Financial Responsibility

Essay by debo42High School, 12th gradeA, November 2014

download word file, 2 pages 0.0

Deshawn Bryant Period: 1

Financial Responsibility

In my opinion to be financially responsible, you need to live within your means. And to

live within your means, you must spend less than you make. This is the basic guideline that

people should follow if they want to not only be financially responsible, but to actually save and

maybe make money. There are also many "traps" that financially responsible people avoid in

order to maintain their status. According to the article I read it is important for people to start

teaching financial responsibility to their children early so that they will know how to manage

their expenses later in life.

A recent study of over 2000 college students indicates that parent teaching is particularly

important to the development of students' financial habits in adulthood. Central college

recommends involving teens in family financial decisions like budgeting for groceries, a trip, or

major purchase, for example a car. The study also showed that most college students are

unaware of the expenses of college and they should learn how they will manage their money to

pay for the expenses. Some of the typical expenses may include tuition, books, supplies, cable,

parking, food, insurance, and many other bills. It will be critical for a student to live within their

means during their college years in order to exit with as little debt as possible and to start

building their future.

Another issue that the article covered was credit cards, most financially responsible

people would avoid them because of the temptation to spend more than you actually have, which

could lead into credit problems and debt. It is important for students to realize that student loans

and credit cards aren't free money and if they want to avoid complications and get out of college

with as little...