2. Developing smart banking skills is very important to learn at an
early age so that you do not become buried in debt and end up
paying it off for the rest of your life. For that reason, I got a bank
account at the Chase Interior Savings when I was thirteen. I have a
plan24 savings account, which is good because there is no monthly
fee. I work for the Village of Chase as a lifeguard at the wading pool on
weekends. Each of my paycheques goes directly into my bank
account and I have not withdrawn any of my earnings so far. However,
I keep track of my balance so that I always know how much money I
have. Therefore, if I do wish to buy something, I will know how much
money I have, and then I can decide whether or not I should make the
purchase. I am very careful about spending my earnings because I am
saving up for university as well as a trip to Hawaii with my best friend. I
think so far I have been responsible in terms of banking, and I plan to
continue these good habits so that I will always be financially stable.
3. Every year, my grandmother gives me a Canada savings bond,
which goes directly into my bank account for safekeeping. Now I have
about $2000 worth of bonds, which will all be going towards my
schooling. I am very grateful for this because it will make paying for
university just that much easier. I have also been saving some of my own
money to go towards university. I think that it is important to know what
you want in the future because then you’ll always have a goal to work
towards.
4. I have been given a budget of $500 to cover all necessities
besides shelter and utilities. My plan is to have $340 available for food.
To save money, I will buy groceries in bulk, from places such as Costco,
and split it among a few people. In the first month, I will need to buy a
cell phone. I will buy a simple phone and I will buy it on sale for $100 at
Walmart. For the phone, I will not have a contract or a fancy plan. I will
have a plan from Virgin Mobile, costing $20 per month. Because of the
initial cost of the phone in the first month, I will not have any money for
clothing or entertainment. I also won’t have any extra money for
savings. However, in all other months, I will have up to $60 a month to
spend on clothing and entertainment. Transportation, will cost me
nothing. I will be going to TRU, therefore I will get a free bus pass. For
personal items, I will have $40 to spend. After all of these costs, I will be
left with at least $40, which I will save. However, my savings may also be
used in emergency.
6. In the future I plan to make good choices that will benefit me
financially and emotionally. For example, as I work, I will save half of
every paycheque. All of these savings will accumulate over time, and I’ll
have a fairly good amount saved for university. This way, when the time
comes for me to go, it will be less stressful. Throughout university, I will be
extremely careful with my money, so that I come out of school with as
little debt possible. I will continue to be frugal throughout my life so that
money is not a big problem. As long as I am smart with my money, I will
be a happy, prosperous person.
