Students Managing Money
Managing money is an important aspect in a person's life. In the book Managing Your Money: All-in one for dummies by Ted Benna, he mentions a great scenario of how you should treat money where he states, “Just as you have relationships with people in your life, you also have a relationship qwith money-- how you earn it, spend it, lose it and save it.” A disadvantage that we have in today's society is that schools are not equipping our students well enough with the knowledge of how to manage money. I strongly believe that this knowledge of money management should start in high school so that our students are better prepared when they get to college. In Scott Gamm’s article, College Students Lack Money Management Skills, Gamm states the fact of “Millions of students graduate from high school and head off to college with barely any financial knowledge.” Based on my friends' and my own experience this is true. Students are getting into debt early stage in their life because they have never learned how to manage their money properly. The earlier you are taught about finances the better the economic situation you will find yourself in the future. I would like to share some insight with you all of what I have learned in regards to money management that I hoped will be as helpful to you as it was for me. Most importantly, Budgeting is the first step to learning how to manage your money. It is a guide that helps you focus on your financials and become stable. If you don't budget how much you are spending than you will not know if you are spending more or less. Students lack on budgeting and spend more instead of saving. They do not know how to control their money, but by budgeting this will help lead to a solution. The first step of budgeting is creating two lists of your necessities and your extras of that month. Add both lists separately, and then subtract your monthly income from your necessities. If you have money left over, then you...
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