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Financial Responsibility Essay

508 words - 2 pages

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...

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