Start IRA in College.
I plan to have an IRA set up by the time I start college so that I can begin saving for retirement. Along with an IRA, I currently have a savings account set up in which $50 is automatically transferred from my checking account. That savings account is available for any emergency. While in college I believe it would be best to save at least 10% from every paycheck and to create a budget so that I maintain wise spending. Although all of these are important steps to ensure that I am on the right foot financially, I’ve determined that the most important thing that I can do is to strictly watch my spending. If I’ve controlled my spending during college, I should have plenty of money to support myself after I graduate, no matter if any of it is in savings or not. I also believe that controlled spending is of utmost importance because it will ingrain a mentality that will stick with me for years to come. Hopefully, disciplined spending will become a habit that I can rely on.
Kaitlyn M. Smith, Hume Fogg Academic High School