essay how to save money

Sample Essay on How to Save Money: How to Be in Good Funds When You Are a Student

Students are always looking for ways to save money. Some turn to part-time jobs while others resort to reducing their expenditure. This is a sample essay on how to save money that could inspire you to write a masterpiece on this issue.

The life of a college student is not as rosy as most people imagine it to be. Well, there are amazing parties and all sorts of fun things to do when in college, but that’s just it. Students have societal expectations to deal with. They have assignments and projects to deliver and exams to ace. This is no easy task since some of the courses in college are tough and ever-absent professors don’t make things easier as well. There is also the issue of student finances to deal with. Without a steady income, college students are forced to rely on student loans and funds from their parents to see out a semester. These funds, however, are not always enough and students are forced to turn to unorthodox means to make sure they have enough for their education. Students are forced to reduce their spending on certain items, and this usually comes with harsh consequences.

In an attempt to save more, students would resort to cheap meals or even skip some of them altogether. These cheap meals are usually very unhealthy, and the students miss out on the vital nutrients that are needed for healthy growth and development. Some of the cheap meals that students turn to in an attempt to save money include fast foods such as French fries and burgers. These meals are unhealthy, and their regular consumption has a bad impact on people’s health.

Cutting out on entertainment is another ‘luxury’ that students do away with to save money. Movies and music concerts cost money and students avoid them so as to save as much as they can. Some even avoid going out with their friends and spend most of their time in their rooms. Entertainment, however, is very important for the emotional development of a human being, and students are advised to take time for entertainment. A lack of entertainment among college students may cause depression and other emotional issues since all that the students will be thinking about is books and their academic assignments.

Students also turn to free software and applications so as to save money. These non-premium versions, however, come with a lot of bugs and students are at risk of virus attacks to the minimum.

Some would even terminate their gym membership to save money. Most colleges have gyms on campus, but they are usually in a poor state and that is why students visit gyms that are off campus. When times get tough, most students would terminate their membership so as to save as much as they can. Without working out, students get unhealthy, and this brings a lot of challenges.

Tough times call for tough measures. Students resort to the above-mentioned activities to save money, but these methods have some harsh consequences attached to them.

References:

• Boatman, A., Evans, B., & Soliz, A. (2014). Applying the lessons of behavioral economics to improve the federal student loan programs: Six policy recommendations. Policy report written for the Lumina Foundation .
• Buckley, A., Soilemetzidis, I., & Hillman, N. (2015). The 2015 student academic experience survey. The Higher Education Policy Institute and Higher Education Academy .
• Duclos, R., & Khamitov, M. (2016). Is Cash Almighty? Effects of Hard vs. Soft Money on Saving/Investment Behavior.
• Fagerstrøm, A., & Hantula, D. A. (2013). Buy it now and pay for it later: An experimental study of student credit card use. The Psychological Record , 63 (2), 323.
• Garbinsky, E. N., Klesse, A. K., & Aaker, J. (2014). Money in the bank: Feeling powerful increases saving. Journal of Consumer Research , 41 (3), 610-623.
• Karlan, D., & Linden, L. L. (2014). Loose knots: strong versus weak commitments to save for education in Uganda (No. w19863). National Bureau of Economic Research.
• Thompson, S., Cross, W., Rigling, L., & Vickery, J. (2017). Data-informed open education advocacy: A new approach to saving students money and backaches. Journal of Access Services , 14 (3), 118-125.

Our statistics

• Free AI Essay Writer
• AI Outline Generator
• AI Paragraph Generator
• Paragraph Expander
• Essay Expander
• Literature Review Generator
• Research Paper Generator
• Thesis Generator
• Paraphrasing tool
• AI Rewording Tool
• AI Sentence Rewriter
• AI Rephraser
• AI Paragraph Rewriter
• Summarizing Tool
• AI Content Shortener
• Plagiarism Checker
• AI Detector
• AI Essay Checker
• Citation Generator
• Reference Finder
• Book Citation Generator
• Legal Citation Generator
• Journal Citation Generator
• Reference Citation Generator
• Scientific Citation Generator
• Source Citation Generator
• Website Citation Generator
• URL Citation Generator
• AI Writing Guides
• AI Detection Guides
• Citation Guides
• Grammar Guides
• Paraphrasing Guides
• Plagiarism Guides
• Summary Writing Guides
• STEM Guides
• Humanities Guides
• Language Learning Guides
• Coding Guides
• Top Lists and Recommendations
• AI Detectors
• AI Writing Services
• Coding Homework Help
• Citation Generators
• Editing Websites
• Essay Writing Websites
• Language Learning Websites
• Math Solvers
• Paraphrasers
• Plagiarism Checkers
• Reference Finders
• Spell Checkers
• Summarizers
• Tutoring Websites

Most Popular

Cognition’s new ai tool devin is set to revolutionize coding industry, heated discussions erupt on reddit over chatgpt’s entry in scholarly publication, do you use quotation marks when paraphrasing, typely review, how to rewrite the sentence in active voice, how to save money essay sample, example.

The first step people might take is recording their spending. It is a practical decision that allows for transparency and calculation. According to Better Money Habits, “Keep track of all your expenses—that means every coffee, household item and cash tip. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Consider using your credit card or bank statements to help you with this” (“Saving Money Tips – 8 Simple Ways to Save Money”). It might seem painstaking, but this process will help you to note how payments and purchases affect your balance, and savings ultimately.

Another important factor in saving money is creating a budget. This is usually done after reviewing all your transactions and what you need to use your money for in order to survive. As stated by America Saves, “Create a budget that you can stick to. Look at places you can cut back in order to pay down high-interest debt and save. Each week, check your finances to make sure you are staying within your budget” (Bryan, Katie). The most essential factor in creating a budget is knowing you can keep to it through the bumps on the road of your finances.

As an extension of your budget, you can create a plan for your spending. You can give exact percentages and figures. According to Better Money Habits, “Try to save 10 to 15 percent of your income. If your expenses are so high that you can’t save that much, it might be time to cut back. To do so, identify nonessentials that you can spend less on, such as entertainment and dining out, and find ways to save on your fixed monthly expenses” (“Saving Money Tips – 8 Simple Ways to Save Money”). It might be painful to slash out certain areas of your life you enjoy spending money on, but in order to save money, you have to sacrifice some of your desires in order to achieve your goals.

A useful tip in addition to the previously mentioned points is that you can save money with a certain item or items in mind. Sometimes focusing on a certain object of desire can work better for people in terms of saving money. According to Better Money Habits, “One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it” (“Saving Money Tips – 8 Simple Ways to Save Money”). Whether short-term or long-term, it is good to have a goal in mind while saving money.

Finally, prioritizing the way you spend and save money is a key element. According to The Balance, “Each individual will have slightly different priorities, but no matter what those priorities are retirement and your emergency fund will come first. After that, you can focus on your other goals and building wealth. Once you determine your priorities, you can create a chart or excel sheet that lets you track your progress on your goals” (Caldwell, Miriam). So, setting priorities is a nuance you should take into account while creating your spending and saving plans.

Looking back, we can say for certain that saving money is possible for the average citizen. However, there are certain ways you have to go about it: noting down your spending, making a budget, creating a plan for saving money, setting a savings goal for particular items, and figuring out your priorities.

Works Cited

“Saving Money Tips – 8 Simple Ways to Save Money.” Better Money Habits, Bank of America, 6 Sept. 2018, bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money.

Bryan, Katie. “Creating a Budget.” America Saves, americasaves.org/for-savers/make-a-plan-how-to-save-money/creating-a-budget.

Caldwell, Miriam. “How Should I Prioritize My Savings Goals?” The Balance, www.thebalance.com/how-should-i-prioritize-my-savings-goals-2386146.

Follow us on Reddit for more insights and updates.

Comments (0)

Welcome to A*Help comments!

We’re all about debate and discussion at A*Help.

We value the diverse opinions of users, so you may find points of view that you don’t agree with. And that’s cool. However, there are certain things we’re not OK with: attempts to manipulate our data in any way, for example, or the posting of discriminative, offensive, hateful, or disparaging material.

Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

More from Process Paper Examples and Samples

Apr 11 2019

How to Cook Rice Essay Sample, Example

Apr 09 2019

How to Start a Business Essay Sample, Example

Jan 25 2019

How to Simplify Your Life Essay Sample, Example

Related writing guides, how to write a process paper.

Remember Me

What is your profession ? Student Teacher Writer Other

Forgotten Password?

Username or Email

• Search Search Please fill out this field.
• Financial Planning
• Saving Money

12 Easy Ways To Save Money

Saving money can be easy when you find a method that suits your life

Establish a Budget

Treat savings like a bill.

• Calculate Your Purchases by Work Hours

Set Up Savings Automatically

Budget your savings using cash envelopes, take advantage of company matches.

• Eat Out Less

The Balance / Getty Images 

For many people, saving money doesn’t come naturally. It may even seem like a daunting or impossible task depending on your level of disposable income. However, like other chores, the most challenging part about saving money is knowing how to start. Saving money can be a breeze when you find the method that works best for you. Learn some simple and effective money-saving tips that can help get you off to a great start toward reaching your savings goals.

Key Takeaways

• The first step to saving money is creating a budget.
• Creating realistic savings goals limits burnout and leads to more savings in the long run.
• Other simple methods of saving money include downloading budgeting apps, waiting 24 hours before making a big purchase, and treating your savings contributions like a bill.
• Making your savings automatic will ensure you always find money to save.

The first step to saving money is understanding where your money is going each month. “You can't start effectively saving money until you have a well-defined monthly budget ,” finance writer Chris Panteli told The Balance in an email interview. A budget puts you in control of your money. The trick is finding the one that’s right for you.

A proper budget should contain at least your monthly income, your fixed expenses, and an allocation of funds toward entertainment. There are many free budgeting tools and apps that can help you stay on track.

After your budget is set, a sure-fire way to save money is to treat your savings like a bill, said financial analyst Sophia Jones to The Balance in an email interview. “Whenever you get your pay, take out savings first and put it somewhere else, maybe in a high-yielding bank account. By doing so, you train yourself to consistently save, and practice living within your means while still having savings,” Jones said.

Calculate Your Purchases by Work Hours Instead of Cost

Thinking like a saver means thinking about the true cost of the things you buy and how many hours you will need to work to afford them. Start by taking the dollar amount of the item and dividing it by your hourly pay.

If you’re paid a salary and aren’t sure of your hourly rate, divide your annual salary by the number of weeks you work per year, then again by the number of hours you work each week. If you make $70,000 per year, your hourly rate is around $33.65 ($70,000 / 52 =  $1,346 per week / 40 = $33.65 per hour).

For example, if you want to purchase a $48 shirt and you earn $12 per hour, ask yourself if buying it is worth the four hours you’ll have to work to pay for it.

Try the 24-Hour Rule

This is an easy and effective trick to help you save. When you see an item you think you need or want, don’t buy it right away. Instead, set a “24-hour” rule. Maybe you’ll buy it after all, or maybe you won’t. But at least you can give yourself more time to think it through.

One way to enforce the 24-hour rule when online shopping is to disconnect your debit or credit card from your browser or phone. Sometimes putting a little friction between you and that “Check Out” button is all it takes to cut down on impulse purchases.

“Habits work best when they happen in the background,” Catch CEO Kristen Anderson told The Balance via an email interview. Using smart defaults such as directing a percentage of your paycheck to a separate savings account will have you hitting your savings goals in no time.

Start Small

Anything is doable when it’s done in baby steps. Corey Noyes, a financial advisor at Balanced Capital, said, “Too many people stretch themselves too thin when they first try to save.” This can lead to frustration, discouragement, and eventually giving up your savings goals. The key is to “choose a manageable amount that doesn't cause you stress and set it on autopilot,” Noyes said.

According to a 2021 study by the MIT Sloan School of Management, people spend more money when they use a credit card rather than cash. However, if your spending habits prevent you from saving money, you can try using the envelope-budgeting method . After creating your monthly budget, use cash to separate your savings and each of your other expenses into envelopes. Once the envelopes are empty, you’re done for the month, and your savings are intact.

Open a Spend-and-Save Account

A spend-and-save account works by automatically helping you save the spare change left after making a purchase. It rounds up each debit-card transaction to the nearest dollar, then deposits the difference into your savings. Of course, to reach larger saving goals, you’ll need to supplement a spend-and-save account with a regimented budget, but you might be surprised how quickly your spare change piles up.

Many companies offer employee incentives by matching a certain percentage of the money you save in retirement plans such as your 401(k). This means that for every dollar you save, they will give you an extra dollar, hence the match. So if you’re not taking advantage of your employer match, you are leaving free money on the table.

The IRS allows 401(k) participants to take a penalty-free loan from their 401(k) plan of up to $50,000 when buying their first home.

Pretend Your Windfalls Don’t Exist

When you need an easy way to save money, setting aside a windfall of extra cash needs to be a “no brainer.” Whether the money comes from a work bonus, bingo winnings, or tax refund, commit to adding it to your savings and pretend like it doesn’t exist.

Shop on Wednesdays

Why is Wednesday unique? “When most grocery shops start their new bargains on Wednesdays, customers typically get early access to the latest deals and special offers,” financial analyst Steve Wilson told The Balance in an email interview. “Additionally, shops occasionally accept coupons from the prior week,” Wilson added.

Commit To Eating Out One Day Less Each Week

If you enjoy eating out, you don’t have to give it up. Instead, just commit to cutting back. For example, suppose you spend at least $15 per day eating out five days a week. That quickly adds up to $300 a month. However, if you cut back even one day a week, you’ve just found $60 a month to add to your savings.

The Bottom Line

There are many benefits to saving money, and the reasons for saving are different for everyone. While consistently putting money aside can be a challenging habit to start, the trick is finding a few saving methods that resonate with you and your lifestyle.

Frequently Asked Questions (FAQs)

Why is it important to save money.

Saving money is more than important—it’s a necessity. Your savings can give you peace of mind by helping you avoid turning to credit cards or accumulating debt when unexpected expenses pop up. Saving money can also allow you to achieve financial and personal goals such as buying a house. On top of that, saving money can help you grow your money through the power of compound interest .

How much money should I save each month?

The popular 50/30/20 budgeting method suggests using 20% of your income as a guideline for savings. Initially, you can allocate that money toward your emergency fund until you save three to six months' worth of expenses. After that, you can begin putting the money toward other financial goals.

How much do I need to save to buy a house?

When you’re preparing to buy a house, it's a good idea to save around 25% of the purchase price in cash to cover a down payment, closing charges , and relocation expenses. For example, if you buy a property for $300,000, you may end up paying more than $75,000 to cover the down payment and all of the various closing costs. That said, if you are a first-time homebuyer, you can buy a home with a down payment as low as 3.5% of the home’s value.

IRS. “ Retirement Topics - Plan Loans .”

Department of Housing and Urban Development. “ Let FHA Loans Help You .”

What are your financial priorities?

Answer a few simple questions, and we’ll direct you to the right resources for every stage of life.

Welcome back. Your personalized solutions are waiting.

Welcome back. Here's where you left off.

You might also be interested in:

Related content

Read more , 4 minutes

Read more , 3 minutes

View infographic , 2 minutes

Read more , 2 minutes

8 simple ways to save money

Saving is easier when you have a plan—follow these steps to create one

Read, 4 minutes

Sometimes the hardest thing about saving money is just getting started. This step-by-step guide can help you develop a simple and realistic strategy, so that you can save for all your short- and long-term goals.

Record your expenses

The first step to start saving money is figuring out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip as well as regular monthly bills. Record your expenses however is easiest for you—a pencil and paper, a simple spreadsheet or a free online spending tracker or app. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’ve included everything.

Bank of America clients can access the Spending & Budgeting tool in Mobile and Online Banking to automatically categorize transactions for easier budgeting.

Include saving in your budget

Now that you know what you spend in a month, you can begin to create a budget . Your budget should show what your expenses are relative to your income, so that you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Include a savings category in your budget and aim to save an amount that initially feels comfortable to you. Plan on eventually increasing your savings by up to 15 to 20 percent of your income.

Find ways to cut spending

If you can’t save as much as you’d like, it might be time to cut back on expenses. Identify nonessentials, such as entertainment and dining out, that you can spend less on. Look for ways to save on your fixed monthly expenses, such as your car insurance or cell phone plan, as well. Other ideas for trimming everyday expenses include:

Search for free activities

Use resources, such as community event listings, to find free or low-cost entertainment.

Review recurring charges

Cancel subscriptions and memberships you don’t use—especially if they renew automatically.

Examine the cost of eating out vs. cooking at home

Plan to eat most of your meals at home, and research local restaurant deals for nights that you want to treat yourself.

Wait before you buy

When tempted by a nonessential purchase, wait a few days. You may realize the item was something you wanted rather than needed—and you can develop a plan to save for it.

Set savings goals

One of the best ways to save money is to set a goal . Start by thinking about what you might want to save for—both in the short term (one to three years) and the long term (four or more years). Then estimate how much money you’ll need and how long it might take you to save it.

Common short-term goals: Emergency fund (three to nine months of living expenses), vacation or down payment for a car

Common long-term goals: Down payment on a home or a remodeling project, your child’s education or retirement

Set a small, achievable short-term goal for something that’s fun and goes beyond your monthly budget, such as a new smartphone or holiday gifts. Reaching smaller goals—and enjoying the reward you’ve saved for—can give you a psychological boost, making the payoff of saving more immediate and reinforces the habit.

Determine your financial priorities

After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. For example, if you know you’re going to need to replace your car in the near future, you could start putting away money for one now. But be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Learning how to prioritize your savings goals can give you a clear idea of how to allocate your savings.

Pick the right tools

There are many savings and investment accounts suitable for short- and long-term goals. And you don’t have to pick just one. Look carefully at all the options and consider balance minimums, fees, interest rates, risk and how soon you’ll need the money so you can choose the mix that will help you best save for your goals.

Short-term goals

If you’ll need the money soon or need to be able to access it quickly, consider using these FDIC-insured deposit accounts:

• A savings account
• A certificate of deposit (CD) , which locks in your money for a fixed period of time at a rate that is typically higher than that of a savings account

Long-term goals

If you’re saving for retirement or your child’s education, consider:

• FDIC-insured individual retirement accounts (IRAs) or 529 plans, which are tax-efficient savings accounts
• Securities, such as stocks or mutual funds. These investment products are available through investment accounts with a broker-dealer 1

Make saving automatic

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so that a portion of every paycheck goes directly into your savings account. The advantage: You don’t have to think about it, and you’re less likely to spend the money instead. Other easy savings tools include credit card rewards and spare change programs, which round up transactions to the nearest dollar and transfer the difference into a savings or investment account.

With Mobile & Online Banking, Bank of America clients can easily set up automatic transfers between accounts.

Watch your savings grow

Review your budget and check your progress every month. That will help you not only stick to your personal savings plan, but also identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.

1 Remember that securities are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank. They are subject to investment risks, including the possible loss of your principal.

The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management. ©2024 Bank of America Corporation.

What to read next

More from bank of america, bank of america life plan® helps you create a plan that’s tailored to your goals..

We're here to help. Reach out by visiting our Contact page or schedule an appointment today.

• Schedule an appointment

Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.

The Spending & Budgeting tool is currently available to clients with a personal checking or savings account, credit card, a linked Merrill investment account, as well as a Small Business checking or savings account.

Fees apply to wires and certain transfers. See the Online Banking Service Agreement  for details. Data connection required. Carrier fees may apply.

You're continuing to another website

You're continuing to another website that Bank of America doesn't own or operate. Its owner is solely responsible for the website's content, offerings and level of security, so please refer to the website's posted privacy policy and terms of use. It's possible that the information provided in the website is available only in English.

Va a ir a una página que podría estar en inglés

Es posible que el contenido, las solicitudes y los documentos asociados con los productos y servicios específicos en esa página estén disponibles solo en inglés. Antes de escoger un producto o servicio, asegúrese de haber leído y entendido todos los términos y condiciones provistos.

Advertising Practices

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

Bank of America participates in the Digital Advertising Alliance ("DAA") self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). Ads served on our behalf by these companies do not contain unencrypted personal information and we limit the use of personal information by companies that serve our ads. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices powered by the DAA or through the Network Advertising Initiative's Opt-Out Tool . You may also visit the individual sites for additional information on their data and privacy practices and opt-out options.

To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs .

Connect with us

Your Privacy Choices

Some materials and online content may be available in English only.

Bank of America, N.A. Member FDIC. Equal Housing Lender

© 2023 Bank of America Corporation. All rights reserved.

Investment products:

Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

How to Save Money Now (Before You Really Need It)

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

You've been meaning to save more money. It's been on your mind for a while. But now — right now — feels like the time to get serious.

To save a big chunk of cash before you really need it.

When it comes to saving money, small changes can add up quickly. Here are some of the best ways to save money right away.

Interest rates are on the rise for savings accounts , thanks to the Federal Reserve’s actions this year.

27 ways to save money

1. Automate transfers .

2. Count your coins and bills .

3. Prep for grocery shopping .

4. Minimize restaurant spending .

5. Get discounts on entertainment .

6. Map out major purchases .

7. Restrict online shopping .

8. Delay purchases with the 30-day rule .

9. Get creative with gifts .

10. Lower your car costs .

11. Reduce your gas usage .

12. Bundle cable and internet .

13. Switch your cell phone plan .

14. Reduce your electric bill .

15. Lower your student loan payments .

16. Cancel unnecessary subscriptions .

17. Refinance your mortgage .

18. Set savings goals .

19. Track spending .

20. Pay off high-interest debt .

21. Keep savings in a high-yield savings account .

22. Create a 50/30/20 budget .

23. Shop consignment and thrift stores.

24. Join initiatives to get free items.

25. Use car sharing services.

26. Stock up on household supplies when they're cheap.

27. Enjoy community events.

1. Automate transfers

By setting up automatic transfers from your checking account to your savings account each month, the money will accumulate over time without any additional work on your part. This technique can be especially useful when your savings accounts are dedicated to specific goals, such as establishing an emergency fund, going on a vacation or building a down payment.

You can also let apps like Digit or Qapital do some of the work for you. After you sign up, they'll transfer small amounts from your checking account to a separate savings account for you. That way, you don’t have to spend time or energy thinking about making a transfer. You can learn more about apps that automate savings and decide if they’re a good fit for you.

2. Count your coins and bills

Another option is saving your change manually by setting it aside each night. After you have a sizable amount, you can deposit it directly into your savings and watch your account grow from there. In fact, when you want to watch your spending, it’s a good idea to use cash instead of credit cards because it can be harder to part with physical money. While this strategy doesn’t build savings overnight, it's a solid approach for slow-and-steady savings growth.

3. Prep for grocery shopping

A little work before you go to the grocery store can go a long way toward helping you save money on groceries . Check your pantry and make a shopping list to avoid impulse buying something you don't need. Learn how to get coupons and join loyalty programs to maximize your savings as you shop. In exchange for sharing your phone number or email address, your local store’s loyalty program might offer additional discounts.

If you use a cash-back credit card, you could earn extra cash back on grocery purchases . Some cards offer as much as 5% or 6% cash back, but you’ll want to be sure to pay off your bill each month to avoid paying interest and fees.

If you shop for groceries at a large retailer like Target, Amazon or Walmart, you can often find additional savings by downloading the store’s app. And apps like Flipp help you sort through sales flyers and coupons from local stores when you enter your ZIP code.

4. Minimize restaurant spending

One of the easiest expenses to cut when you want to save more is restaurant meals, since eating out tends to be pricier than cooking at home. If you do still want to eat at restaurants, try to reduce the frequency and take advantage of credit cards that reward restaurant spending .

You can also opt for appetizers or split an entree with your dining companion to save money when you eat out . Skipping drinks and dessert or indulging in both at home post-dinner can help stretch your budget as well.

5. Get discounts on entertainment

You can take advantage of free days at museums and national parks to save on entertainment costs . Your local community might offer free concerts and other in-person or virtual events; check your local calendar before splurging on pricey tickets to private events. You can also ask about discounts for older adults, students, military members or veterans, first responders and more.

6. Map out major purchases

You can save by timing your purchases of appliances, furniture, cars, electronics and more according to annual sale periods . It’s also worth confirming a deal is actually a deal by tracking prices over time . You can let tools do this step for you; the Camelizer browser extension tracks prices on Amazon and can alert you of price drops. The Honey browser extension pulls in coupon codes and checks for lower prices elsewhere.

When you're shopping in person, make sure you get the best deal by using the ShopSavvy app. It lets you scan bar codes and alerts you of better prices elsewhere.

7. Restrict online shopping

You can make it more difficult to shop online to stop spending money on things you may not need. Instead of saving your billing information, opt to input your shipping address and credit card number each time you order. You’ll probably make fewer impulse purchases because of the extra work involved. You may even consider deleting any shopping apps from your phone for the time being.

8. Delay purchases with the 30-day rule

One way to avoid overspending is to give yourself a cooling-off period between the time an item catches your eye and when you actually make the purchase. If you’re shopping online, consider putting the item in your shopping cart and then walking away until you’ve had more time to think it over. (In some cases, you might even get a coupon code when the retailer notices you abandoned the cart.) If 30 days seems like too long to wait, you can try shorter periods like a 24- or 48-hour delay.

9. Get creative with gifts

You can save money with affordable gift ideas, like herb gardens and books, or go the do-it-yourself route. Baking cookies, creating art or preparing someone dinner can demonstrate that you care just as much as making an expensive purchase, and perhaps even more so. You can also shower someone with the gift of your time by offering to take them to a local (free) museum or other event.

To plan for costs, create a calendar for all the important gift-giving events for the year. Then create a savings bucket or " sinking fund " specifically for gifts, and buy the items during major sale periods like Independence Day, Labor Day or Black Friday.

10. Lower your car costs

Refinancing your auto loan and taking advantage of lower interest rates could save you considerably over the life of your loan. Shopping around for car insurance regularly can also help you cut costs compared with simply letting your current policy auto-renew. You can cut ongoing car maintenance costs by driving less, removing heavy items from your trunk and avoiding unnecessary rapid acceleration.

11. Reduce your gas usage

You can't control prices at the pump, but you can do several things to cut your gas usage and save money . Try using a gas app to pinch pennies when you do fill up.

12. Bundle cable and internet

You could lower your cable bill by as much as $40 per month by downsizing your cable package. And you could save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier. Another option to consider is cutting cable or at least cutting some of your additional streaming services or premium subscriptions.

13. Switch your cell phone plan

Changing your plan is one way to save money on your cell phone bill , but it’s not the only way. Signing up for autopay and paperless statements can save you an additional $5 to $10 per month, per line. Removing insurance from your plan could save you $80 to $300 per year, depending on your plan. We compared different cell phone plans to help you find the best match.

Get a custom financial plan and unlimited access to a Certified Financial Planner™

NerdWallet Advisory LLC

14. Reduce your electric bill

Big and small changes in your energy usage can help you save hundreds annually on your electric bill . Consider plugging any insulation leaks in your home, using smart power strips, swapping in more energy-efficient appliances and switching to a smart thermostat. Even incremental drops in your monthly electricity usage can add up to big savings in the long term.

15. Lower your student loan payments

Enrolling in income-driven repayment could lower your monthly payments to a manageable level since the amount you pay is tied to your earnings. Other options include refinancing , enrolling in autopay to trigger a discount and making extra payments so you can unload the debt faster, which cuts the overall interest you’ll pay.

16. Cancel unnecessary subscriptions

You might be paying for subscriptions you no longer use or need. Reviewing your credit card or bank statement carefully can help you flag any recurring expenses you can eliminate. And avoid signing up for free trials that require payment information, or at least make a note or set a calendar reminder to cancel before the free period ends.

17. Refinance your mortgage

If you’re able to snag a lower interest rate, refinancing your mortgage can save you several hundred dollars each month. Use our mortgage refinance calculator to find out how much you could save. While refinancing comes with some initial costs upfront, they can be recouped over time, once you start paying less each month.

18. Set savings goals

Set a specific but realistic goal. It may be “save $5,000 in an individual retirement account this year” or “pay off my credit card debt faster.”

Use a savings goal calculator to see how much you’d have to save each month or year to reach your goal.

19. Track spending

Keep track of your monthly cash flow — your income minus your expenditures. This step will also make it easier to mark progress toward your savings goal. Try a budget app that tracks your spending. (NerdWallet has a free app that does just that.) Or you can follow these five steps to help track your monthly expenses .

20. Pay off high-interest debt

Debt payments can be a huge burden on your overall budget. If you can pay off high-interest debt more quickly through extra payments using the snowball or avalanche methods, you’ll save on total interest paid and free yourself from that burden sooner. Then, start putting the money into savings instead. If you don’t have disposable income to make extra payments, consider picking up a side hustle to make money to put toward your debt.

21. Keep savings in a high-yield savings account

As you work toward your financial goals , make sure to put your accumulating funds in a high-yield online savings account to maximize your money. Some of the best online accounts pay interest rates that are higher than the ones at large traditional banks.

22. Create a 50/30/20 budget

One smart way to manage your money — and hopefully hold on to more of it — is to follow a budget, which means setting priorities for your spending.

At NerdWallet, we recommend the 50/30/20 budget for money management. This approach means devoting 50% of your after-tax income to necessities, 30% to wants and 20% to savings and any debt payments. If one of your allocations exceeds these percentages, you can make some adjustments elsewhere.

23. Shop consignment and thrift stores

Shopping at thrift or consignment stores is a way to save money. Consignment stores sell items for you, giving you a cut of the money, whereas at thrift stores you shop used items. Platforms like ThredUp, an online consignment and thrift store, do both. You can buy used clothes as well as donate old clothes you don’t want and earn money or shopping credits.

Whether buying at a consignment or thrift store, compare prices to ensure you’re getting a reasonable discount.

Consider buying hobby supplies at a thrift store. That way, if you decide you want to drop the hobby, you haven’t spent tons on equipment.

24. Join initiatives to get free items

Initiatives like The Freecycle Network and Buy Nothing groups make it possible to get items you need for free. You can exchange items locally for free with the goal of reducing waste and helping the environment. If you're looking for free clothing , check out community swap events.

25. Use car sharing services

If you need to rent a car, consider nontraditional car-sharing services like Turo or Getaround. Look at these services as the Airbnbs of cars. Do your homework to see if car-sharing services work out cheaper than large, well-known rental services. If you don’t drive much because you work remotely or just choose not to have a car, you may also find using car-sharing services works out cheaper than owning a car or using taxis.

26. Stock up on household supplies when they’re cheap

It can feel like you’re constantly buying items like dishwashing soap, paper towels or toiletries. Track your inventory of household supplies and consider buying these items in bulk when they’re on sale. It may work out cheaper than rushing to buy them last-minute when they’re selling at full price. Amazon’s Subscribe & Save program can also be a way to get regular shipments of household supplies at a discount.

27. Enjoy community events

Getting out and having new experiences can be expensive. Find low-cost or free events in your community by checking listings at libraries, churches and websites like Eventbrite. Or enter your city and "events" in a search engine to find some things to do.

Community events can be an inexpensive way to keep kids engaged and spend quality time together. For outdoor events, pack snacks and water to minimize the amount you spend on food.

Saving from 10% to 20% of your paycheck is a solid goal, but the details can get more complicated. Learn how to determine the right amount of savings for you .

Saving money more quickly often starts with making sure your money is working for you by placing it in a high-yield savings account. Learn more about making your money work harder for you .

An emergency fund can be there for you when you face an unexpected cost or income loss. Building one starts with setting a savings goal and working toward it. Get more ideas about how to build an emergency fund of your own.

Saving from 10% to 20% of your paycheck is a solid goal, but the details can get more complicated. Learn how to determine the

right amount of savings for you

Saving money more quickly often starts with making sure your money is working for you by placing it in a high-yield savings account. Learn more about

making your money work harder for you

An emergency fund can be there for you when you face an unexpected cost or income loss. Building one starts with setting a savings goal and working toward it. Get more ideas about

how to build an emergency fund

of your own.

» Learn more: How to save money in Canada

on Capitalize's website

Essays About Money: Top 5 Examples and 6 Prompts

With money comes great power; however, power must always come with responsibility. Discover thought-provoking essays about money in our guide.

Money is everywhere. We use it to eat, drink, clothe ourselves, and get shelter, among many other uses. Nowadays, it is an undisputed fact that “money makes the world go round.” The earliest known form of money dates back to around 5,000 years ago ; trade was previously carried out using a barter system. However, over the centuries, more and more nations began implementing a currency system, and money has become more critical. 

In the contemporary world, it seems to be “all about money.” However, it is important not to lose sight of what is important; we must maintain good physical and mental health and healthy relationships with the people around us. Money is necessary; it is just not the only thing necessary. To start your essay, read these examples to write insightful essays about money. 

5 Top Examples On Essay About Money

1. essay on money by prasanna, 2. how money changed human history by jacob wilkins, 3. capitalism: money that make money by ernestine montgomery, 4.  is money the most important thing by seth higgins.

• 5. ​​An Introduction to Saving Money by Jeremy Vohwinkle

Writing Prompts For Essays About Money

1. good uses for money, 2. the “dark side” of money, 3. money’s role in history, 4. morality vs. money, 5. can money buy happiness, 6. how to save money.

“Imagine the world without money. We will eventually come to a point where we will be asking questions like “what’s the point of life”. Hope and goals are some of the important things that will keep a man going in life. Without any sense of achievement or motivation, there wouldn’t be any inventions or progress in the world. People work to get money and then people work harder to get more money. This cycle of life that keeps a man motivated and hopeful is one of the biggest advantages of the system of money”

This essay gives readers a general outlook on money and its advantages and disadvantages. It gives people equal opportunity to work for their dreams and motivates them to be productive members of society, while it also raises the question of greed. Money, without a doubt, has its positive and negative aspects, but it exists and is only becoming more critical.

“But the barter economy was flawed. There was no universal measure for determining the value of an item. It was all based on the subjective opinion of the individuals involved. And to make matters worse, the barter economy relied on both sides wanting something the other had to offer. Trade, therefore, could be sluggish and frustrating. Human beings needed something different, and money was the answer.”

Wilkins writes about how money revolutionized the way trade was conducted. The barter system involved trading any objects if both parties agreed to a deal, such as trading animal skins for fish or medicine for timber. However, the only measure of an item’s value was how much one party wanted it- both sides needed to have something the other wanted. The introduction of money allowed people to put a solid value on commodities, making trade easier.  

“So, if you were to closely observe the dirty, disordered canvas of economic progress during the 20th and 21 st century, you should conclude that, for all its warts, capitalism has been the winner. It has sometimes caused pain; suffered from serious cycles; and often needed the clout of the state- such as we have seen from September 2008. It has also been quite resistant to sensible regulation. Even so, the basic institutions of capitalism have worked, not just in the US and the OECD (Organization for Economic Co-operation and development) nations, but also many developing countries, of which India is one.”

Albeit lengthy, Montgomery’s essay discusses the debate between socialism and capitalism, a topic of which money is at the core. Montgomery describes Karl Marx’s criticism of capitalism: all the money goes to a few people, not the workers. She believes these are valid to an extent and criticizes certain forms of capitalism and socialism. Neither capitalism nor socialism is perfect, but according to Montgomery, capitalism creates a better economy. 

“Being the richest man in the world does not mean you are the happiest man in the world, although money can buy you happiness sometimes, but not always. If we could all appreciate the way life is, the fun, and the beauty I think the world would be better. If people weren’t power hungry maybe we’d have a lesser demand for money. Those people who is money hungry and power hungry need to relax. Money can’t buy you happiness. These individuals need to understand that.”

Higgins implores readers to remember that money is not the only thing people need in the world. He stresses the necessity of money, as it is used to pay for various necessary goods and services; however, he believes it is not a prerequisite for happiness. Material things are temporary, and there are other things we should focus on, like family and friends. 

5. ​​ An Introduction to Saving Money by Jeremy Vohwinkle

“A financial emergency may take the form of a job loss, significant medical or dental expense, unexpected home or auto repairs, a hurricane or major storm, or something unthinkable, such as a global pandemic. The last thing you want to do is to rely on credit cards with their hefty interest fees or to be forced to take out a loan. That’s where your emergency fund can come in handy. Historically, the formula for an emergency account is to have enough readily available cash to cover three to six months of living expenses.“

Vohwinkle’s essay gives readers some suggestions on how to save more money. Most importantly, he suggests setting up an emergency fund, as all other saving techniques stem from there. He also suggests creating an automatic savings plan and cutting down on “spending leaks,” like buying coffee. You might also be interested in these essays about celebration .

In this essay, write about why money is necessary and the ways to use it for the greater good, and include ways in which it can be used (investing, donating, etc.). For each point, you make, be sure to explain why. Of course, this is entirely subjective; feel free to write about what you consider “good uses” for money. 

On the other hand, money also has a negative side —research on money-related issues, such as taxpayer-funded corruption and trading of illegal goods. In your essay, explore this side of money and perhaps give solutions on how to stop these problems. 

Money has played a progressively more important role throughout human history. Discuss the development of currency and the economy, from the barter system to the digital world we live in today. You need not go too in-depth, as there is a lot of ground to cover and many eras to research. Be sure to cite reputable sources when discussing history. 

Many people warn of “selling your soul” for financial gain. In your essay, you can write about the importance of having solid values in this day and age, where money reigns supreme. What principles do you need to keep in mind? Explain how you can still value money while staying grounded; mention the balance between material needs and others. 

As stated in Higgins’ essay, more people have begun to prioritize money over all else. Do you believe that money is truly the most important thing? Can it alone make you happy? Discuss both sides of this question and choose your position accordingly. Be sure to provide precise supporting details for a stronger argument. 

Enumerate tips on how you can save money. Anything works, from saving certain things for special occasions to buying more food in the grocery rather than eating out. This is your opinion; however, feel free to consult online sources and the people around you for extra advice. 

For help with your essays, check out our round-up of the best essay checkers .If you’re still stuck, check out our general resource of essay writing topics .

Martin is an avid writer specializing in editing and proofreading. He also enjoys literary analysis and writing about food and travel.

View all posts

Essay On Saving Money For Students

In this essay, we will discuss the importance of saving money and some useful tips to save money efficiently.

Essay About Saving Money

Introduction:

Money is an essential commodity that is required for daily survival. It helps to fulfill our basic needs and wants, but we cannot deny the fact that managing money can be quite challenging. Many people struggle to save money and end up spending more than they earn. Saving money is an important habit that should be cultivated from a young age. In this essay, we will discuss the importance of saving money and some useful tips to save money efficiently.

Importance of Saving Money:

Saving money is important for several reasons. Firstly, it helps to create a financial safety net. It ensures that we have money in case of emergencies like medical emergencies, unexpected home repairs, or job loss. Secondly, saving money can help us achieve our long-term goals like buying a house, car, or going on a vacation. It is essential to have a savings plan in place to accomplish these goals. Lastly, saving money can provide financial stability and reduce financial stress.

Useful Tips to Save Money:

Here are some useful tips that can help you save money:

• Create a budget: Creating a budget is the first step towards saving money. A budget helps you track your income and expenses, and it enables you to identify areas where you can cut down your expenses.
• Set a savings goal: Setting a savings goal helps you stay motivated and focused. It can be a short-term goal like saving for a vacation or a long-term goal like saving for retirement.
• Avoid unnecessary expenses: Avoiding unnecessary expenses is crucial when it comes to saving money. Evaluate your expenses regularly and eliminate anything that is not necessary.
• Shop smartly: Shopping smartly is an excellent way to save money. Look for deals, use coupons, and compare prices before making a purchase.
• Save automatically: Saving automatically is an excellent way to ensure that you save money consistently. You can set up automatic transfers from your checking account to your savings account.

Conclusion:

Saving money is not an easy task, but it is crucial for financial stability and achieving long-term goals. By following the tips mentioned above and cultivating good financial habits, you can save money efficiently. Remember, it’s never too late to start saving, so start today and secure your financial future.

Hello! Welcome to my Blog StudyParagraphs.co. My name is Angelina. I am a college professor. I love reading writing for kids students. This blog is full with valuable knowledge for all class students. Thank you for reading my articles.

Related Posts:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

We use cookies to enhance our website for you. Proceed if you agree to this policy or learn more about it.

• Essay Database >
• Essay Examples >
• Essays Topics >
• Essay on Disaster

Essay On How To Save Money And Its Benefits

Type of paper: Essay

Topic: Disaster , Finance , Thinking , Internet , Unemployment , Money , Banking , Rhetoric

Words: 1300

Published: 11/12/2019

ORDER PAPER LIKE THIS

A. Attention Getter : Did you ever take time to imagine a country without banks?. Where no one knew what savings were, and what all people do is consume all income attained? So think now about the current situation. About you, are you spending more than your earnings? B. Tie to the audience : Now, think about an important and prominent person you know. For instance, President Barack Obama or any rich relative/friend you know of. Do you think he/she make savings? I choose to discuss this topic because saving is a very important aspect of human’s life. It is one of the necessary and important things a person should do for his/her financial well being. C. Credentials; Having experienced the importance of savings and having been saving money for a long makes me confidence standing to argue the importance of saving to people and encouraging them to save as well. Once the habit of saving is instilled, it develops automatically and becomes so easier for an individual to be saving on a regular basis. D. The purpose of my speech is therefore to persuade people to save money and avoid spending more than they are earning hence going bankrupt. It explains the benefits of saving money, how to save money, and how to reward yourself after you save money. E. Thesis Preview; Everyone, including the poor should be involved in savings. Savings are important for every individual however small it is on either weekly or monthly basis.

F. Main points (I)

1. Emergency purposes; One most important reason why you should save money is for emergency purposes (Cardwell 1). It is very imperative to have an emergency fund account for covering any unexpected expenses. You never know when emergencies will arise. You may get fired at work, or you may be required to pay a huge amount medical bills or any other unexpected bill (Mahalo 1). 2. Savings increase incomes portion; One of the best thing about one saving his/her money is that, once an individual makes the decision for saving a portion of his/her income -no matter how little it is, surprisingly one finds his/her income increasing as one becomes more and more focused to raise a larger amount. 3. No borrowing out money; Additionally, savings account ensures that one does not have to consider borrowing from other people, bank or even from one’s retirement account (Syncrat Publications 1). Savings for one’s future hence acts as a way of staying away from debts and banks debts loan as well as staying out of financial difficulties. 4. More options and opportunities; In addition, the money you save is the money you earn as well as the money set aside which gives more opportunities and options down the road. For instance, although some individuals do not take it as worthwhile, saving as little as 15$ or more adds up to the savings over a period as one continues to save. As finances increases, increase your savings accordingly. This amount saved increases with the interest charged and hence increasing your amount in the savings account. 5. Retirement reasons; One another important reasons why you should save is for your retirement reasons. The sooner an individual starts saving for his/her future retirement, the less he/she will have to save in his/her future. This allows an individual to have funds/money for using even when he/she has retired. 6. Other usage; One can also save money for usage in other ways, for instance, saving for a down payment of a property such as house, save for luxury items and for trips/vacations (have fun), save for buying a new car, save money for advancing your education and other activities. This ensures that an individual does not impulse buy hence using money that was unplanned. 7. Reward yourself; However, by savings, we do not mean you restrict your life, become a miser just to save. An individual can reward himself or herself by one he/she hits a certain target by buying himself or herself something he or she fancies. However, do not empty the savings account but instead use money from the payroll (Cooper 1). After rewarding yourself, start a new higher goal/target and keep raising it as you attain it. II. Main point 2; How do you save? a. First set a goal on how much you need to save. b. Make a list of monthly expenses, surpluses and what to cut on and calculate on the extra amount. c. Keep records. d. Start a saving plan by opening a savings account in a desirable bank with the best interest rates as well as minimum balance requirements (WikiHow 1). e. Then curb down your expenses by eliminating unnecessary expenses. For instance, move to a less expensive apartment, sell one car if you have two, restrict eating out or too much and others. f. Finally get out of all your debts first in order to save peacefully.

III. Conclusion,

A. Purpose; Today, the purpose of my speech had been connvinsing people on the importance of saving money. Now I hope that my speech has encourged all those who did not give savings a thought. B. Thesis Preview; As my speech and points suggests, people are required to know how to save money erregardless of their financial status. Even the most intelligent, well paid, responsible and practical individuals can at times be overwhelmed by their expenses and become bankrupt. Savings hence help everyone and it should be the first priority (Factoidz 1). C. Credentials; Being someone who has a high sense of making money and saving equal amount of money as my targets suggest, I felt it was imperative to share how t o save and importance with all of you. D. Tie to the audience; With this information you now have, do you see that savings is important to even prominent persons. Therefore you can now be certain that even Obama makes savings. E. Attention Getter ; Last but not least, for the time I have taken to prepare and present my speech, a large number of people are stressed out how to solve for emergencies. This is simply because they did not save enough money to cater for this. At thius moment someone is ailing somewhere with no money for receiving treatment. Now why would you wait till emergency supress you? Hurry up and start saving now.

Works Cited

Cardwell, Miriam. Learn the Most Important Reasons to Save Money. 2011. Web. 6th April. 2011. Cooper, Olivia. How To Force Yourself to Save Money. 2011. Web. 6th April. 2011.

Factoidz. The Importance of Saving. 2008. Web. 6th April. 2011.

Mahalo. How to Save Money. 2007. Web. 6th April 2011.

Syncrat Publications. The Importance of Saving. 2004. Web. 6th April. 2011.

WikiHow. How To save Money 2011. Web. 14th Feb. 2011. Web. 6th April. 2011.

Cite this page

Share with friends using:

Removal Request

Finished papers: 853

This paper is created by writer with

ID 285494084

If you want your paper to be:

Well-researched, fact-checked, and accurate

Original, fresh, based on current data

Eloquently written and immaculately formatted

275 words = 1 page double-spaced

Get your papers done by pros!

Other Pages

Appearance argumentative essays, bull creative writings, sorrow creative writings, auto creative writings, nursery creative writings, packing creative writings, drum creative writings, lantern creative writings, coal creative writings, trek creative writings, moxley essays, uncertain essays, fertile essays, income earners essays, inventory management essays, intense competition essays, grand theft auto essays, credit card debt essays, coming out essays, young adulthood essays, the path essays, war film essays, the fly essays, the creature essays, free essay on hitech legislation, free critical thinking on history, example of term paper on a subjective data, overview essay sample, good example of essay on indigenous people, free this is my land research paper sample, essay on beyond good and evil and letter from a birmingham jail, sample essay on strategic management accounting, the british raj in india and how it has affected the country essay samples, understanding obsessive compulsive disorder essay example, good essay about english conflict, latest technology in education report sample, example of article review on website evaluation, good essay on nutritional statues in california, good essay about special reading glasses, his 201 history of the united states research paper example, are human genes patentable research papers example, good report about solar energy, creative sentencing research papers example.

Password recovery email has been sent to [email protected]

Use your new password to log in

You are not register!

By clicking Register, you agree to our Terms of Service and that you have read our Privacy Policy .

Now you can download documents directly to your device!

Check your email! An email with your password has already been sent to you! Now you can download documents directly to your device.

or Use the QR code to Save this Paper to Your Phone

The sample is NOT original!

Short on a deadline?

Don't waste time. Get help with 11% off using code - GETWOWED

No, thanks! I'm fine with missing my deadline

The Practice of Saving Money Essay

Difference between eap and general english, skills i have improved and the methods i used, eap areas to be worked on and the methods to use, saving money and carefully planning for the future, contrasting views on the topic, examples of contrasting views on the topic, personal view on the topic.

English for academic purposes focuses on high standards of English for higher learning and studies in general. It provides only what the students need. Therefore, it is goal-oriented as opposed to general English, where students are taught everything necessary to be learned and known in English (Smith 2015). EAP’s major task is learning how to plot theses and dissertations. Hence, there is a need for proper planning, writing, organization, and even proof-reading written works to ensure adherence to the rules of EAP.

Various factors such as the objectives, levels of the students, their goals, and even culture are challenges that make it impossible for EAP to be provided equally. Consequently, such factors must be put into consideration when establishing effective methods of learning EAP. On the contrary, general English only aims at basically teaching students how to listen, speak, read and write English in their day to day communications (Smith 2015).

EAP has numerous features. These features include genres, signposting, and even the use of linking words. Knowledge of the language is also a very crucial component of EAP as it aids the learner in understanding questions and responding to them in their examinations.another differentiating factor between the two varieties of English is that EAP learners are generally adults while General English learners include both children and adults.

Reading and writing are among the main skills I have enhanced. The process of achieving their enhancement was possible through the formation of groups. Particularly, we always hold discussions for purposes of demonstrating how to pronounce and write English words. Group discussions have also helped improve speaking and listening skills. Through them, we are always able to discuss every challenging thing we came across. Eventually, every learner is corrected through consensus and lessons end with all problems settled.

Learners’ expectations should always be addressed in good time (Smith 2015). In this process, appropriate materials must be used in proper ways. This situation can be achieved by setting goals on how to meet learners’ expectations and using certified and approved materials. At the same time, individuals training as teachers of both EAP and general English should be well trained to handle their students without difficulties.

Saving money and striving to make one’s future bright is vital. People should invest every small amount of money they get in businesses for the sake of securing the future. Investing in businesses helps reduce a lot of expense and increase earnings ( Spreading your wings 2015 ). Savings also prevent people from becoming bankrupt for the money is not all spent. Some reasonable amounts of money are left for use later in life. Saving also enables one to get ready for responsibilities that come with getting children. Specifically, one will be able to cater to needs such as good clothing, food, and even quality education.

Apart from taking care of future needs, saving money is ideal because individuals that save money are able of coping with emergencies that may leave someone helpless if he or she did not save (Kobliner 2010). Hence, it is important to save in order to better the future and make life more comfortable. In addition, people must also save with the view of avoiding debts that come when one lacks money. Saving ensures that they comfortably and conveniently cope with situations as they arise without requesting loans and grants, which might later burden them.

However, saving can be very challenging considering the small amounts of money earned by some groups of people and many unending needs that people must satisfy (Eyden 2012). Nonetheless, such situations can be solved and made easier by opening bank accounts for safekeeping. In the same vein, the situation can be salvaged through engaging in leisure activities that do not require money or those that need less money (Eyden 2012).

Examples of such activities are mostly sporting activities that keep one occupied with the view of reducing his or her expenditure. Selling items you no longer need can also earn extra money for saving. Similarly, the keeping of receipts and analyzing them as you check on what you should not buy again or what you will reduce spending on can significantly reduce the amount you spend.

Some people may argue that the death of someone cannot be predicted. Therefore, there is no reason for saving money for the future (Kobliner 2010). They may also argue that saving makes someone lag behind in terms of modern trends and fashions as one is forced to forego secondary needs and only focus on necessary items. Worse still, balancing between one’s spending habits and saving is also a difficult task. Proponents of this standpoint insist that people deny themselves very many things when they decide to save. Hence, such people’s lives do not run the way they should.

An individual who opens a fixed account to save money for five years then dies in the third year of saving having foregone very many things is a good example of a counterargument to the topic. Such a person does not enjoy the benefits of saving. Another good example is that of an individual who avoids keeping up with trendy things and fashion and being classy just to save money for the future (Eyden 2012). Such an individual lives differently from his or her friends. The third example of contrasting views is that of one having problems with balancing between saving and spending. Precisely, she or he saves enough money, but when an emergency arises or when an urge to acquire something or use the money in another way comes up, one quickly opts to use the money saved. This brings about the challenge of balancing.

I believe that both saving and spending are necessary. The best thing to do is to be conscious of both. Do not deny yourself so much in the name of saving and do not also spend everything without thinking of what tomorrow will be. It is good to budget for everything that requires your money and balances the budget well as this prevents overstraining in other areas. Budgeting helps people avoid debts as the money one has is planned for in a way that ensures that all things are catered for, including savings and other amounts meant for future use and emergencies. For easier saving of money, one should avoid impulse buying as it leads to having unnecessary items and spending money in an unplanned way. Hence, it is important to create a budget for yourself.

Eyden, T 2012, Personal financial plans: Saving for the future . Web.

Kobliner, B 2010, A painless saving plan for your future . Web.

Smith, Z 2015, English for academic purposes Vs. general English- 101 crash course . Web.

Spreading your wings, 2015 . Web.

• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2021, March 26). The Practice of Saving Money. https://ivypanda.com/essays/the-practice-of-saving-money/

"The Practice of Saving Money." IvyPanda , 26 Mar. 2021, ivypanda.com/essays/the-practice-of-saving-money/.

IvyPanda . (2021) 'The Practice of Saving Money'. 26 March.

IvyPanda . 2021. "The Practice of Saving Money." March 26, 2021. https://ivypanda.com/essays/the-practice-of-saving-money/.

1. IvyPanda . "The Practice of Saving Money." March 26, 2021. https://ivypanda.com/essays/the-practice-of-saving-money/.

Bibliography

IvyPanda . "The Practice of Saving Money." March 26, 2021. https://ivypanda.com/essays/the-practice-of-saving-money/.

• The Project Management Challenges at the Beijing EAPS Consulting (BEC), Inc.
• Employee Assistance Program and Its Services Scope
• Equine Assisted Psychotherapy
• Meaning and Process of Environmental Analysis
• HIV and People Who Use Drugs: Cases of Infection Caused by Injection Drug Use
• Human Resources Management Negotiation
• Advanced Propulsion Systems: Lockheed Martin F-35
• Understanding and Addressing Alcohol Dependence
• Balancing Work and the Family
• Balancing work and family
• Change in Belief System
• Comic Prose: When Good Intention Yield Sour Results
• Social Identity and Representation
• A Specific Characteristic of Myself
• Lobby Sport Bar and Restaurant: Internship Experience

Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

Customize your course in 30 seconds

Which class are you in.

• Travelling Essay
• Picnic Essay
• Our Country Essay
• My Parents Essay
• Essay on Favourite Personality
• Essay on Memorable Day of My Life
• Essay on Knowledge is Power
• Essay on Gurpurab
• Essay on My Favourite Season
• Essay on Types of Sports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Download the App

Essay on Importance of Saving Money

Students are often asked to write an essay on Importance of Saving Money in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Importance of Saving Money

Understanding money.

Money is a tool that helps us meet our needs. It’s important to understand its value at an early age.

Why Save Money?

Saving money is crucial. It helps us prepare for unexpected situations and achieve our goals.

Benefits of Saving

Saving helps us become financially independent and secure. It also teaches us discipline and planning.

How to Save?

Simple steps like cutting down on unnecessary expenses and setting aside a part of our pocket money can aid in saving.

In essence, saving money is a habit that can lead to a secure and worry-free future.

250 Words Essay on Importance of Saving Money

Introduction.

Money is an essential part of our lives, facilitating the exchange of goods and services. One of the most important aspects of money management is saving, a habit that can significantly impact our financial security and future.

The Role of Savings in Financial Stability

Savings act as a safety net in times of financial distress. Unexpected expenses such as medical emergencies, vehicle repairs, or job loss can be easily managed if one has a sound savings plan. It reduces the reliance on credit, thereby minimizing debt and the associated stress.

Savings and Investment Opportunities

Savings also open doors to investment opportunities. The money saved can be invested in stocks, bonds, or real estate, which can generate additional income over time. This concept of compounding can lead to substantial financial growth, helping to achieve long-term goals like buying a home or planning for retirement.

Savings and Financial Freedom

Furthermore, saving money promotes financial freedom. It allows individuals to make choices based on their desires and not just financial constraints. Whether it’s pursuing higher education, starting a business, or traveling the world, a solid savings plan can make these dreams a reality.

In conclusion, the importance of saving money cannot be overstated. It provides financial security, enables investment opportunities, and promotes financial freedom. Cultivating the habit of saving can lead to a financially secure and fulfilling life.

500 Words Essay on Importance of Saving Money

The concept of saving money.

Saving money is a fundamental aspect of financial management, especially in the current economic climate. It is a practice that not only encourages financial discipline but also prepares individuals for unforeseen circumstances. The importance of saving money cannot be overstated, given its multifaceted benefits in fostering financial independence, securing the future, and mitigating financial risks.

Financial Independence and Empowerment

One of the most significant advantages of saving money is the financial independence it brings. When you save, you essentially create a financial buffer that can help you navigate unexpected expenses or financial emergencies. This independence can lead to a sense of empowerment, as it allows you to make decisions based on your best interests rather than immediate financial constraints. For college students, this could mean having the freedom to pursue internships in their field of interest, even if they’re unpaid, or investing in educational resources that can enhance their academic performance.

Securing the Future

Saving money also plays a crucial role in securing your future. By setting aside a portion of your income, you’re essentially investing in your future self. This could mean being able to afford a down payment on a house, funding your post-graduate studies, or even starting a business. The act of saving money can provide a safety net that allows you to take calculated risks and make significant life decisions without fear of financial ruin.

Mitigating Financial Risks

A robust savings account can serve as a financial cushion against unforeseen circumstances such as job loss, medical emergencies, or sudden major expenses. Without savings, these situations can lead to debt or financial instability. Moreover, in an increasingly unpredictable job market, having a substantial amount of savings can provide a sense of security and reduce stress associated with financial uncertainty.

Encouraging Responsible Financial Behavior

Lastly, the practice of saving money encourages responsible financial behavior. It necessitates budgeting and conscious spending, skills that are invaluable in managing personal finances. For college students, learning to save money can provide practical experience in financial management, setting the foundation for a future of financial prudence and stability.

In conclusion, the importance of saving money extends beyond the immediate benefits of having extra cash on hand. It’s about financial independence, securing the future, mitigating risks, and fostering responsible financial behavior. It’s a habit that, when cultivated early, can lead to lifelong financial stability and independence. As such, it’s crucial for college students to understand and appreciate the value of saving money, as it’s an investment that yields significant returns in the long run.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Importance of Money
• Essay on Happiness Is More Important Than Money
• Essay on Expensive Weddings Are a Waste of Money

Apart from these, you can look at all the essays by clicking here .

Happy studying!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

• Skip to primary navigation
• Skip to main content
• Skip to primary sidebar

Student Essays

Essays-Paragraphs-Speeches

Essay on Importance of Saving Money

Money does not grow on trees. It takes work and effort to make enough money to live day-to-day expenses. If you want extra spending cash, then you’ll have to learn how to get it the right way. Money problems are too common in this day and age which means that you will need to learn how to save money .

List of Topics

Essay on Importance of Saving Money for Students

People often fail to realize the importance of saving money. They think that they will get enough time in their lives to save and invest their money for future use. But according to me, it is better we start investing our money from an early age itself because we can see a glimpse of inflation when we are in our teens.

Inflation has been increasing year by year. If the inflation is there then it should be checked by putting some of our money in the bank rather than spending them on useless stuff which may not have worth in future.

When we are young, parents or elder people teach us to save or put some money for future use . People often think that its better to invest money in business so that they can earn more money.

But first of all a person should try to save as much as possible because if we have money saved in bank no one can take it away from us . Even the Government cannot take our hard earned money from us. So people should start saving as early as possible.

>>>> Related Post : Essay on If I were a Millionaire!

Saving money is not as difficult as you think. In fact, it can be easy once you decide what your needs and wants are. You also have to figure out where your money goes and find ways of saving money daily. For example: Do you go out with friends frequently?

Then, one of your wants would be going to a bar or restaurant with friends. Perhaps, you can cut down on spending money by inviting them over for dinner.

Don’t let the fact that saving money takes time stop you from doing it. Money doesn’t have to be saved in a bank either. Use calculators online and determine how much you can save each day. Once you reach your savings goal, put the money in a safe place like under the mattress or in an old shoe. You don’t want to lose it or spend it all at one go.

One of the best ways to save money would be by creating a budget plan . It will help you see where your money goes and where you can cut down on spending. You can even use budgeting apps to track your expenses and learn how much money is spent per week. This will allow you to see your progress as well as keep a close eye on what money is going out and coming in each week or month.

After you cut down on spending, you can learn how to save money on gas and transportation . This will help you get more mileage out of your car which means more savings for you. You will also need to learn ways of saving money at home such as using coupons when shopping or making food from scratch instead of buying it.

Saving money is a skill that takes time and effort. However, it is a skill that you will need to learn even as an adult. It is one of those skills that can make all the difference in the world when it comes to your financial future and well-being .

>>>> Related Post:   Essay on Dowry System in India

Saving money is important because it allows you to build wealth . Wealth, in turn, helps you make more money. Saving provides a cushion for emergencies that come up with regularity. And finally, saving money is one of the factors that determines how wealthy you are or will become.

Essay on advantages of Saving Money:

Saving money is a skill that every student should learn. It may seem difficult at first, especially with the many expenses that come with being a student, but it’s a habit that will benefit you in the long run. In this essay, we will discuss the advantages of saving money for students.

Firstly, saving money teaches students financial responsibility. As young adults, it’s important to learn how to manage money and make smart financial decisions. By saving money, students become more aware of their spending habits and learn to prioritize their needs over wants. This skill will prove valuable in the future when they start earning and have more financial responsibilities.

Moreover, saving money can lead to financial security. As students, we all know how unpredictable life can be. Unexpected expenses can arise at any moment, be it a medical emergency or an urgent trip home. By having savings, students are prepared for such situations and won’t have to rely on others for financial help. This sense of security can bring peace of mind and reduce stress levels.

Another benefit of saving money is the ability to achieve long-term goals. As a student, you may have dreams of traveling, buying a car, or owning a home. These goals may seem out of reach, but by saving money consistently, you can make them a reality. It’s important to set aside a portion of your income for savings and watch it grow over time. This will give you the financial freedom to pursue your dreams and aspirations without having to worry about the cost.

Saving money also allows students to have a safety net in case of unforeseen circumstances. Life can throw unexpected challenges our way, and having savings can provide a buffer during tough times. Whether it’s losing a job or facing a sudden financial setback, having an emergency fund can help you get through the difficult situation without falling into debt.

Lastly, saving money instills discipline and patience in students. In today’s fast-paced world, instant gratification is the norm. However, by saving money, students learn to delay gratification and work towards a long-term goal. This discipline and patience can also extend to other areas of life, such as academic pursuits and personal relationships.

Essay on Importance of Saving Money For Students:

Saving money is a crucial aspect of our lives, and students are no exception. It may seem like a daunting task for students to save money while juggling their studies and other expenses. However, it is essential for students to understand the importance of saving money and learn how to manage their finances early on.

Firstly, saving money helps in building financial stability. With the rising cost of education and living expenses, students often find themselves in a financial crunch. By saving a percentage of their income or allowance regularly, students can create a reserve fund that can be used during emergencies or for future investments.

Moreover, learning to save money teaches students the value of budgeting and spending wisely. It encourages them to differentiate between their needs and wants and prioritize their expenses accordingly. This skill is crucial in the long run, as it helps students become financially responsible adults.

Saving money also allows students to pursue their dreams and aspirations without being hindered by financial constraints. Many students have big goals, such as studying abroad or starting a business, but they often give up on them due to lack of funds. By saving money, students can make these dreams a reality.

Another significant advantage of saving money is that it instills a sense of security and independence in students. It gives them the freedom to make their own financial decisions and not rely on others for financial assistance.

In conclusion, saving money is crucial for students as it not only helps in building financial stability but also teaches valuable life skills. By encouraging students to save money, we are setting them up for a financially secure and independent future. So, let’s start cultivating the habit of saving money in students from an early age.

Essay on Pocket Money, Advantages and disadvantages:

Pocket money, otherwise known as allowance, is a small amount of money that is given to children by their parents on a regular basis. The purpose of pocket money is to teach children the value of money and how to manage it responsibly.

There are several advantages of giving pocket money to children. Firstly, it helps them develop financial literacy skills at an early age. By receiving allowance, children learn the concept of budgeting and saving, which are essential skills for managing their finances in the future.

Secondly, it gives them a sense of independence and responsibility as they have to make decisions on how to spend their money wisely. This also helps in building their confidence and decision-making abilities.

On the other hand, there are some disadvantages of giving pocket money to children. One of the main concerns is that it may lead to overspending and wastage of money. It is important for parents to set guidelines and limitations on how much pocket money should be spent in a week or month.

Another disadvantage is that children may become materialistic and start valuing money over other important things in life such as relationships, education, and experiences.

In conclusion, pocket money has both advantages and disadvantages. It is important for parents to strike a balance by providing enough allowance to teach their children financial management skills while also setting boundaries to avoid any negative consequences. So, it can be said that pocket money is a useful tool in teaching children about the value of money and preparing them for their future financial responsibilities.

Why do we need to save money:

1. To Prepare for Emergency Situations

Saving money is crucial because life can be unpredictable. Emergencies such as medical bills, job loss, or unexpected home repairs can strike without warning. If you don’t have any savings to fall back on, you may find yourself in a difficult and stressful situation. Having some money set aside can provide peace of mind and help you navigate through tough times.

2. To Achieve Financial Goals

Whether you dream of buying a new home, traveling the world, or starting your own business, saving money is necessary to achieve your financial goals. Without savings, it will be challenging to make these dreams a reality. Saving money allows you to have the funds available when opportunities arise and gives you the freedom to pursue your passions.

3. To Create a Safety Net for Retirement

Retirement may seem far away, but it’s never too early to start saving for it. The earlier you begin to save, the more time your money has to grow through compound interest. By saving money now, you are setting yourself up for a comfortable retirement where you won’t have to worry about financial constraints.

4. To Build Wealth and Financial Stability

Saving money doesn’t just help with short-term goals; it also plays a critical role in long-term wealth-building. By saving regularly, you can accumulate a significant amount of money over time. This financial stability will provide security and freedom for you and your family in the future.

5. To Avoid Debt

Many people fall into debt because they live beyond their means and don’t save for unexpected expenses. By saving money, you can avoid taking on high-interest loans or using credit cards to cover emergencies. Instead of owing money, you will have the funds readily available to handle any financial curveballs that come your way.

So, there you have it – five essential reasons why we need to save money. It’s never too late to start, and every little bit counts. Whether you begin by setting aside a small percentage of your income each month or cutting back on unnecessary expenses, saving money will benefit you in so many ways

Short Essay on Importance of saving money for future:

We all know that saving money is important for our future. But why exactly is it so important? Well, firstly, saving money allows us to have a financial cushion in case of emergencies or unexpected expenses. It gives us a sense of security and helps us avoid getting into debt.

Moreover, saving money also allows us to achieve our long-term goals and aspirations. Whether it’s buying a house, starting a business or traveling the world, having saved money will make it more feasible and less stressful.

Another important aspect of saving money is that it helps us develop good financial habits. By setting aside a portion of our income regularly, we become more disciplined with our finances and learn to budget effectively. This can lead to better financial management and ultimately, financial stability.

Saving money also gives us a sense of freedom and independence. It allows us to make choices without being limited by our financial situation. We can pursue opportunities that require some financial investment, like further education or investing in stocks, without worrying about the immediate impact on our daily expenses.

Lastly, saving money also ensures a better future for ourselves and our loved ones. It provides a safety net during retirement or in case of illness. It also allows us to leave behind an inheritance for our children or donate to causes we care about.

In conclusion, saving money may seem like a small and insignificant action, but it has far-reaching benefits for our present and future selves. It’s never too early to start saving, so let’s all make it a priority

>>>> Related Post :  Speech on Corruption, Causes & Impacts

Q: What is the importance of saving money?

A: Saving money is important for financial security, achieving goals, and handling unexpected expenses.

Q: Why is it important for students to save money?

A: It teaches financial responsibility, helps in emergencies, and enables students to plan for their future.

Q: What are 5 benefits of saving money?

A: Benefits of saving money include financial security, achieving goals, reduced stress, the ability to invest, and independence.

Q: What is the most important way to save money?

A: The most important way to save money is to create a budget and consistently track and control your spending.

Related Posts:

Reader Interactions

October 2, 2022 at 11:19 am

what you said that is good about money saving

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

How To Save Money Essay

There are many ways to save money, and it all starts with knowing where your money is going. One way to do this is to track your spending for a month and see where you can cut back. Maybe you can pack your lunch instead of buying it every day, or cut back on nights out. Once you know where your money is going, you can start to make changes to save.

Another way to save money is to make more of it. If you can find ways to increase your income, you’ll have more money to put towards savings. This could mean getting a better paying job, picking up side hustles, or finding creative ways to generate additional income.

Once you have a handle on your spending and income, you can start to put your money towards savings. One way to do this is to create a budget and make sure you are automatically transferring a fixed percentage of your income into savings each month. This will help you make headway on your long-term financial goals.

Another way to save money is to take advantage of discounts and deals. This could mean using coupons, shopping clearance items, or looking for sales. By being mindful of where you spend your money, you can save a significant amount over time.

Finally, one of the best ways to save money is simply to have a plan. If you know what you want to save for and have a timeline in mind, it will be much easier to stay on track.

In today’s economy, the costs of a variety of items and services are continuously rising. Money is becoming more difficult to earn. As a result, many individuals are looking for methods to save money. In my opinion, as a housewife, I believe saving money at home is one of the finest methods to save money. We can do it according to our monthly salary if we have a lot or little money.

There are a variety of methods to save money at home. One method is to reduce the number of times we eat out. Instead, we can cook more meals at home. This will not only save us money, but it will also be healthier for us as we will know exactly what ingredients are going into our food. Furthermore, another way to save money at home is by reducing the amount of energy we use.

We can do this by turning off lights when we leave a room and unplugging appliances that are not in use. Additionally, we can lower our thermostat in the winter and raise it in the summer to save on our energy bill. Finally, an easy way to save money that many people often overlook is by couponing. There are many websites and blogs dedicated to couponing which can provide us with coupons for a variety of items, ranging from food to clothes.

Saving money is important to everyone in today’s economy. By making small changes in our everyday lives, we can easily save money without noticing it. These changes will not only help us save money, but they will also help us become more financially stable in the long run.

To begin with, the standard of living is higher for those who have a high income. They utilize several appliances that might be costly for them, such as a television, refrigerator, and air conditioner…. Saving money on their energy bills is one of the finest ways to decrease their house expenses.

There are a few ideas to accomplish this, such as turning off lights when leaving a room, unplugging electronics when not using them, and utilizing natural light during the daytime. Homeowners can also save money by making their home more energy-efficient. This can be done by ensuring that doors and windows are properly sealed, adding insulation to the attic, and installing energy-efficient appliances… Another way to save money is by carpooling with friends or coworkers.

This will help to split the cost of gas, as well as wear and tear on the vehicle. Public transportation is also an option for those who do not have a car, or live close enough to their job or school. Additionally, eating out less often is a great method to save money.

Home-cooked meals are not only less expensive, but often healthier as well. Those who are looking to save money should also avoid impulsive purchases, and stick to a budget. Finally, one of the best ways to save money is by setting aside some cash each month into a savings account. This will help to build up a financial cushion in case of an emergency, or for future goals such as a down payment on a house or retirement.

They must spend a substantial amount of money each month on water, electricity, and gas bills. To lower monthly payments, they must reduce the amount of energy used at home. They should minimize the temperature in their refrigerator and air conditioner as much as possible. Don’t open fridge doors for longer than absolutely necessary. Use only the washing machine when there is a full load and set it to the warm or cold water setting rather than hot to wash economically in a clothes washer.

When taking showers, avoid letting the water run for a long time while shampooing or soaping up. Install low-flow showerheads to save water and energy. To lower heating costs in winter, wear sweaters and other warm clothing inside the house instead of turning up the thermostat. In addition, they should make sure their home is well insulated to minimize heat loss.

They can also save money by eating out less often. Instead of dining in restaurants, they can cook meals at home using budget-friendly ingredients. They can also save money on groceries by buying in bulk or taking advantage of sales and discounts. Another way to save money is to reduce entertainment expenses. Instead of going to the movies or out for drinks, they can stay in and watch TV or play board games.

More Essays

• Ramez Naam’s Essay ‘How Innovation Could Save The Planet’
• How To Raise Money To Start A Business
• Easy Money Summary Essay
• How Does The Great Gatsby Show That Money Can’t Buy Happiness
• Can Music Save Your Life Analysis Essay
• Does Gatsby’s Money Bring Him Happiness
• College Is A Waste Of Time And Money By Caroline Bird
• Universities Should Raise Money In Sport Essay
• Is Creatine A Waste Of Money
• Essay about Plastic Affecting The Environment

Leave a Comment Cancel reply

Save my name, email, and website in this browser for the next time I comment.

Home — Essay Samples — Economics — Money — How Students Can Manage Their Money

How to Manage Your Money as a Student

• Categories: Money Personal Finance

About this sample

Words: 824 |

Published: Feb 8, 2022

Words: 824 | Pages: 2 | 5 min read

Cite this Essay

Let us write you an essay from scratch

• 450+ experts on 30 subjects ready to help
• Custom essay delivered in as few as 3 hours

Get high-quality help

Dr Jacklynne

Verified writer

• Expert in: Economics Law, Crime & Punishment

+ 120 experts online

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy . We’ll occasionally send you promo and account related email

No need to pay just yet!

Related Essays

4 pages / 1862 words

2 pages / 970 words

1 pages / 684 words

3 pages / 1585 words

Remember! This is just a sample.

You can get your custom paper by one of our expert writers.

121 writers online

Still can’t find what you need?

Browse our vast selection of original essay samples, each expertly formatted and styled

Related Essays on Money

Credit cards are dangerous, especially for new credit card users who may be interested by what seems like “free” money. Some credit card users fall into credit card traps. If you’re thinking about getting a credit card, [...]

Money is a crucial aspect of life, and saving it is a necessary practice that everyone should embrace. According to a recent survey, only 41% of Americans have saved enough money to cover unexpected expenses. This statistic [...]

Winning the lottery is a dream that many people have. The thought of suddenly coming into a large sum of money can be exhilarating and life-changing. For me, winning the lottery was something that I had never even considered. I [...]

Money makes the world go round. Throughout history, money has been the driving force behind human progress and development, shaping economies, societies, and political landscapes. This essay aims to explore the reasons why money [...]

Money has long been equated with happiness and success in our society. We are constantly bombarded with messages that suggest that more money will lead to a better life, filled with luxury and contentment. However, recent [...]

F. Scott Fitzgerald’s The Great Gatsby relates to today's society with corruption and unhappiness that money brings. The novel shows how people's morals back then and today are basically the same. If Gatsby has money and all the [...]

Related Topics

By clicking “Send”, you agree to our Terms of service and Privacy statement . We will occasionally send you account related emails.

Where do you want us to send this sample?

By clicking “Continue”, you agree to our terms of service and privacy policy.

Be careful. This essay is not unique

This essay was donated by a student and is likely to have been used and submitted before

Download this Sample

Free samples may contain mistakes and not unique parts

Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.

Please check your inbox.

We can write you a custom essay that will follow your exact instructions and meet the deadlines. Let's fix your grades together!

Get Your Personalized Essay in 3 Hours or Less!

We use cookies to personalyze your web-site experience. By continuing we’ll assume you board with our cookie policy .

• Instructions Followed To The Letter
• Deadlines Met At Every Stage
• Unique And Plagiarism Free

More From Forbes

4 vital strategies to save, invest, and maximize your money’s potential.

• Share to Facebook
• Share to Twitter
• Share to Linkedin

Maximum profit concept. Button for maximize income. 3D rendered illustration.

You may believe that the answer to all of your money problems is more money. While this may be the case from a certain perspective, making more money might actually amplify the behaviors you’re already exhibiting that causes you to believe that way in the first place.

It’s important to acknowledge from a trauma informed lens that there is only so much budgeting someone can do before they need to increase their income, and that in those instances yes more money is necessary. This is not an article about how you need to stop enjoying your lattes or stick to some fad diet style of minimalism. This is an article however that explores ways you can audit your behaviors, examine what resources you do have, and make impactful decisions with your money.

One of the observations I’ve made in working with many of my high income clients is that there is a theme in how they view their role in relation to friends, family, and peers who may not make as much money as they do. This often leads to feelings of guilt, shame, and survivor's remorse that results in social spending and prioritizing the financial support of others above themselves. In those instances I ask my clients to audit their values and determine whether or not these feelings are rooted in cultural or familial expectations in instances such as “ The Black Tax ”, or if they are rooted in internal assumptions about what others may think or expect from them. Once I get an understanding of their value system I encourage them to use the following 4 strategies to save, invest, and maximize their money’s potential.

Establish Financial Boundaries

Man and woman standing opposite each other on either side of the road, divided by a red line. ... [+] Divorce, breakup, borders, barrier and brexit concept.

Establishing financial boundaries is not always an easy task due to the assumption that if you’ve got more, you can spend more. While that may be true on paper, what people don’t seem to take into account is that many times with higher income also comes higher expenses. I like to remind my clients in these instances of the famous instructions flight attendants give before take off: “Make sure that your own mask is on first before helping others.” One activity I have my clients do is to verbally practice establishing those boundaries so they can hear and feel what it sounds like. I also encourage them not to stop there but to offer a follow up solution that doesn’t cost them anything. If you can pinpoint the root of the ask, you can deliver on a solution that is more cost effective for you while preserving the relationship.

Establish A Budget

Calculator with budget written

The word budget tends to evoke feelings of anxiety, restriction, and a lack of freedom. I’ve seen some financial professionals cleverly rename a budget to a spending plan. Budgeting can also feel complicated with different styles and tracking methods. Ultimately, a budget provides you with data. It tells you how much income you’re bringing in and how much your expenses are. While there are several popular budgeting styles like zero based budgeting, 50/30/20, and pay yourself first, choosing a budgeting style that fits your needs doesn’t have to be complicated. It’s important to remember that a budget tells you what you can do, not what you can’t.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024, establish a system.

hand clicking on an enter key saying"Direct deposit"

Establishing a financial system incorporates automation into your finances so that you don’t have to expend energy thinking about when or where you can put money away towards saving, investing, or debt elimination because it’s automatically done for you. Gone are the days where you incur late fees because you forgot to make a payment or you have to choose between happy hour and putting money into your savings account. By establishing a financial system you have greater control over your financial goals and your ability to enjoy what’s left over by establishing small habits that can compound into large results over time whether that’s eliminating debt, increasing your retirement savings, or planning for vacation or the holidays. But establishing a financial system isn’t just about automating your finances. As part of this system you should take time out to regularly review your progress and make adjustments as needed.

Build Your Money Team

Building a money team is going to look different depending on your unique needs and circumstances. Your team can consist of:

• Unpaid mentors and role models,
• Pro bono and paid financial professionals,
• Independent courses, books, and conferences,

While it’s not necessary to have a team full of licensed or credentialed professionals, there are certain types of advice, specialties, standards, and transactions that these professionals do carry. For example, as a financial therapist and Accredited Financial Counselor® I am not licensed to provide investment advice, only education. There are financial therapists however who carry financial licenses, mental health licenses, both, or neither. It’s important to understand the roles and qualifications of the members of your money team and how they play a part in helping you accomplish your financial goals.

• Editorial Standards
• Reprints & Permissions

How to Save Money? - 15 Tips for Students

Student years are the happiest, according to almost 100% of former students. However, many of those who think so cannot but agree that this time is also the most complicated. Many students probably fail to make everything in time. In this case, let a good essay writer service lend you a hand with academic assignments while you are dealing with your curriculum.  

Renting an apartment or paying for a dormitory, living expenses, and tuition is almost always covered by the parents. But at this age, you want to feel free. And for many students, it lies in a substantial amount of finance that neither parents nor a part-time job can provide. So how to save money in college? The tips on saving money from our custom essay service will help you control your funds better so that you have free money for something significant and necessary every month.

Money Saving Tips

If you are still wondering how to save money fast, here are the 15 saving ideas that we have listed among our college budgeting tips that may help:

• So one of the best ways to save money is to start cooking - This will help you save a lot on your visits to cafes and restaurants. And the food you cook yourself is healthier and more delicious. If you still want to celebrate a memorable date or spend time with a noisy company of friends, try to buy drinks in stores and relax at home. Then you will not have to overpay in establishments because the prices for food and alcohol in bars and restaurants are higher than in the nearest convenience store or in a hypermarket.
• Another trick to save money is to bring your lunch - Lunch boxes do not take up much space in your carry-on luggage, and meals that were stored in the refrigerator overnight do not spoil from morning to lunch. For example, salads dressed with mayonnaise can be stored for up to five hours out of the refrigerator, fried or stewed meat, and chicken for up to six. It is more profitable to carry lunch with you, even if you do not know how to cook and use semi-finished products.
• Walk more - It is a popular point among all cheap living tips. Spending on taxis, gasoline, or using car rentals doesn’t sound that nice if you compare it all to spending time having some fresh air. Additionally, you can save on a subscription to a fitness club. If you are a student, then your trip to the university is worth a penny. This is a perfect way to cut your expenses. 
• Do proper save money planning by paying attention to different discounts, sales, or promotions. When it comes to food, you need to pay attention because expired goods may harm your health. Talking about the looks, you can still look good buying something for less money. If you often order essays , check out the discounts we offer to our regular customers.
• Student life is unthinkable without some proper rest - nightclubs, cinema, and other types of entertainment. Saving money every week won’t allow you to spend some quality time, but if you arrange something for yourself a few times a month, it won’t do any harm. The entertainment can be cheap and allow you to enjoy yourself without spending a lot of money, so that you could still stick to the saving money plan.
• Moving on with the money saving life hacks - You need to find the correct way to manage your finances. Try to divide the sum you have for a month equally for each week and do not spend more than you have. But try not to carry all the sum you have for a month. You won’t even notice how all the big bills become smaller and smaller.
• If you buy food from the market, rather than from the supermarkets, you can bargain with the vendors, saving you some money.
• Making a shopping list for a month - Such a simple way of saving is contemptuously rejected by many, but in vain. Buying from the list, first of all, you are more or less insured against impulsive purchases (like a massive pack of chips, M & Ms for the promotion, and a bucket of ice cream that you will eat on the very first evening). It is these expenses that subtly undermine the budget. Secondly, you take the food you need in the right amount.
• Before deciding to buy a book, check out if it’s available on the Web. Now you can download a lot of literature for free. In case you couldn’t find anything, you can always use the library.
• Share an apartment with your friends - This is probably the best way to save for college. Living in a hostel is not suitable for all students, and renting an apartment in a big city will cost a pretty penny. But there’s no reason to be upset: you can always offer some good friends to share an apartment. Although they will remotely resemble a hostel, the conditions in such housing will be more free space here.
• Finding a part-time job - A full-time job is usually not beneficial to students’ academic performance. However, you are unlikely to be able to live on one scholarship. Job websites and recruiting agencies can help you find the right job. Temporary work will make it easier to adapt to adult life conditions and hone the professional skills acquired at the university.
• Save up getting rid of unnecessary things - Freshmen who have just entered their student days strive to save money just like you. You have accumulated many textbooks, lecture notes, and materials for preparing for exams during your studies. Young students are full of the excitement of youthful maximalism and the desire to gain knowledge in all possible ways, so they will gladly buy things from you.
• One more saving advice that is not that obvious is to choose your credit cards wisely - If you cannot avoid the debt, choose a credit card with an interest-free period, with monthly interest on the balance of funds, with the ability to receive discounts in stores when paying with this card. And never delay your monthly payments. The longer you “stretch” your credit card debt, the more it costs you. Interest rates on consumer loans are high. Try to pay off the monthly payment as high as possible. And never take loans in the future. Student loans are a giant trap that will ruin all your money saving techniques.
• Cashback platforms - This is one of the easy ways to save money. When you pay for essay online, it is almost always possible to get some of the money back using cashback services. Cashback appeared to tie a client to himself, providing him with additional “buns”. It works roughly like bonus points awarded for purchase - only instead of bonuses, you get real money. Sometimes the share reaches 30%: companies are ready to work with zero or negative, to get a client.
• Fitness app - There is always no money and free time for students. So here is the last of our money tips. Most young people, of course, want to look good. What if there is no way to visit the fitness club? Download the 7 Minute Workout application (IOS, Android), which allows you to perform a set of seven-minute exercises at home without special equipment.  

By following all these simple rules, you will learn the best ways to save money fast, know how to use it properly, and even put it in your stash. This will bring many rewarding experiences in the future. Don't forget to find out our paper topic generator for your essay ideas on our service.

Frequently asked questions

She was flawless! first time using a website like this, I've ordered article review and i totally adored it! grammar punctuation, content - everything was on point

This writer is my go to, because whenever I need someone who I can trust my task to - I hire Joy. She wrote almost every paper for me for the last 2 years

Term paper done up to a highest standard, no revisions, perfect communication. 10s across the board!!!!!!!

I send him instructions and that's it. my paper was done 10 hours later, no stupid questions, he nailed it.

Sometimes I wonder if Michael is secretly a professor because he literally knows everything. HE DID SO WELL THAT MY PROF SHOWED MY PAPER AS AN EXAMPLE. unbelievable, many thanks

You Might Also Like

New Posts to Your Inbox!

Stay in touch

How to Reset Your Thinking Around Spending Money, According to Experts

M oney is one of the most significant stressors for Americans, according to a 2023 American Psychological Association report . 

The number of Americans who reported money as a stressor, has only increased since before the COVID-19 pandemic. Of parents who said they have multiple stressors causing significant strain on their lives, nearly 80% said that money is one of those factors. Single adults pointed it as the most significant source of stress, over housing costs and personal safety. 

The report comes despite a resilient U.S. economy. Job growth seems to be at a steady pace—although numbers fell short of the gains seen in 2021 and 2022—and the unemployment rate has remained below 4% for the past two years. However, inflation has remained persistently high , with rising energy, food and housing costs putting a strain on households.

Still, even Americans who appear to be doing well financially struggle. More than 50% of Americans who make more than $100,000 a year are living paycheck to paycheck as of September 2023, according to a Lending Club report . “A lot of Americans don't necessarily realize that there's a difference between your wants and your needs,” says Dr. Traci Williams, a financial therapist and board certified clinical psychologist. “When things are tight, we have to focus on our needs and maybe let go of our wants temporarily.”

According to the American Psychological Association report, 61% of adults say that people around them expect them to just “get over their stress,” without providing any actionable guidance on how to do so. 

TIME spoke to experts about how to better manage your relationship with money. Here are their tips.

Understand your ‘money story’

Before trying to budget and figure out a financial plan, experts advise people to assess their personal relationship with money. That involves thinking about their parents’ relationship with money, how adults around them modeled spending, and whether they personally overspend or underspend. 

“The hard part is it's not something that's really tied to your personality,” says Jack Heintzelman, a certified financial planner. “It's just really how you grew up and how you were educated on money…If you're able to think back on [it], It gives you a different perspective.” 

In order to best assess areas to improve, Williams advises folks to recognize their triggers and note their reaction. “What are the things that money is providing that speak to you as a person that can help you to get some indicators,” says Williams. “For some people that might look like: ‘I am looking for security’ or ‘I am bored,’ or ‘I do not feel a sense of high self esteem. And so money helps to provide that for me.’”

Read More : 7 Ways to Manage Financial Stress

Williams notes that spending money releases endorphins and dopamine , triggering feelings of pleasure. “There are other things that you can do to feel good in your life, that can create those feel good hormones,” she says. “Whether it's spending time with loved ones, or baking with your kid, or going for a walk, listening to music, things can be affordable.” 

Meanwhile, so-called underspenders, who worry about money despite being financially stable, might have to work on neutralizing what it means to spend money. “​​There is no such thing as the right or wrong way to do things. They're just the choices that we make,” Williams says. 

Come up with personal goals

Experts say that everyone’s financial plan should accommodate their own desires, needs, and lifestyle. For some, it can be as simple as checking their credit card’s app and looking at the amount they spend on categories like food, bills, or subscriptions. For others, it might be better to physically highlight a bank statement or write out purchases to adequately visualize their spending. 

Heintzelman says he’s personally a fan of the 50-30-20 method, which has individuals spend 50% of their income on their needs, such as rent or food, 30% towards less essential “wants,” and 20% towards savings. But he stresses that everyone should work around what best suits their future goals. “Try your best to not worry about what other people are doing and just think about the path that you're on and be comfortable with that,” he says.

Read More: Why a 60/30/10 Budget Could Be the New 50/30/20

The goal is to eventually be able to instinctively set aside a certain amount of money and know that it cannot be touched. “If you can be more natural with it and let it automate, then that can help with being more under control,” Heintzelman says. 

Recognize when you need support

While finances are one of the leading causes of stress, only 52% of U.S. adults say they feel comfortable discussing it with others. But experts say it's better to discuss financial goals, plans, and stress with a spouse, friend, family member, or others to get different perspectives and share anxieties.

Around 35% of U.S. adults have a financial advisor . Heintzelman says they can be helpful for clients who are looking for someone to make them accountable for their financial decisions. 

Financial therapists, meanwhile, work at the intersection between a client’s finances and their mental health.

Read More : 11 Ways to Get Free Financial Advice

“If your worries are affecting your ability to work or your relationships with your family members or your friends, or your ability to take care of yourself, those are usually indicators that you need extra help,” says Williams. “That help can look different for different people depending on what your situation is and what your need is.”

More Must-Reads From TIME

• Biden’s Campaign Is In Trouble. Will the Turnaround Plan Work?
• Why We're Spending So Much Money Now
• The Financial Influencers Women Actually Want to Listen To
• Breaker Sunny Choi Is Heading to Paris
• The UAE Is on a Mission to Become an AI Power
• Why TV Can’t Stop Making Silly Shows About Lady Journalists
• The Case for Wearing Shoes in the House
• Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time

Contact us at [email protected]

You May Also Like

• New Terms of Use
• New Privacy Policy
• Your Privacy Choices
• Closed Captioning Policy

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by  Factset . Powered and implemented by  FactSet Digital Solutions .  Legal Statement .

This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

How Bankrate calculators can help you save smart, pay off debt and set financial goals

Bankrate tools can help your save money, pay off debts and plan for your financial future.

Kevin O’Leary’s top tips for entrepreneurs and on saving money

Watch as Kevin O’Leary, investor and TV host, shares his top business and money tips with Ankur Jain, CEO of Bilt Rewards.

Spending money is easy, but saving it is a lot harder. Luckily, there are tons of free financial tools you can leverage to help you save money, pay off and stay out of debt.

Bankrate is one of these tools. 

Bankrate offers a slew of calculators all geared towards very specific financial goals. Whether you're trying to pay off a hefty student loan or save for the down payment on a home, these calculators can help. 

Read on to learn how you can use Bankrate to make smart financial choices and achieve your savings goals.

There are many different calculators available on Bankrate to help with different financial goals.  (iStock / iStock)

SAVING MORE MONEY: 10 CLEVER WAYS TO CUT SPENDING ON UNNECESSARY ITEMS

1. Bankrate savings calculators

Bankrate offers many different savings calculators to help individuals reach their savings goals. 

One of these is a very basic calculator where you fill in what your initial deposit is, the amount you'll contribute per month and how many years you'll contribute that amount for. There is also a spot to fill out the annual percentage yield (APY). If you already have an account open and know the APY, you can fill that in yourself. If you don't have an account yet, you can go with the average in the U.S. of 0.58%, according to Bankrate. 

Once you have all fields completed, you can see how much money you'll earn from your savings account, with your initial contribution, total contributions and the interest that was earned. 

If you have a specific amount of money you want to have saved by a deadline, you can use Bankrate's savings calculator. 

With this tool, you'll enter what your goal is and how many years you plan on taking to reach that goal. 

10 THINGS YOU CAN DO RIGHT NOW TO FINANCIALLY PLAN FOR YOUR FUTURE

You can then fill in the interest rate per year, and the amount and date of your first deposit. You'll receive a breakdown of the total you'll have to put aside per month in order to reach your goal. If you want an even further breakdown, you'll also be able to see how much that equals per day and week. This calculator is ideal for something like saving for a new car or even a vacation.

Bankrate tools can help you reach your saving goals and accumulate wealth.  (iStock / iStock)

Another interesting tool you can use on Bankrate is their million dollars calculator. With this, you'll need to fill in information like your age, the age at which you'd like to be a millionaire, how much you currently have invested and how much you save a month. 

There are also spaces for the expected rate of return, which is pre-set at 7%, and the expected inflation rate, which is on average, 2.9%. 

Then, you can see how much money you'll have at each age leading up to your millionaire status. This will provide you with a very clear look at whether you're on track to reach your goal. 

2. Bankrate real estate calculators

If you are on the hunt for a new home, but need guidance on how much to spend, Bankrate has a tool that can help you. 

With their home affordability calculator, you can input your yearly income, the debt you have accrued, if any, the down payment you intend on and the loan term. 

You will be given two different sets of numbers based off the information you included. First, there will be a recommended budget, with the price of a home, the monthly payment and the closing costs. Bankrate recommends that you should keep housing expenses lower than 28% of your income per month. 

MISSISSIPPI, KANSAS, OTHER TOP STATES WHERE YOU CAN COMFORTABLY SAVE MONEY

Then, there will be a maximum budget, with the highest price of a home you can afford, what that monthly payment will look like and what the approximate closing costs will be of a house at that price. 

Using this tool can give you a clear picture of what you can afford, to make sure you don't wind up going over budget. 

If you have various locations for home buying in mind, you can dig into this with the cost of living comparison calculator. 

Here, you will add the city you currently reside in, where you are moving to and what your current income is. 

Bankrate's tools can help you determine how much you can afford to spend on a home.  (Justin Sullivan/Getty Images / Getty Images)

Then, you'll be given the cost of living in your new city and how that compares to where you are moving from. 

You can even see a comparison in the costs of things like groceries, rent, home prices, gas and health-related costs. This tool can help you make a financially sound decision and also help you avoid unexpected increased costs when you reach your new city. 

5 FINANCIAL BOOKS THAT AREN'T FILLED WITH FALSE PROMISES, AND WILL ACTUALLY HELP YOU SAVE MONEY

If you are selling your home and have no idea what it's worth, you can simply type in your address and Bankrate will instantly provide you with a home valuation by Zillow. This number is an estimate, but it will drive your understanding. 

3. Bankrate investing calculators

Investing can be a really confusing topic, but also a great way to make more money from your cash. 

There are several different Bankrate tools that can help you with investing, like the investing calculator. This calculator will allow you to see if you're on track to reaching your investing goals. There's also the asset allocation calculator, which can help you build a balanced portfolio. 

4. Tools for managing debt from Bankrate

While there are various Bankrate tools to encourage saving and growing your own money, there are also ones that help you pay off debts.

One of these is a student loan calculator. With this tool, you can type in how much your loan is for, what the term is in years or months and the interest rate per year on the loan. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Then, you'll be able to see what your monthly payment is, the total for the year that will be going toward principal and the total going to interest. 

You can even see what the estimated payoff date is, and a schedule of all your monthly payments, including your balance at the end of each month. 

If you want to pay your loan off faster and put extra payments in on a monthly basis, yearly or just one time, you can schedule that all in as well to get more accurate numbers. 

7 simple hacks to save money on groceries

The rising price of groceries can be a huge burden on the monthly budget. From household staples like eggs, milk and lettuce to canned goods and just about everything in between, it feels easier than ever to rack up the bill at the grocery store if you’re not careful. Even though those price tags can be eye-popping, all hope is not lost when it comes to saving when you stock up. With the right budget-friendly tips, tricks and planning techniques, you can save a ton of money at the grocery store, make your shopping trips more efficient and cut down on food waste while you’re at it. 

Watch the video above to learn how to save money on groceries.

How to save money on groceries

• Live by the list. Take stock of what’s in your pantry before you head to the store, make a list of ingredients needed and when you get to the store, don’t deviate.
• Shop your pantry and refrigerator before buying new items. Duplicate items in your pantry can not only kill your grocery budget, but can quickly lead to food waste. 
• Use your grocery store’s app to carefully plan your shopping trip from the comfort of your own home and check all available coupons. Utilizing your grocery store’s app is one of the best ways to stay on budget and save time when you shop.
• As you add items to your cart in the app, you can see your working total which will help you carefully curate your cart to fit your budget before you shop in store.
• It’s much easier to find sale items that pertain to exactly what’s on your grocery list when shopping in the grocery store’s app. This will help you avoid getting caught in sale traps when shopping in store.
• Choose pantry staples like pasta and canned goods that not only last longer than easily perishable goods, but that are more versatile when it comes to planning your weekly menus.
• When purchasing produce, choose produce that’s in-season. Out-of-season produce tends to be more expensive than its in-season counterparts. 

Reviewed-approved kitchen and cooking recommendations:

Purchases you make through our links may earn us and our publishing partners a commission.

Reviewed helps you find the best stuff and get the most out of what you already own. Our team of kitchen and cooking experts are always testing new  kitchen tools , appliances and more so you can shop for the best of the best.

• Our favorite grill tongs:   OXO Good Grips 16-Inch Locking Tongs
• The best oven thermometer: KT Thermo 3-Inch Dial Oven Thermometer 
• Editors’ Choice hand mixer: Black & Decker MX3200B
• An excellent cutting board:  OXO Good Grips Plastic Utility Cutting Board
• The best value in cookware:  Cuisinart MCP-12N Stainless Steel 12-Piece Cookware Set
• Our favorite air fryer:  Ninja Speedi SF301

More problems, solved 

Budget-friendly meal: $4 burrito bowl

Budget-friendly recipe: Flavorful chicken and rice dish

Yellowed plastic vents:  How to easily whiten them

Dirty waffle maker: Here’s the easiest way to clean it

Crumbs in toaster: Your toaster can catch on fire. It’s time to clean it 

Dirty pillows: Your pillow is full of germs. Here’s how to disinfect it

Gross ice maker: Yes, you have to clean your ice maker. Here’s how

Nasty light fixtures: It's time to clean your light fixtures 

Annoying sink: How to unclog a slow-draining sink

Smelly carpets: How to clean your carpets and rugs

Dirty stovetop: Get stubborn stains off 

Homemade cleaners: What essential items to keep at home

Coffee stains: Remove stains on mugs with this secret item 

Gross oven: How to properly deep clean it  

• Work & Careers
• Life & Arts

Become an FT subscriber

Limited time offer save up to 40% on standard digital.

• Global news & analysis
• Expert opinion
• Special features
• FirstFT newsletter
• Videos & Podcasts
• Android & iOS app
• FT Edit app
• 10 gift articles per month

Explore more offers.

Standard digital.

• FT Digital Edition

Premium Digital

Print + premium digital.

Then $75 per month. Complete digital access to quality FT journalism on any device. Cancel anytime during your trial.

• 10 additional gift articles per month
• Global news & analysis
• Exclusive FT analysis
• Videos & Podcasts
• FT App on Android & iOS
• Everything in Standard Digital
• Premium newsletters
• Weekday Print Edition

Complete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.

• Everything in Print
• Everything in Premium Digital

The new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.

Terms & Conditions apply

Explore our full range of subscriptions.

Why the ft.

See why over a million readers pay to read the Financial Times.

International Edition