Avoid unnecessary spending; build emergency fund.
Over the past few years many adults have given me financial advice for the future. I often hear that I am to avoid acquiring student loans or that I should use a debit card instead of a credit card. I appreciate this advice, but I do not feel like avoiding these things are enough to ensure that I start off on the right foot financially during my college career. In my opinion, the most important thing for me to do while I am in college to ensure financial success is to develop a carefully planned budget. Creating a budget seems daunting, but it is simply creating a plan for how I need to spend my money. In this budget, I first plan to avoid spending large amounts of money on superfluous things. Cutting back on unnecessary spending will save me a lot of money in the long run. Then, I will start depositing money into my savings fund. This fund will steadily grow over time and will provide a safety net for me in case of an emergency. Lastly, I plan to always monitor my finances. Keeping an accurate record of my expenses will help me to never spend more than I have to spend. Maintaining this budget plan will ensure that I graduate with my finances in their best order.
Hannah Harris, Davidson Academy