Budgeting Your Money Can Really Hurt Anybody Essay

Budgeting Your Money Can Really Hurt Anybody Essay

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Budgeting your money
Money is valued thing now of days, it can either make or break you. As a person living on this earth, it is very hard to live without money in your pocket. The effect on not budgeting your money could really hurt anybody. Sara, an only child, has been practicing with her family saving and budgeting her money over the years. Sara’s parents made sure she was able to have enough money for college. She also saved money so she was able to have her essentials for college as well as extra-curricular activities. As a sophomore in college, Sara had a group of friends who have not only taken her time away from college, but they also left her hanging dry of money. According to Cecillia Barr, “The latest studies say that 70 percent of college graduates leave school with student loan debt that in 2014 averaged $33,000. That much debt at that age does not go away quickly and the impact of this is being felt in several areas, notably purchasing a home, starting a business and delaying marriage.”(Barr). Because Sara was not aware of what was going on, Sara had not reached her financial goal, did not control her debt and she hadn’t set her priorities.
As a student in college, having a financial goal is very important. A financial goal is to know what you are doing with your money as in saving it for college or a specific thing. Sara had a time in her life where spending money was fun. She was unaware that if she kept spending her money she would not have any left. According to CNBC news, “58 percent of Americans believe their financial-planning efforts need improvement, but 34 percent of us have done nothing to plan for our financial futures, according to a newly released study by Northwestern Mutual” (CNBC). ...

... middle of paper ...

...? It has to do with everything! Money is a fragile thing that a lot of us all take for granted. So, Sara had saved up money as a child and was taught the rules of budgeting, she had got into college and felt the free will to spend it all ; so she got caught in debt and is now paying a big fee for not having a proper financial plan. So the effect of Sara not having her priorities sets straight she has to face consequences that will haunt her until she pays it completely off. In this process Sara has learned that she needs to pay attention to financial goal as a whole, she needed to control the debt she had built up, and she had to set her priorities to know she was able to do the extra things. Although, Sara was unable to control her college life, she knew after she had experienced the real life of not having money and have to suffer consequences when it came to that.

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