With the holidays just around the corner, many people are starting to save every penny in order to buy gifts, food and other holiday accessories. The problem is that everything is becoming too expensive.
The money that people are spending on unnecessary items should be saved for necessary expenses such as college. Some parents work more than one job to afford college for their children when teens can work to save their money so that they will be more prepared for college expenses.
Finaid.com, a website designed to help college students with financial aid, reports that on average, tuition tends to increase about 8 percent every year. An 8 percent college inflation rate means that the cost of college doubles every nine years.
Everyday, students spend money on things that they don’t really need and are later affected by debt in loans or credit cards. Students with bad spending habits are more prone to debt. Students should be saving by opening bank accounts and knowing the value of their pocket money.
If students save money at an early age that money will help them later on if their ever in debt. A dollar saved everyday will add up eventually.
Wachovia bank, for instance, has a good savings program. According to their website, they will transfer one dollar from your Wachovia checking account to your “Way2Save” savings account every time you use your check card to make everyday purchases, pay bills online and make automatic payments from your checking account. That skyrockets your savings easily, while still allowing you to have spending money.
One major mistake students make when it comes to money is not making a budget. Its crucial for students to know what they are spending everyday, week and month. If you keep track of how much you spend in a book or on a spreadsheet then you will never be in debt. If your spending doesn’t add up on paper then it wouldn’t add up in real life.
Teens always think they have to have the newest things but that is not true, if you can’t afford it then put it back on the shelf. Some people feel they are entitled to spend extra money because they deserve it. It is okay to splurge every now and then, but too often it’s dangerous.
The money that people are spending on unnecessary items should be saved for necessary expenses such as college. Some parents work more than one job to afford college for their children when teens can work to save their money so that they will be more prepared for college expenses.
Finaid.com, a website designed to help college students with financial aid, reports that on average, tuition tends to increase about 8 percent every year. An 8 percent college inflation rate means that the cost of college doubles every nine years.
Everyday, students spend money on things that they don’t really need and are later affected by debt in loans or credit cards. Students with bad spending habits are more prone to debt. Students should be saving by opening bank accounts and knowing the value of their pocket money.
If students save money at an early age that money will help them later on if their ever in debt. A dollar saved everyday will add up eventually.
Wachovia bank, for instance, has a good savings program. According to their website, they will transfer one dollar from your Wachovia checking account to your “Way2Save” savings account every time you use your check card to make everyday purchases, pay bills online and make automatic payments from your checking account. That skyrockets your savings easily, while still allowing you to have spending money.
One major mistake students make when it comes to money is not making a budget. Its crucial for students to know what they are spending everyday, week and month. If you keep track of how much you spend in a book or on a spreadsheet then you will never be in debt. If your spending doesn’t add up on paper then it wouldn’t add up in real life.
Teens always think they have to have the newest things but that is not true, if you can’t afford it then put it back on the shelf. Some people feel they are entitled to spend extra money because they deserve it. It is okay to splurge every now and then, but too often it’s dangerous.
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