Putting money in the right place


Photo courtesy of flikr via Creative Commons

Ryan Powell , Author

Christmas and the time of gift-giving is finally coming to a close. Along with presents from family members, many kids often find their stockings and wallets full of a little extra cash following the holiday season. A main problem for people is not knowing what to do with this extra money, often causing it to go to waste. With a little guidance, people can find more ways to get the biggest bang for their buck.

Being completely honest, many students claim the bank is not very friendly with high school students. The trip to the bank to get money out is usually a big enough inconvenience in itself, with not having freedom to take money out when it could possibly really be needed. Needing to show up to the bank with a parent in order to make a withdrawal is another problem for many busy families, a result of minors’ accounts being overridden by parental accounts. Interest barely adds any value to what would be going in anyways, and with the already normally small sizes of deposits for students, the interest would maybe end up covering the gas to drive to go withdraw it. Not putting any money in the bank may not be the best idea, but it may be a better idea to simply keep money at an easier access than immediately rushing to the bank.

“I hate putting money in the bank. Sure, I’m not as quick to spend it, but when I really need it, it‘s a large inconvenience,” states Battlefield junior Carter Lawler. “I’ll make my babysitting money, put it in the bank, and will not see it again for years to come.”

Lawler brings up a good point: not being too quick to spend money. In agreeance with Lawler is Queenoffree.net, a website proud in doing their part to keep money in the pockets of their readers. Queenoffree.net states that it is important to only “buy something you truly need.” A big problem even for adults is not being able to distinguish “want” from “need”, often allowing our impulsivity to override our common sense. While a fourth American Eagle sweatshirt may feel like a good purchase, making sure one’s shoes are not plentiful with holes, or simply saving the money, would be a little more practical.

Junior Casey Picard shares good reason to why it is a good idea to be smart with purchases. Since she has had a reliable job as a high school student for quite some time, she has learned to manage her money. Picard believes it is a good idea to make sure that her purchase will be worth her money.

“It is important to me to not waste my money, so I’m sure to buy something more reliable that will last me a long time rather than something that will not be of use for very long,” says Picard. “I am much more likely to save my money for a computer that will last me years to come instead of a handbag that will be outdated next month.”

USA Today gives probably the best advice for not just the high school years, but also general life rule: “spend a little, save a lot.” Getting a lot of money these holidays may be exciting and it may be tempting to spend it sooner rather than later, but when March comes and resorting to asking parents for a loan is the only way to be able to get Chipotle after school, regret for the poor purchases made with the money is sure to come. It is important to remember that is okay to indulge in oneself every once in awhile, but to not let this become a habit and to always be smart with purchases.