Over this past week, I read a wonderful, educational and valuable book named Financial Fitness for Teens by Chris Brady. I enjoyed reading this book because it made reading mean something to me. I was not just reading for the enjoyment I was reading for the advancement and success of my future finances.
This book has taught me a lot about managing and keeping my finances in the best position. One of the major strategies I have learned is to save, save, save. My parents have always taught me how to save, but not like this book. It explained the importance and value of money. One of my favorite quotes stated,
“Just because you have small expenses doesn’t mean you have more to spend; it means you have more to save” (74 Brady).
That quote alone open my eyes and made me realize that if I started saving now my future finances would greatly thank me. Since I do not have bills and taxes to pay I have even more to save and less to pay and spend for things that won’t get me to my ultimate goal which is to be in a good financial place. Which leads me to the three types of savings.
The three types of savings are life-saving, emergency saving, and targeted saving. Life-saving is your wealth, money you will always save. This fund will keep growing and never shrink (87 Brady). Emergency saving is for real emergencies when you are older and is most needed (88 Brady). It should not be touch unless there is a real emergency. Last but not least is targeted saving which is for special future purchases, this is where the principle of delayed gratifications applies (90 Brady).
Now that I know this valuable information I will start applying this to my everyday life. When I earn money I will take a specific percentage that will never change out and put it into savings. Another set percentage for tithing and targeted savings and the rest for pocket cash that will be spent wisely.
Now that I have read this book, I think that it is important that every teenager read and apply it to their lives. It will not only help them with their finances but educate them on how money should be managed and valued so that they won’t be in a finance hole they won’t ever be able to escape.
By TiNiah Abernathy