlier in their careers. My parents tell me a lot of things (sound familiar?), but they especially tell me not to make their same retirement-planning mistakes.

Retirement Savings Shortfall

Medical advances and today’s healthier lifestyles mean that we are likely to live longer than ever before. According to some estimates, millennials are expected to live beyond 90 years of age. Considering the average retirement age in America is around 60, most of us will need to save enough money to live for another 30 years or more after we stop working in our full-time careers.

A recent study by the National Institute on Retirement Security estimates the overall U.S. retirement savings deficit or shortfall to be between $6.8 trillion and $14 trillion.

And according to a recent research report by Vanguard, saving for retirement is lowest among employees who are younger than 25. Only about 50% of employees younger than 25 saved for retirement in 2015, while about 70% of employees between ages 35 and 64 took advantage of employer retirement plans to put money away for retirement. My biggest takeaway from all the numbers: most young Americans don’t start saving early enough.

In addition to employees not saving for retirement, opportunities for other income streams are also fading. Most companies in today’s business world have stopped offering traditional pension plans where the employer provides money after retirement. Additionally, the Social Security Trust Fund — Government-provided Social Security for older Americans — is severely underfunded and is expected to run out by around 2033. As teenagers, we can’t depend on these previous sources of income to provide financial security in our old age. It is up to us to save enough money for our golden years.

The best time to start thinking about saving for retirement is when you start generating income, especially as you begin your career. My parents have saved money in two popular retirement plans called the 401(k) retirement plan and the Individual Retirement Account ( IRA ).

A 401(k) retirement plan allows employees to deduct money from their salaries and to contribute that money to their own 401(k) retirement account. The benefit is that these deductions are not subject to federal and state income taxes. For example, last year my parents contributed $36,000 ($18,000 each) to their 401(k) retirement accounts, enabling them to save more than $14,000 in income taxes. Another benefit is that this money is pre-committed, meaning you don’t physically have to save it yourself — once you specify the amount and set it up through your employer, the money automatically deducts from each paycheck that you receive and is invested through the 401(k).

Most employers also provide an added incentive for employees to save using 401(k) accounts by matching their contributions. This essentially means that employers are giving you free money to save for retirement. So, once you enter the work world take full advantage of it! My parents, for example, received more than $12,000 last year in matching contributions from their employers! One thing to keep in mind is that the Internal Revenue Service (IRS) does limit the amount that can be contributed to a 401(k) plan. The 2016 limit is $18,000.

The money contributed to a 401(k) plan can usually be invested in financial instruments such as mutual funds. Mutual funds are financial products that invest in collections of stocks and/or bonds and offer higher rates of return. Thus, the tax-free money saved in a 401(k) account has the opportunity to grow over a period of time.

You can start taking money out of the 401(k) plan after you reach 59½ years of age. You will be hit with a 10% penalty if you try to take the money out sooner. This, of course, is to ensure that we are forced to save for retirement and do not raid our retirement accounts for frivolous activities. Once we start withdrawing money during retirement, that money is then subject to federal and state income taxes. Since we will not typically have other income during retirement, the taxes that we will have to pay will be significantly lower than what we will have to pay while working.

An IRA is very similar to a 401(k) retirement plan. An IRA offers tax-deferred growth on retirement savings and is not to be taxed until the money is withdrawn. While the opportunity to contribute to a 401(k) plan is restricted to people employed by companies that offer such plans, anyone can contribute to an IRA as long as he/she is less than 70½ years of age. The maximum amount that can be contributed to an IRA is limited to $5,500 for 2016.

Multi-millions in Your Future?

I feel that saving for retirement is crucially important for my future happiness, and I plan to save for retirement as soon as I start earning income. Time is on our side. High school students can even contribute to an IRA to the extent that you have earned income – so if you have a real job and are reporting your income on a tax form, you can start saving for retirement now. Talk with your parents or guardians, and research your options. If you’re not yet 18, you will have to open a custodial account, meaning your parents must co-sign. But the advantages of even starting a few years before college can really add up.

If you’re still not convinced, consider the following reality check. If you save at least $12,000 per year from the age of 21 and get just a modest 5% return on your invested savings, then you will have more than $2 million saved in your retirement account by the time you’re 67. It’s all about planning for your financial security – and a well-deserved trip or two to Hawaii. Hope to see you on the beach in a few decades!

Conversation Starters

Rohit says that his parents “often lament the fact that they did not start to save for retirement earlier in their careers.” Essentially, they feel they wasted valuable time. Why? What is the value in investing sooner in life?

Have you ever thought about retirement savings? Do your parents or guardians save for the day they will stop working? Go home and have a conversation with your parents, grandparents, aunts and uncles about retirement. Write down three or four key takeaways from your discussions and share them with the class.

The statistics for saving early for retirement are really compelling. And yet, the data show that not many Americans are saving enough money. Why do you think that is? What is preventing them, especially if they have enough income to save?

6 comments on “ Student Essay: Saving for Retirement: ‘Time Is on Our Side’ ”

It is very important to save money for retirement. It was a great assay.

I have thought about saving for retirement in the future. My parents don’t have the luxury of being able to do that. I think that many American’s are not saving money because they don’t have the money to save.

Value investing sooner in life is the value of time and knowledge and being past everyone when it comes to a young age. Saving for retirement is very important to have the money you need to be financially stable and don’t have to work when you get older.

I haven’t thought of retirement savings right now. My parents save for the day they stopped working. I learned from my mom that the retiring population is bigger than ever before. Also its the only time when you no longer owe anybody money. I think Americans are not saving enough for retirement because the lack of high living expenses and limited access to retirement benefits.

Yes, I have thought about retirement savings. I hope to save enough to retire early and travel. My parents are also saving for their retirement.

I believe Americans are not saving up for retirement mainly because of a few reasons including high living expenses, unawareness of benefits, and lack of opportunity to begin. The amount of people I’ve met who aren’t knowledgable on IRA’s, pensions, and 401k’s is heavily surprising as they can really make a huge difference!

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Essay On How To Save Money And Its Benefits

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A. Attention Getter : Did you ever take time to imagine a country without banks?. Where no one knew what savings were, and what all people do is consume all income attained? So think now about the current situation. About you, are you spending more than your earnings? B. Tie to the audience : Now, think about an important and prominent person you know. For instance, President Barack Obama or any rich relative/friend you know of. Do you think he/she make savings? I choose to discuss this topic because saving is a very important aspect of human’s life. It is one of the necessary and important things a person should do for his/her financial well being. C. Credentials; Having experienced the importance of savings and having been saving money for a long makes me confidence standing to argue the importance of saving to people and encouraging them to save as well. Once the habit of saving is instilled, it develops automatically and becomes so easier for an individual to be saving on a regular basis. D. The purpose of my speech is therefore to persuade people to save money and avoid spending more than they are earning hence going bankrupt. It explains the benefits of saving money, how to save money, and how to reward yourself after you save money. E. Thesis Preview; Everyone, including the poor should be involved in savings. Savings are important for every individual however small it is on either weekly or monthly basis.

F. Main points (I)

1. Emergency purposes; One most important reason why you should save money is for emergency purposes (Cardwell 1). It is very imperative to have an emergency fund account for covering any unexpected expenses. You never know when emergencies will arise. You may get fired at work, or you may be required to pay a huge amount medical bills or any other unexpected bill (Mahalo 1). 2. Savings increase incomes portion; One of the best thing about one saving his/her money is that, once an individual makes the decision for saving a portion of his/her income -no matter how little it is, surprisingly one finds his/her income increasing as one becomes more and more focused to raise a larger amount. 3. No borrowing out money; Additionally, savings account ensures that one does not have to consider borrowing from other people, bank or even from one’s retirement account (Syncrat Publications 1). Savings for one’s future hence acts as a way of staying away from debts and banks debts loan as well as staying out of financial difficulties. 4. More options and opportunities; In addition, the money you save is the money you earn as well as the money set aside which gives more opportunities and options down the road. For instance, although some individuals do not take it as worthwhile, saving as little as 15$ or more adds up to the savings over a period as one continues to save. As finances increases, increase your savings accordingly. This amount saved increases with the interest charged and hence increasing your amount in the savings account. 5. Retirement reasons; One another important reasons why you should save is for your retirement reasons. The sooner an individual starts saving for his/her future retirement, the less he/she will have to save in his/her future. This allows an individual to have funds/money for using even when he/she has retired. 6. Other usage; One can also save money for usage in other ways, for instance, saving for a down payment of a property such as house, save for luxury items and for trips/vacations (have fun), save for buying a new car, save money for advancing your education and other activities. This ensures that an individual does not impulse buy hence using money that was unplanned. 7. Reward yourself; However, by savings, we do not mean you restrict your life, become a miser just to save. An individual can reward himself or herself by one he/she hits a certain target by buying himself or herself something he or she fancies. However, do not empty the savings account but instead use money from the payroll (Cooper 1). After rewarding yourself, start a new higher goal/target and keep raising it as you attain it. II. Main point 2; How do you save? a. First set a goal on how much you need to save. b. Make a list of monthly expenses, surpluses and what to cut on and calculate on the extra amount. c. Keep records. d. Start a saving plan by opening a savings account in a desirable bank with the best interest rates as well as minimum balance requirements (WikiHow 1). e. Then curb down your expenses by eliminating unnecessary expenses. For instance, move to a less expensive apartment, sell one car if you have two, restrict eating out or too much and others. f. Finally get out of all your debts first in order to save peacefully.

III. Conclusion,

A. Purpose; Today, the purpose of my speech had been connvinsing people on the importance of saving money. Now I hope that my speech has encourged all those who did not give savings a thought. B. Thesis Preview; As my speech and points suggests, people are required to know how to save money erregardless of their financial status. Even the most intelligent, well paid, responsible and practical individuals can at times be overwhelmed by their expenses and become bankrupt. Savings hence help everyone and it should be the first priority (Factoidz 1). C. Credentials; Being someone who has a high sense of making money and saving equal amount of money as my targets suggest, I felt it was imperative to share how t o save and importance with all of you. D. Tie to the audience; With this information you now have, do you see that savings is important to even prominent persons. Therefore you can now be certain that even Obama makes savings. E. Attention Getter ; Last but not least, for the time I have taken to prepare and present my speech, a large number of people are stressed out how to solve for emergencies. This is simply because they did not save enough money to cater for this. At thius moment someone is ailing somewhere with no money for receiving treatment. Now why would you wait till emergency supress you? Hurry up and start saving now.

Works Cited

Cardwell, Miriam. Learn the Most Important Reasons to Save Money. 2011. Web. 6th April. 2011. Cooper, Olivia. How To Force Yourself to Save Money. 2011. Web. 6th April. 2011.

Factoidz. The Importance of Saving. 2008. Web. 6th April. 2011.

Mahalo. How to Save Money. 2007. Web. 6th April 2011.

Syncrat Publications. The Importance of Saving. 2004. Web. 6th April. 2011.

WikiHow. How To save Money 2011. Web. 14th Feb. 2011. Web. 6th April. 2011.

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Essay On Saving Money For Students

In this essay, we will discuss the importance of saving money and some useful tips to save money efficiently.

Essay About Saving Money

Introduction:

Money is an essential commodity that is required for daily survival. It helps to fulfill our basic needs and wants, but we cannot deny the fact that managing money can be quite challenging. Many people struggle to save money and end up spending more than they earn. Saving money is an important habit that should be cultivated from a young age. In this essay, we will discuss the importance of saving money and some useful tips to save money efficiently.

Importance of Saving Money:

Saving money is important for several reasons. Firstly, it helps to create a financial safety net. It ensures that we have money in case of emergencies like medical emergencies, unexpected home repairs, or job loss. Secondly, saving money can help us achieve our long-term goals like buying a house, car, or going on a vacation. It is essential to have a savings plan in place to accomplish these goals. Lastly, saving money can provide financial stability and reduce financial stress.

Useful Tips to Save Money:

Here are some useful tips that can help you save money:

Create a budget: Creating a budget is the first step towards saving money. A budget helps you track your income and expenses, and it enables you to identify areas where you can cut down your expenses.
Set a savings goal: Setting a savings goal helps you stay motivated and focused. It can be a short-term goal like saving for a vacation or a long-term goal like saving for retirement.
Avoid unnecessary expenses: Avoiding unnecessary expenses is crucial when it comes to saving money. Evaluate your expenses regularly and eliminate anything that is not necessary.
Shop smartly: Shopping smartly is an excellent way to save money. Look for deals, use coupons, and compare prices before making a purchase.
Save automatically: Saving automatically is an excellent way to ensure that you save money consistently. You can set up automatic transfers from your checking account to your savings account.

Conclusion:

Saving money is not an easy task, but it is crucial for financial stability and achieving long-term goals. By following the tips mentioned above and cultivating good financial habits, you can save money efficiently. Remember, it’s never too late to start saving, so start today and secure your financial future.

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Essay on Importance of Saving Money

Money does not grow on trees. It takes work and effort to make enough money to live day-to-day expenses. If you want extra spending cash, then you’ll have to learn how to get it the right way. Money problems are too common in this day and age which means that you will need to learn how to save money .

List of Topics

Essay on Importance of Saving Money for Students

People often fail to realize the importance of saving money. They think that they will get enough time in their lives to save and invest their money for future use. But according to me, it is better we start investing our money from an early age itself because we can see a glimpse of inflation when we are in our teens.

Inflation has been increasing year by year. If the inflation is there then it should be checked by putting some of our money in the bank rather than spending them on useless stuff which may not have worth in future.

When we are young, parents or elder people teach us to save or put some money for future use . People often think that its better to invest money in business so that they can earn more money.

But first of all a person should try to save as much as possible because if we have money saved in bank no one can take it away from us . Even the Government cannot take our hard earned money from us. So people should start saving as early as possible.

>>>> Related Post : Essay on If I were a Millionaire!

Saving money is not as difficult as you think. In fact, it can be easy once you decide what your needs and wants are. You also have to figure out where your money goes and find ways of saving money daily. For example: Do you go out with friends frequently?

Then, one of your wants would be going to a bar or restaurant with friends. Perhaps, you can cut down on spending money by inviting them over for dinner.

Don’t let the fact that saving money takes time stop you from doing it. Money doesn’t have to be saved in a bank either. Use calculators online and determine how much you can save each day. Once you reach your savings goal, put the money in a safe place like under the mattress or in an old shoe. You don’t want to lose it or spend it all at one go.

One of the best ways to save money would be by creating a budget plan . It will help you see where your money goes and where you can cut down on spending. You can even use budgeting apps to track your expenses and learn how much money is spent per week. This will allow you to see your progress as well as keep a close eye on what money is going out and coming in each week or month.

After you cut down on spending, you can learn how to save money on gas and transportation . This will help you get more mileage out of your car which means more savings for you. You will also need to learn ways of saving money at home such as using coupons when shopping or making food from scratch instead of buying it.

Saving money is a skill that takes time and effort. However, it is a skill that you will need to learn even as an adult. It is one of those skills that can make all the difference in the world when it comes to your financial future and well-being .

>>>> Related Post: Essay on Dowry System in India

Saving money is important because it allows you to build wealth . Wealth, in turn, helps you make more money. Saving provides a cushion for emergencies that come up with regularity. And finally, saving money is one of the factors that determines how wealthy you are or will become.

Essay on advantages of Saving Money:

Saving money is a skill that every student should learn. It may seem difficult at first, especially with the many expenses that come with being a student, but it’s a habit that will benefit you in the long run. In this essay, we will discuss the advantages of saving money for students.

Firstly, saving money teaches students financial responsibility. As young adults, it’s important to learn how to manage money and make smart financial decisions. By saving money, students become more aware of their spending habits and learn to prioritize their needs over wants. This skill will prove valuable in the future when they start earning and have more financial responsibilities.

Moreover, saving money can lead to financial security. As students, we all know how unpredictable life can be. Unexpected expenses can arise at any moment, be it a medical emergency or an urgent trip home. By having savings, students are prepared for such situations and won’t have to rely on others for financial help. This sense of security can bring peace of mind and reduce stress levels.

Another benefit of saving money is the ability to achieve long-term goals. As a student, you may have dreams of traveling, buying a car, or owning a home. These goals may seem out of reach, but by saving money consistently, you can make them a reality. It’s important to set aside a portion of your income for savings and watch it grow over time. This will give you the financial freedom to pursue your dreams and aspirations without having to worry about the cost.

Saving money also allows students to have a safety net in case of unforeseen circumstances. Life can throw unexpected challenges our way, and having savings can provide a buffer during tough times. Whether it’s losing a job or facing a sudden financial setback, having an emergency fund can help you get through the difficult situation without falling into debt.

Lastly, saving money instills discipline and patience in students. In today’s fast-paced world, instant gratification is the norm. However, by saving money, students learn to delay gratification and work towards a long-term goal. This discipline and patience can also extend to other areas of life, such as academic pursuits and personal relationships.

Essay on Importance of Saving Money For Students:

Saving money is a crucial aspect of our lives, and students are no exception. It may seem like a daunting task for students to save money while juggling their studies and other expenses. However, it is essential for students to understand the importance of saving money and learn how to manage their finances early on.

Firstly, saving money helps in building financial stability. With the rising cost of education and living expenses, students often find themselves in a financial crunch. By saving a percentage of their income or allowance regularly, students can create a reserve fund that can be used during emergencies or for future investments.

Moreover, learning to save money teaches students the value of budgeting and spending wisely. It encourages them to differentiate between their needs and wants and prioritize their expenses accordingly. This skill is crucial in the long run, as it helps students become financially responsible adults.

Saving money also allows students to pursue their dreams and aspirations without being hindered by financial constraints. Many students have big goals, such as studying abroad or starting a business, but they often give up on them due to lack of funds. By saving money, students can make these dreams a reality.

Another significant advantage of saving money is that it instills a sense of security and independence in students. It gives them the freedom to make their own financial decisions and not rely on others for financial assistance.

In conclusion, saving money is crucial for students as it not only helps in building financial stability but also teaches valuable life skills. By encouraging students to save money, we are setting them up for a financially secure and independent future. So, let’s start cultivating the habit of saving money in students from an early age.

Essay on Pocket Money, Advantages and disadvantages:

Pocket money, otherwise known as allowance, is a small amount of money that is given to children by their parents on a regular basis. The purpose of pocket money is to teach children the value of money and how to manage it responsibly.

There are several advantages of giving pocket money to children. Firstly, it helps them develop financial literacy skills at an early age. By receiving allowance, children learn the concept of budgeting and saving, which are essential skills for managing their finances in the future.

Secondly, it gives them a sense of independence and responsibility as they have to make decisions on how to spend their money wisely. This also helps in building their confidence and decision-making abilities.

On the other hand, there are some disadvantages of giving pocket money to children. One of the main concerns is that it may lead to overspending and wastage of money. It is important for parents to set guidelines and limitations on how much pocket money should be spent in a week or month.

Another disadvantage is that children may become materialistic and start valuing money over other important things in life such as relationships, education, and experiences.

In conclusion, pocket money has both advantages and disadvantages. It is important for parents to strike a balance by providing enough allowance to teach their children financial management skills while also setting boundaries to avoid any negative consequences. So, it can be said that pocket money is a useful tool in teaching children about the value of money and preparing them for their future financial responsibilities.

Why do we need to save money:

1. To Prepare for Emergency Situations

Saving money is crucial because life can be unpredictable. Emergencies such as medical bills, job loss, or unexpected home repairs can strike without warning. If you don’t have any savings to fall back on, you may find yourself in a difficult and stressful situation. Having some money set aside can provide peace of mind and help you navigate through tough times.

2. To Achieve Financial Goals

Whether you dream of buying a new home, traveling the world, or starting your own business, saving money is necessary to achieve your financial goals. Without savings, it will be challenging to make these dreams a reality. Saving money allows you to have the funds available when opportunities arise and gives you the freedom to pursue your passions.

3. To Create a Safety Net for Retirement

Retirement may seem far away, but it’s never too early to start saving for it. The earlier you begin to save, the more time your money has to grow through compound interest. By saving money now, you are setting yourself up for a comfortable retirement where you won’t have to worry about financial constraints.

4. To Build Wealth and Financial Stability

Saving money doesn’t just help with short-term goals; it also plays a critical role in long-term wealth-building. By saving regularly, you can accumulate a significant amount of money over time. This financial stability will provide security and freedom for you and your family in the future.

5. To Avoid Debt

Many people fall into debt because they live beyond their means and don’t save for unexpected expenses. By saving money, you can avoid taking on high-interest loans or using credit cards to cover emergencies. Instead of owing money, you will have the funds readily available to handle any financial curveballs that come your way.

So, there you have it – five essential reasons why we need to save money. It’s never too late to start, and every little bit counts. Whether you begin by setting aside a small percentage of your income each month or cutting back on unnecessary expenses, saving money will benefit you in so many ways

Short Essay on Importance of saving money for future:

We all know that saving money is important for our future. But why exactly is it so important? Well, firstly, saving money allows us to have a financial cushion in case of emergencies or unexpected expenses. It gives us a sense of security and helps us avoid getting into debt.

Moreover, saving money also allows us to achieve our long-term goals and aspirations. Whether it’s buying a house, starting a business or traveling the world, having saved money will make it more feasible and less stressful.

Another important aspect of saving money is that it helps us develop good financial habits. By setting aside a portion of our income regularly, we become more disciplined with our finances and learn to budget effectively. This can lead to better financial management and ultimately, financial stability.

Saving money also gives us a sense of freedom and independence. It allows us to make choices without being limited by our financial situation. We can pursue opportunities that require some financial investment, like further education or investing in stocks, without worrying about the immediate impact on our daily expenses.

Lastly, saving money also ensures a better future for ourselves and our loved ones. It provides a safety net during retirement or in case of illness. It also allows us to leave behind an inheritance for our children or donate to causes we care about.

In conclusion, saving money may seem like a small and insignificant action, but it has far-reaching benefits for our present and future selves. It’s never too early to start saving, so let’s all make it a priority

>>>> Related Post : Speech on Corruption, Causes & Impacts

Q: What is the importance of saving money?

A: Saving money is important for financial security, achieving goals, and handling unexpected expenses.

Q: Why is it important for students to save money?

A: It teaches financial responsibility, helps in emergencies, and enables students to plan for their future.

Q: What are 5 benefits of saving money?

A: Benefits of saving money include financial security, achieving goals, reduced stress, the ability to invest, and independence.

Q: What is the most important way to save money?

A: The most important way to save money is to create a budget and consistently track and control your spending.

Reader Interactions

October 2, 2022 at 11:19 am

what you said that is good about money saving

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8 simple ways to save money

Saving is easier when you have a plan—follow these steps to create one

Read, 4 minutes

Sometimes the hardest thing about saving money is just getting started. This step-by-step guide can help you develop a simple and realistic strategy, so that you can save for all your short- and long-term goals.

Record your expenses

The first step to start saving money is figuring out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip as well as regular monthly bills. Record your expenses however is easiest for you—a pencil and paper, a simple spreadsheet or a free online spending tracker or app. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’ve included everything.

Bank of America clients can access the Spending & Budgeting tool in Mobile and Online Banking to automatically categorize transactions for easier budgeting.

Include saving in your budget

Now that you know what you spend in a month, you can begin to create a budget . Your budget should show what your expenses are relative to your income, so that you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Include a savings category in your budget and aim to save an amount that initially feels comfortable to you. Plan on eventually increasing your savings by up to 15 to 20 percent of your income.

Find ways to cut spending

If you can’t save as much as you’d like, it might be time to cut back on expenses. Identify nonessentials, such as entertainment and dining out, that you can spend less on. Look for ways to save on your fixed monthly expenses, such as your car insurance or cell phone plan, as well. Other ideas for trimming everyday expenses include:

Search for free activities

Use resources, such as community event listings, to find free or low-cost entertainment.

Review recurring charges

Cancel subscriptions and memberships you don’t use—especially if they renew automatically.

Examine the cost of eating out vs. cooking at home

Plan to eat most of your meals at home, and research local restaurant deals for nights that you want to treat yourself.

Wait before you buy

When tempted by a nonessential purchase, wait a few days. You may realize the item was something you wanted rather than needed—and you can develop a plan to save for it.

Set savings goals

One of the best ways to save money is to set a goal . Start by thinking about what you might want to save for—both in the short term (one to three years) and the long term (four or more years). Then estimate how much money you’ll need and how long it might take you to save it.

Common short-term goals: Emergency fund (three to nine months of living expenses), vacation or down payment for a car

Common long-term goals: Down payment on a home or a remodeling project, your child’s education or retirement

Set a small, achievable short-term goal for something that’s fun and goes beyond your monthly budget, such as a new smartphone or holiday gifts. Reaching smaller goals—and enjoying the reward you’ve saved for—can give you a psychological boost, making the payoff of saving more immediate and reinforces the habit.

Determine your financial priorities

After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. For example, if you know you’re going to need to replace your car in the near future, you could start putting away money for one now. But be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Learning how to prioritize your savings goals can give you a clear idea of how to allocate your savings.

Pick the right tools

There are many savings and investment accounts suitable for short- and long-term goals. And you don’t have to pick just one. Look carefully at all the options and consider balance minimums, fees, interest rates, risk and how soon you’ll need the money so you can choose the mix that will help you best save for your goals.

Short-term goals

If you’ll need the money soon or need to be able to access it quickly, consider using these FDIC-insured deposit accounts:

A savings account
A certificate of deposit (CD) , which locks in your money for a fixed period of time at a rate that is typically higher than that of a savings account

Long-term goals

If you’re saving for retirement or your child’s education, consider:

FDIC-insured individual retirement accounts (IRAs) or 529 plans, which are tax-efficient savings accounts
Securities, such as stocks or mutual funds. These investment products are available through investment accounts with a broker-dealer 1

Make saving automatic

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so that a portion of every paycheck goes directly into your savings account. The advantage: You don’t have to think about it, and you’re less likely to spend the money instead. Other easy savings tools include credit card rewards and spare change programs, which round up transactions to the nearest dollar and transfer the difference into a savings or investment account.

With Mobile & Online Banking, Bank of America clients can easily set up automatic transfers between accounts.

Watch your savings grow

Review your budget and check your progress every month. That will help you not only stick to your personal savings plan, but also identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.

1 Remember that securities are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank. They are subject to investment risks, including the possible loss of your principal.

The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management. ©2024 Bank of America Corporation.

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IELTS Practice Tests and Preparation Tips

Band 9 IELTS Essays

Band 9 Essay Sample | Should We Spend Money Or Save It For Future?

by Manjusha Nambiar · September 7, 2017

Some people think that they should spend money they earn now enjoying life, while others think that the money should be put into savings for future.

Discuss both views and give your opinion.

Band 9 essay sample

There are people who enjoy spending money. They simply cannot resist the urge to splurge. There are also people who believe in saving every penny they earn. In my opinion, neither approach is correct.

It is impossible to get something for nothing. We have to earn money to live comfortably. There are certain expenses that cannot be done away with. For example, we all need food to eat and clothes to wear. We also have a responsibility to take care of our dependent children, parents and spouse. All of these are good reasons to spend money.

However, I am against spending money just for the sake of it. There are people who spend every penny they earn. They buy things without even bothering to check whether they actually need them. While spending might give them some momentary pleasures, they will soon find themselves in deep financial problems. There is no harm in enjoying life by going on a holiday or buying latest fashion clothes or accessories. However, one must ensure that one is not spending more than one can afford. Also, emergencies may arise any time. For example, one can fall ill or lose job. It is impossible to tide over such crises without adequate savings.

Just like some people enjoy spending, there are also some people who enjoy saving. In their relentless quest to save as much as they can, they deprive themselves of the little pleasures in life. These people may have huge bank balances but they fail to enjoy life. Life is short and no one can carry their savings with them to the other world. It is therefore pointless to save all the money one earns without enjoying the little pleasures of the world. Happiness, after all, is the biggest wealth.

To conclude, the very purpose of earning money is to lead a comfortable life. This requires one to save and spend in the right amounts.

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Manjusha Nambiar

Hi, I'm Manjusha. This is my blog where I give IELTS preparation tips.

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Set yourself up to build wealth, save more and get out of debt in 3 simple steps: 'Starting is critical'

No one is born with better money habits than anyone else. Dealing with money is an ability that we all have to learn at some point , and the sooner the better.

Once you get acquainted with financial terms and skills, though, it can still feel daunting to begin your journey toward financial wellness. Even if you have a lot of money at your disposal, you might not know what to do with it — and that can cause a lot of stress and attendant emotions , which usually don't help the situation.

"My first step to getting to where you want to be financially is that we have to release that shame," Tiffany Aliche , a financial educator known as The Budgetnista, tells CNBC Make It.

Aliche went through her own " financial shenanigans " before she charted her own path to financial wellness and wrote a book about it to help others.

Whether you need to pay down a mountain of debt or just don't know where to start building wealth, here are the first three steps to take to begin your financial wellness journey, according to Aliche.

As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

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1. 'Shed that shame'

Everybody has to start somewhere. Some folks have the privilege of growing up in families that teach financial literacy from an early age, while others get well into adulthood without a strong grasp of basic money management.

Feeling embarrassed that you lack some of the knowledge to be where you want to be financially won't improve your situation.

"Shame shields solutions," Aliche says. "If I say, 'budget,' you're not hearing [that], all you hear is 'I'm bad, I'm wrong, I made a mistake.'"

Many people fall into the trap of thinking they have to be perfect with money in order to make progress toward their financial goals. Trying to follow a super-strict budget or debt payoff strategy to a T often doesn't work because humans are prone to error, financial experts say .

"One of the best ways to shed that shame is to give voice to it," Aliche says.

She recommends having a friend or loved one you can talk to when you're stressed or confused about money, because often you'll find out they are having similar feelings themselves. Recognizing that you're not alone can help you feel more empowered to try and take the next steps in your journey.

2. Ask for 'specific help' with your money goals

Since personal finance is all about you, you need to get some personalized assistance to know what your next money move should be.

"Identify what you are actually struggling with so you can ask for specific help," Aliche says.

Some folks are stressed about debt , others may be concerned they're not saving enough money , and plenty of people are trying to figure out how to get out of the paycheck-to-paycheck cycle . Each of these scenarios may require a different action.

Aliche gives the example of a friend who called her because he was awarded $2.5 million as a settlement, and he didn't know what to do next. She asked him what exactly he wanted out of the money.

"'I want to make sure that my son doesn't have to worry. I want to make sure that my bills are paid. I want to make sure I'm comfortable,'" Aliche says her friend told her.

She encouraged him to hire a certified financial planner who could help someone navigate the often-jarring experience of suddenly having a lot of money .

3. Focus on what you can control right now

Once you come up with the plan you need to accomplish your goals, the next step is to put it into action.

It can be daunting, especially if you're trying new techniques or still getting an understanding of money concepts. The best way to stick with the plan is to focus on the areas you can control, Aliche says.

"You have your levels of control. [Over discretionary] expenses, you have the most control. You can make your changes there first," she says. "Bills [like for housing and utilities] typically take bigger life changes."

You may have to start smaller than you want. Big financial goals like saving for retirement or starting a business take a long time. But your journey has to begin somewhere.

"Starting is critical to movement," Aliche says. "So if your big goal … seems so far away, we have to break that goal down to, 'What can I do today?'"

Want to make extra money outside of your day job? Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.

Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.

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That is why "How to save money" is one of the most common questions on the internet. This essay will deal with five ways to save money in a practical way: record your spending, create a budget, make a plan for saving money, have a savings goal for certain items, and decide on your priorities. There are more methods to consider, but these ...
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This is a sample essay on how to save money that could inspire you to write a masterpiece on this issue. The life of a college student is not as rosy as most people imagine it to be. Well, there are amazing parties and all sorts of fun things to do when in college, but that's just it. Students have societal expectations to deal with.
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Automating Savings. One of the best ways to ensure regular savings is by automating the process. Most banks offer automatic transfers from checking to savings accounts. By setting up a monthly transfer, one can ensure they save a portion of their income before they get a chance to spend it. This method is often referred to as 'paying yourself ...
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5 Top Examples On Essay About Money. 1. Essay on Money by Prasanna. "Imagine the world without money. We will eventually come to a point where we will be asking questions like "what's the point of life". Hope and goals are some of the important things that will keep a man going in life.
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Strategies to Save and Protect Money Essay. Accounting for income and expenses will help me correctly understand where the money goes and optimize spending. This can be done either manually, by making notes in a notebook, or with special applications for a personal computer or phone. Thus, the main points of expenditure will be clearly marked ...
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Budget. A budget is one of the methods that a college student can use to save money. A college student can plan for his or her expenditure by establishing what he or she needs for a particular period. A budget is useful since it prevents wastage of money on unnecessary or unplanned activities (Baird 109). One should observe the budget limits by ...
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They can track their spending and prioritize their needs and wants, which can help them make better financial decisions in the future. Overall, saving money is an essential skill for students to learn. It can help them prepare for emergencies, achieve their goals, avoid debt, build good financial habits, and manage their expenses. 04 April 2023.
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A recent study by the National Institute on Retirement Security estimates the overall U.S. retirement savings deficit or shortfall to be between $6.8 trillion and $14 trillion. And according to a recent research report by Vanguard, saving for retirement is lowest among employees who are younger than 25.
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First set a goal on how much you need to save. b. Make a list of monthly expenses, surpluses and what to cut on and calculate on the extra amount. c. Keep records. d. Start a saving plan by opening a savings account in a desirable bank with the best interest rates as well as minimum balance requirements (WikiHow 1). e.
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Essay About Saving Money. Introduction: Money is an essential commodity that is required for daily survival. It helps to fulfill our basic needs and wants, but we cannot deny the fact that managing money can be quite challenging. Many people struggle to save money and end up spending more than they earn. Saving money is an important habit that ...
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Record your expenses. The first step to start saving money is figuring out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip as well as regular monthly bills. Record your expenses however is easiest for you—a pencil and paper, a simple spreadsheet or a free online spending tracker or app.
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Couple your clothing shopping with coupons to grab any current in-store deals. Coupons are a great ways to save money, even on unplanned shopping trips and purchases. 9) Rent Special-Occasion Wear. Buying a tux that you will be wearing just once in a lifetime is sheer waste of money.
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Band 9 essay sample. There are people who enjoy spending money. They simply cannot resist the urge to splurge. There are also people who believe in saving every penny they earn. In my opinion, neither approach is correct. It is impossible to get something for nothing. We have to earn money to live comfortably.
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2. Ask for 'specific help' with your money goals. Since personal finance is all about you, you need to get some personalized assistance to know what your next money move should be. "Identify ...

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8 simple ways to save money

Record your expenses

Include saving in your budget

Find ways to cut spending

Search for free activities

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Wait before you buy

Set savings goals

Determine your financial priorities

Pick the right tools

5. An Introduction to Saving Money by Jeremy Vohwinkle