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How I Spent My Pocket Money (Essay Sample)

Table of Contents

Introduction

If you had your own pocket money, how would you spend it?

This essay focuses on how to spend money, and how to do so wisely. In this piece, we share a person’s experience of being taught to spend money wisely and what he would buy when he was given a regular allowance.

Writing an essay on what you would spend your money on? We can help. Go to EssayBasics.com to learn more about our essay writing services . We can help you express yourself by pairing you with a writer who has some experience in your chosen topic.

How I Spend My Money essay

One of the most exciting events in a young one’s life is when their parents give them an allowance. No matter the amount, an allowance gives us the opportunity to spend on small things that make us happy as a child.

The joy that an allowance brings is more than just the amount itself. It’s really rooted in the experience one gets in choosing how to spend it. First, there’s the anticipation of receiving an allowance. Next, there’s the excitement of thinking about all the things you’ve been wanting to get for yourself. Third, there’s the delight of actually receiving the allowance. Finally, there’s the sheer thrill of choosing what to buy and taking it home.

How and when an allowance is given, and how much is gifted to the child, depends on the guardians’ principles. There are those who provide an allowance for children to buy basic needs. But there are some who might give a little extra to give the child an opportunity to learn how to handle money well.

It must be said that not all children are privileged to have an allowance to spend on themselves. If they come from a poor family, the guardians may not have any extra finances to give. They may save up for this just once in a while.

I am very blessed that my parents gave me an allowance on a regular basis. My allowance has really taught me financial stewardship at a very young age. They also allowed me to make decisions regarding my finances, even if I made mistakes.

Saving Money at a Young Age

While my allowance isn’t a fixed amount, I have since learned that the first thing I should do is set aside a portion of it for savings. I get a third of whatever amount I get and earmark it for saving.

To make sure that I won’t be tempted to use it, my mom helped me open a bank account where I deposit the money. They opened a time deposit account, which means I cannot just withdraw from it anytime. Whenever I hesitated to go to the bank, my dad would remind me that my small deposits would turn into one big bulk of cash that could someday be used for a rainy day, or for strategic investments.

How I Spend Money with Whatever is Left

With what’s left of my allowance, I usually buy books. These are mainly documentary magazines, which I read during my leisure time. It is actually one of my hobbies. I have made it a personal tradition to always purchase a documentary magazine each time I get my regular allowance. I particularly enjoy news magazines and feature magazines. I am a lover of general knowledge. I love knowing about everything, how and why things are the way they are – whether about nature, politics, science, or geography. It is always a first on my list of hobbies.

The other bit of my regular allowance goes towards the purchase of snacks. I love yogurt and ice cream. The refrigerator at home always has a shelf specifically reserved for my yogurts.

The remainder of my allowance goes towards others. These include my family and friends. I try to buy them something nice as a way of thanking them for taking good care of me.

I also go out of the way to purchase some gifts for my siblings as well as my parents. I want to gift them with simple things, even if they were the ones who gave me my allowance. Doing this for them gives me so much satisfaction since I love making them happy. After all, what is life without happy family and friends?

Regular allowances taught me how to make wise spending decisions. I know how to handle and spend my cash, whatever amount it might be. Therefore, I am confident that when I start handling larger amounts of money in the future, I won’t be as overwhelmed. I will make it a point to remember the financial lessons I’ve learned as a child. I hope to also be able to teach others who to use their money wisely.

Short Essay About What You Would Spend Your Money On

Did you grow up being taught about the value of saving money? If you were like me, your mom and dad probably gave you a regular allowance. They also probably gave you free rein to use your money in whatever way.

Growing up, I deposited regular amounts into my savings account the moment my allowance was handed to me. I did not want to be tempted to splurge on all the food I was craving for while holding all of my money. Personally, apart from fast food, I enjoyed treating myself to books. In fact, I made it a regular tradition to purchase a book every time I got my allowance.

I remember being taught how to make a personal budget out of my allowance. Exactly how much money was given to me didn’t matter as much as the main principle they passed on: save money. They didn’t care if I used the rest of my allowance on junk food or other types of impulse buying. All that mattered to them was whether or not I set aside a portion to put in a savings account. And so I did.

How To Write An Essay About Money

There are so many ways to write a piece about finances. It depends on the lens you are viewing the topic from. Are you an adult looking back at your childhood and remembering important lessons learned? Are you a financial expert looking to give some advice on how to maximize your cash? Are you a student wanting to teach people how to set aside an amount in case of an emergency? Are you a parent who discovered creative hacks in your finances to make ends meet? Find your angle and work it.

How To Spend Money Wisely As A Teenager

When you are young and still living under your guardians’ roof, thinking about contingencies or other things you may be needing to buy before your next allowance comes may not come naturally to you. It is so important to learn how to handle your personal finances even at that age because that sets the direction of your spending in the future. When you start getting a monthly income, the weight of the responsibility is even greater as you start to live independently. Even as a teenager, learn to set financial goals and think of the long game. Even if you have to put money inside a piggy bank to avoid temptation, do so. Track your expenses and make adjustments according to your level of contentment. Learn the art of investing from an expert. Finally, don’t shop ’till you drop. It’s a trap.

What is the spend-all strategy?

How to start using the spend-all strategy, what to keep in mind when building a spend-all strategy, spending all of your money can actually help you save more. here’s why.

Budgeting doesn’t mean hoarding all of your money.

Bernadette Joy

Money coach and founder of Crush Your Money Goals

Bernadette Joy is a money expert that offers relatable  advice on achieving financial freedom. She paid off $300,000 of debt in three years and invested enough to retire by 40. Bernadette has shared her expertise on TEDx, South By Southwest, and Nasdaq. Bernadette's upcoming book, CRUSH Your Money Goals, will be released in December 2024.

Dashia Milden

Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.

Tiffany Connors

Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

When my clients first build a budget, I notice they often make one key mistake: They forget to include savings or debt payoff goals.

They budget for monthly expenses, like rent and groceries, but never savings or debt. They assume they’ll use any leftover money towards saving goals, but often forget to move this money at the end of the month. Instead, they dip into it here and there for fun purchases, leaving their debt and savings stagnant each month.

That’s why I’m a strong advocate for the zero-based budgeting method, which requires you to assign a home for every dollar you earn. I like that it teaches you that spending isn’t bad. So I put my own spin on zero-based budgeting and created the “spend-all strategy.” 

Following this method helped me pay off $72,000 in student loan debt in less than a year. Since then, I’ve taught this method to thousands of clients looking to eliminate their debt and grow their savings. It could change your relationship with money forever. I know it did for me.

I call my version of zero-based budgeting the “spend-all strategy” because I noticed that it helps me explain that spending in and of itself isn’t bad.

My clients are surprised when I point out that the goal of budgeting is to spend all of their money because they think a budget means they won’t be allowed to spend any money.

But the spend-all strategy is about intentionally prioritizing your financial goals and taking control of how you manage your money. It reinforces the idea that the point of budgeting is to live your life -- not to hoard money.

Implementing a spend-all strategy starts with shifting your mindset. Instead of viewing leftover money as a windfall, embrace the idea that every dollar has a purpose. Proactively assign every dollar of your income to a specific expense or financial goal. Here’s what it can look like:

Let’s say you budget $2,500 monthly for essentials like rent, groceries and gas. If you have $3,000 of monthly income, you’ll need to figure out what to do with the remaining $500. If it isn’t assigned to a goal, you could deposit $100 into a high-yield savings account that you’re using to build your emergency fund. Now, you’ve “spent” the $100 in a way that helps you reach your financial goals. You’ll do this for the remaining $400, too. 

You can track your income and expenses using pencil and paper or spreadsheets, but I highly recommend a budgeting app compatible with zero-based budgeting, like EveryDollar or Monarch. A budgeting app makes it more convenient to track every dollar since you can quickly make adjustments from your phone with fewer chances for oversights or mistakes.

I use Monarch because it handles my budget and tracks my net worth. One of the upsides of Monarch is that you can share your budget with your family and financial coach without sharing your password. 

Make a plan for any money you allocate at the beginning of the month but don’t end up spending. For example, if you budget $100 for entertainment but only spend $70, you could put the extra $30 toward one of your goals, like paying down credit card debt. By planning how you’ll use any extra money ahead of time, you’re still following the spend-all strategy.

It’s not about depriving yourself

Assigning all of your income doesn’t mean giving up what you love or need to spend money on. Instead, giving each dollar a goal helps you control your spending without sacrificing fun purchases.

For example, instead of spending $100 at Target on a whim, you may budget $100 toward non-essential shopping. This gives you money for splurging, which can help you stay on budget without feeling deprived.

When you’re ready to try the spend-all strategy, here’s what I want you to remember. 

No budget is perfect

I don’t expect anyone’s budget to be 100% accurate, including my own -- and I’m a money coach. But if you approach budgeting to zero with an all-or-nothing mentality, you’ll likely feel like you’re failing with this method.

Instead, I tell my clients that following this budgeting method even 80% of the time is a win and that an unexpected bill or unplanned purchase is OK when following this strategy. As long as you understand where your money is going, you can make changes to your budget as needed. 

Don’t confuse activity with achievement

When new members join my online community, they often get hung up on the value of tracking every penny. But just focusing on recording expenses is like checking off a to-do list, rather than changing your money habits. Instead, tracking your budget should be the first step in identifying spending habits that you can work on changing if needed.

Tracking every penny is typically only helpful when you’re starting out

People who achieve financial freedom don’t waste time tracking every little penny. They’re forward-thinking. You might need to track your expenses for the first three months to understand your money habits better, but over time, you’ll get a sense of your spending and how to plan for the future.

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• Managing Your Debt

10 Simple Ways to Manage Your Money Better

Why Is Money Management Important?

Being good with money is about more than just making ends meet. Don't worry that you're not a math whiz; great math skills aren't really necessary—you just need to know basic addition and subtraction.

Life is much easier when you have good financial skills. How you spend your money impacts your credit score and the amount of debt you end up carrying. If you’re struggling with money management issues, such as living paycheck to paycheck despite making more than enough money, then here are some tips to improve your financial habits.

When you’re faced with a spending decision, especially a large purchase decision, don’t just assume you can afford something. Confirm that you can actually afford it and that you haven’t already committed those funds to another expense.

That means using your budget and the balance in your checking and savings accounts to decide whether you can afford a purchase. Remember that just because the money is there doesn't mean you can make the purchase. You have also to consider the bills and expenses you'll have to pay before your next payday.

How to Manage Your Money Better

1. have a budget.

Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting. If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Plus, you can use several tools to make the process as easy as possible—maybe even fun.

Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life.

2. Use the Budget

Your budget is useless if you make it and then let it collect dust in a folder tucked away in your file cabinet or never open it again on your computer. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses. At any given time during the month, you should have an idea of how much money you’re able to spend, considering any expenses you have left to pay.

3. Limit Unbudgeted Spending

A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income. If you have any money left over, you can use it for fun and entertainment, but only up to a certain amount. You can’t go crazy with this money, especially if it’s not a lot and has to last the entire month. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.

4. Track Your Spending

Small purchases here and there add up quickly, and before you know it, you’ve overspent your budget. Start tracking your spending to discover places where you may be unknowingly overspending. Save your receipts and write your purchases in a spending journal, categorizing them so you can identify areas where you have a hard time keeping your spending in check.

5. Don’t Commit to New Recurring Monthly Bills

Just because your income and credit qualify you for a certain loan, doesn’t mean you should take it. Many people naively think the bank wouldn’t approve them for a credit card or loan they can’t afford. The bank only knows your income, as you’ve reported, and the debt obligations included on your credit report , not any other obligations that could prevent you from making your payments on time. It’s up to you to decide whether a monthly payment is affordable based on your income and other monthly obligations.

6. Make Sure You Pay the Best Prices

You can make the most of your money comparison shopping , ensuring you’re paying the lowest prices for products and services. Look for discounts, coupons, and cheaper alternatives whenever you can.

7. Save Up for Big Purchases

The ability to delay gratification will go a long way in helping you be better with money. When you put off large purchases, rather than sacrificing more important essentials or putting the purchase on a credit card, you give yourself time to evaluate whether the purchase is necessary and even more time to compare prices. By saving up rather than using credit, you avoid paying interest on the purchase. And if you save rather than skipping bills or obligations, well, you don’t have to deal with the many consequences of missing those bills .

8. Limit Credit Card Purchases

Credit cards are a bad spender's worst enemy. When you run out of cash, you simply turn to your credit cards without considering whether you can afford to pay the balance. Resist the urge to use your credit cards for purchases you can’t afford, especially on items you don’t really need.

9. Contribute to Savings Regularly

Depositing money into a savings account each month can help you build healthy financial habits . You can even set it up so the money is automatically transferred from your checking account to your savings account. That way, you don’t have to remember to make the transfer.

10. Practice, Practice, Practice

In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them. The more you make these habits part of your daily life, the easier it is to manage your money, and the better off your finances will be.

Frequently Asked Questions (FAQs)

Why is money management important.

Without money management, personal finances are a bit of a mystery. This can lead to overspending and living paycheck-to-paycheck. Money management can help you have a better handle on your income and spending so you can make decisions that improve your financial status.

How do you improve money management?

You can improve your money management by regularly evaluating what you're doing with money and making changes that make sense for you. For example, if you don't have a budget, you could start by developing one. If you have a budget, you could track your spending and see how it lines up with your budget. Once you have an idea of your income and spending, you could choose to increase your savings, pay off debt, or start investing based on your financial goals.

Consumer Financial Protection Bureau. " Budgeting: How to Create a Budget and Stick With It ."

Federal Trade Commission. " Making a Budget ."

FiftyThirtyTwenty.com. " Income + Financial Stability in America ."

Consumer Financial Protection Bureau. " Spending Tracker ."

Consumer Financial Protection Bureau. " Bill Calendar: Know What You Owe and When It's Due ."

WSFS Bank. " 5 Ways to Save for a Big Purchase ."

Discover. " Six Tips On How To Stay Out of Debt ."

Consumer Financial Protection Bureau. " Looking for An Easy Way to Save Money? Make It Automatic ."

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 .

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Does More Money Really Make Us More Happy?

• Elizabeth Dunn
• Chris Courtney

A big paycheck won’t necessarily bring you joy

Although some studies show that wealthier people tend to be happier, prioritizing money over time can actually have the opposite effect.

• But even having just a little bit of extra cash in your savings account ($500), can increase your life satisfaction. So how can you keep more cash on hand?
• Ask yourself: What do I buy that isn’t essential for my survival? Is the expense genuinely contributing to my happiness? If the answer to the second question is no, try taking a break from those expenses.
• Other research shows there are specific ways to spend your money to promote happiness, such as spending on experiences, buying time, and investing in others.
• Spending choices that promote happiness are also dependent on individual personalities, and future research may provide more individualized advice to help you get the most happiness from your money.

How often have you willingly sacrificed your free time to make more money? You’re not alone. But new research suggests that prioritizing money over time may actually undermine our happiness.

• ED Elizabeth Dunn is a professor of psychology at the University of British Columbia and Chief Science Officer of Happy Money, a financial technology company with a mission to help borrowers become savers. She is also co-author of “ Happy Money: The Science of Happier Spending ” with Dr. Michael Norton. Her TED2019 talk on money and happiness was selected as one of the top 10 talks of the year by TED.
• CC Chris Courtney is the VP of Science at Happy Money. He utilizes his background in cognitive neuroscience, human-computer interaction, and machine learning to drive personalization and engagement in products designed to empower people to take control of their financial lives. His team is focused on creating innovative ways to provide more inclusionary financial services, while building tools to promote financial and psychological well-being and success.

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Test Resources

TOEFL® Resources by Michael Goodine

Sample toefl essay – spending money, the question.

Some people like to spend their money as soon as they earn it, while others think it is better to save their money for some time in the future. Which do you prefer? Use specific reasons and examples to support your opinion. Do not use memorized examples.

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The Sample Essay

           Money concerns are a major cause of stress and anxiety in the modern world. In my opinion, it is a really wise idea to save money for the future.  I feel this way for two main reasons, which I will explore in the following essay.

           To begin with, older people are able to make better financial decisions than youngsters due to their experience and maturity.  Young people, who have very little worldliness, are prone to spending their money on products that are mostly useless and which they quickly tire of.  Older people, on the other hand, know which purchases will result in long-term happiness and satisfaction. My own experience is a compelling example of this.  When I was young, I spent a tremendous amount of money on video games and comic books which I enjoyed only for a short time. Later, when I enrolled in university, I did not have enough savings to pay for my tuition, and was forced to take out a significant number of student loans.  Even today, several years after graduation, I regret not saving much money as a teenager. These days I am a lot more conservative when it comes to spending, and carefully consider all of my future expenses.

           Secondly, life is full of unexpected emergencies which can cause a lot of anxiety if we do not have a lot of money saved up.  According to reports in the media, more than seventy-five percent of all bankruptcies in my country are the result of medical bills. I am totally aware that it is humiliating to lose our financial independence in this way.  For example, last year my uncle suffered a major heart attack which required him to undergo very expensive cardiac surgery. He did not have enough money to pay for this procedure, so he had to ask his elderly parents for a loan.  They were able to help him because they had resisted the urge to spend and saved money through their entire lives. He felt extremely embarrassed about begging his parents for assistance, especially as he could have avoided the situation by emulating their frugal behavior.

           In conclusion, I believe that it is better to save money for the future rather than spend it right away.  I feel this way because we gain the ability to make better financial decisions as we mature, and because saving money helps us avoid the humiliating effects of unexpected financial emergencies. (405 words)

This is a sample TOEFL paired choice essay written by a native speaker.  It follows our TOEFL writing templates for independent essays.  If you find it useful, please remember that we have many more sample essays  for you to read!

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How to spend your money for maximum happiness

By Gulnaz Khan

Posted on Dec 21, 2020 11:00 AM EST

12 minute read

The idea that materialistic values can obstruct our path to happiness dates back hundreds of years. The Buddha encouraged a balance between asceticism and pleasure; early Christian monasticism preached spiritual transformation through simple living; philosopher Lao Tzu warned that if you chase after money, “your heart will never unclench.”

Centuries later, the question of whether money can bring us happiness remains a subject of intense debate. After all, as our culture of consumption expands exponentially, our lives increasingly revolve around money—Earning it, spending it, and saving it.

Consider the numbers. Between 1901 and 2003, U.S. household spending increased 53-fold, from $769 to $40,748 (that’s $2,000 in 1901 dollars). And what we spend on has also changed. Today, the average American family spends about 50 percent of their income on necessities like food and shelter, compared to almost 80 percent in 1901. That means more discretionary spending on consumer goods and services, including the 11.3 million tons of clothing and 27 millions tons of plastics that end up in U.S. landfills every year .

But though the things we buy might make us happy in the moment, that feeling atrophies over time. It’s what psychologists call the “hedonic treadmill,” says Amit Kumar , an assistant professor of marketing and psychology at the University of Texas at Austin, whose research focuses on the science of happiness. “We get used to things that we have, and when new, shiny things are advertised, we feel like we need to keep getting more stuff to maintain those feelings.”

So does money bring us happiness, or is it the root of our misery? It’s complicated. Financial security certainly influences our well-being when it comes to satisfying our basic needs and standard of living, but in general, research shows affluence is a weak predictor of happiness.

What most experts can agree on is this: there are ways to spend our money that are more likely to elicit joy. So next time a commercial has you itching to pull out your wallet, hit pause and consider these three tips on where to invest your cash.

Time is precious—buy yourself some more of it

We can send messages anywhere in the world instantly, travel across oceans in a matter of hours, and get almost anything we can dream of hand-delivered to our doorsteps within days. And yet despite our ability to do nearly everything faster and more efficiently, people across all income levels report experiencing a phenomenon known as time famine.

“It isn’t necessarily how busy your calendar is, but rather the internal state of anxiety and concern that you don’t have enough time to do the things you want to do,” Kumar explains.

Time famine isn’t just an existential crisis—it can have real consequences on our health. Research shows that people who feel time-constrained are more stressed, less likely to spend time helping others, and less active. It’s also one of the main reasons people give to explain why they’re not exercising regularly or eating well.

But receiving social support may protect us from the negative consequences of time stress, a concept psychologists call the buffering hypothesis . According to this theory, buying time—by doing things like hiring a house cleaning service instead of tidying up, ordering takeout instead of cooking, or paying extra for a direct flight—can increase our sense of control and, ultimately, our feelings of well-being.

The caveat? The amount of disposable income we have makes a difference when it comes to buying time. If paying someone to clean your house means cutting your grocery budget for the week in half, those hours of reclaimed free time won’t pack the same punch as they might if they were funded by spare change.

We’re also less likely to benefit from buying time when we focus on its economic value—something we’re more likely to do if we have less cash to go around. For example, research shows that hourly-wage workers tend to apply “mental accounting rules” to their time, which can affect how they budget it and how much they enjoy it. In a series of 2012 experiments , psychologists found that when participants were primed to think of their time as carrying monetary value, they were more impatient and experienced less pleasure during leisure activities like listening to music.

Another review of 165 studies from 18 countries yielded two major findings. First, that focusing on finances isn’t all bad. Money-focused individuals are indeed productive—reminding people about money motivates them to exert extra effort on challenging tasks, to put in longer hours, and to perform better. On the flip side, they also tend to work more, socialize less, and experience greater psychological and physiological stress.

In their book, Happy Money: The Science of Happier Spending , authors Elizabeth Dunn and Michael Norton sum up this paradox: “By permitting us to outsource our most dreaded tasks, from scrubbing toilets to cleaning gutters, money can transform the way we spend our time, freeing us to pursue our passions,” they write. “Yet wealthier individuals do not spend their time in happier ways on a daily basis; thus they fail to use their money to buy themselves happier time.”

The key takeaways? First, treat time as the commodity. Research suggests that people who think of their time as a limited resource in its own right are more likely to derive joy from life’s simple pleasures, like eating sweets or talking to a friend.

Second, if you’re splurging on a time-saving purchase, use those extra minutes to do something that lifts your mood. Studies on time and happiness show people typically experience more positive emotions during leisure activities compared to when they’re working or doing household chores. Active and social forms of leisure, like exercising and volunteering, are also linked to greater happiness compared to more passive activities, like watching TV or napping.

“The more that people are using their time to engage in social interactions to cultivate relationships, the more happiness they’re going to get from buying time,” Kumar explains. That’s why buying experiences is another way to maximize joy from spending.

Invest in experiences

You might think it’s more practical to spend money on something that you’ll use for years rather than on a fancy dinner or vacation. But research suggests that an intangible experience can often bring you joy for longer than a physical object.

“People believe material goods last—and they do last in a physical sense, but that doesn’t mean you continue to derive value from it,” Kumar says. “Experiences are fleeting, but not in a psychological sense. They live on in our memories, they live on in the stories we tell.”

For example, people get boosts of pleasure from planning and anticipating experiences , like vacations—and then again when recalling those memories later. That’s partly because experiences often cultivate connection and feelings of belonging, whereas we’re more likely to consume material purchases alone.

We’re social animals, after all. In Maslow’s hierarchy of needs, as soon as our basic needs—food, shelter, and safety—are met, the first thing we seek is companionship. Research on human flourishing confirms that cultivating meaningful relationships through institutions like work, religious communities, and marriage enhances our well-being, and is associated with better health and longer life expectancy.

Our experiences also play a significant role in the formation of our identities. “Experiential purchases tend to be more reflective of a person’s identity and their sense of self,” Kumar says. “Our stuff is less centrally tied to who we are. We’re the sum of our experiences.”

That’s why people bond with each other over experiences rather than their possessions. “It can be annoying to find out that someone has a nicer TV or a fancier wardrobe,” Kumar says. “These comparisons can make people feel worse.” It turns out experiences are less susceptible to these types of problematic comparisons. “People don’t want to trade their trip for someone else’s. Your experiences are kind of uniquely yours.”

Even spending time on simple, low-cost pleasures, like attending an exercise class or drinking a cold beer with friends, can produce small, frequent boosts in mood and facilitate social connections. And since the COVID-19 pandemic has forced most of us into physical isolation, we need to get more creative than ever. That could mean signing up for a virtual painting class, “sharing” a fancy bottle of wine during a Zoom happy hour, or investing in outdoor recreation. “Get out and hike and bike and take advantage of your local environment,” says Thomas Gilovich , a professor of psychology at Cornell University who studies human judgment. “These kinds of experiences don’t demand a giant bank account.”

You don’t need to make extreme lifestyle changes either. “It’s not that the material goods are bad and you have to stop purchasing them,” Gilovich explains. “It’s just if you shift your expenditures a bit more in the experiential direction and a bit less material direction, you’ll be happier.”

Spend on others

Another benefit of investing in experiences is that they inspire us to engage in more altruistic behaviors. “We found that when people think about experiences rather than possessions, they end up being more generous to others,” Kumar says.

That’s because we tend to be more thankful for what we’ve done than we are for what we have. Those feelings of gratitude comes with a whole host of psychological benefits , including prosocial behaviors like giving.

This is significant because spending money on others is also linked to greater well-being. One survey of 136 countries found that prosocial spending was universally associated with greater happiness in both wealthy and poor countries. In lab experiments , participants who were randomly assigned to spend money on others reported greater happiness than those assigned to spend it on themselves.

In fact, we may be hardwired to give. Children start to demonstrate prosocial behaviors like sharing as early as age two, and they’re linked to our brains’ reward systems. Evolutionary theorists argue that altruistic behavior is a survival trait, much like eating or having sex. It was crucial for the large-scale cooperation that allowed early humans to survive and thrive in groups.

Today it serves another adaptive function: it’s good for our health. For instance, studies show that helping others is linked to a decreased risk of morbidity and mortality in older adults, that people who give social support are more likely to receive it in return, and that giving social support is related to positive health outcomes like lower blood pressure .

It also affects our brains. An fMRI experiment examining the neural bases of altruism found that when people gave to charities, brain areas associated with pleasure and social attachment were activated—something known as the “warm glow” effect. The best part: generosity is contagious and can influence the spending habits of those around us. For example, in a series of experimental “games,” researchers found that when one person gave money to help another, the recipient was more likely to give their own money away during subsequent games.

But sometimes the details matter. When it comes to giving, spending money on people we have stronger emotional ties with may be more likely to boost happiness compared to weak or anonymous relationships. Likewise, when it comes to charity, giving to a specific cause or mission can produce greater feelings of happiness compared to a more general donation. Psychologists suggest that’s because you know exactly how your money is going to benefit the recipient.

Focus on human connection

So is shifting our spending habits away from material things the key to bliss? Despite a sea of research, there’s still no tidy answer. Happiness is notoriously difficult to study; it’s subjective, unstable, and intangible. But one common thread consistently comes up in the research: the power of human connection to elicit joy.

“Purchases that help to foster our social relationships—those are the purchases that are most likely to bring us longer-lasting, more enduring happiness,” Kumar says.

But that doesn’t necessarily mean spending all your money on family vacations: sometimes material purchases are vehicles for social connection. The idea is to invest more in experiences than in possessions, Gilovich explains, but sometimes the latter can facilitate the former. “There are things sort of in the middle,” he says. “You buy a new bike, you get together with a bunch of cyclists, and you cycle regularly.” His advice: when you’re buying something, ask yourself how likely you are to use it with other people.

Kumar agrees. “One of the mistakes that people can make is that they think that material goods are a better financial investment, that they’ll last,” he says. But the material goods that pack the biggest punch are the ones that beget social experiences.

For him, the recipe for better spending is simple: “Positive social relationships are essential to human happiness—spend money in ways that advance your social relationships [and try to] minimize making comparisons to other people.”

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Essay on Ways to Save Money

Students are often asked to write an essay on Ways to Save 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 Ways to Save Money

Importance of saving money.

Saving money is a crucial life skill. It helps us prepare for unexpected expenses, achieve financial goals, and secure our future.

Creating a Budget

Limiting unnecessary spending.

Avoiding impulse buying and unnecessary expenses can significantly increase savings. Always ask, “Do I really need this?”

Using Discounts and Coupons

Using discounts, sales, and coupons can help save a lot of money. They reduce the cost of items, allowing us to save more.

Saving Small Amounts

250 words essay on ways to save money, introduction.

Money management is a critical skill, especially for college students who often operate on tight budgets. The ability to save money can contribute to financial independence and stability. Here are a few ways to save money.

Create a Budget

The first step towards saving money is creating a budget. It allows you to understand where your money is going and how much you can save. Prioritize your needs over wants and make adjustments accordingly.

Automate Savings

Automate a portion of your income to go directly into a savings account. This ensures you save before you start spending. It’s a simple, yet effective way to build your savings over time.

Utilize Student Discounts

Many businesses offer student discounts. Use these to save on everything from meals to textbooks. It’s a small step that can add up to significant savings.

Limit Eating Out

Eating out frequently can significantly impact your budget. Opt for cooking at home or using meal plans provided by the college. It’s healthier and more cost-effective.

Buy Second-Hand

Saving money in college might seem challenging, but with a few strategic changes, it’s achievable. Remember, every penny saved today is a step towards a financially secure future.

500 Words Essay on Ways to Save Money

Financial management is a crucial life skill, especially for college students who are just beginning to navigate their own financial waters. With increasing expenses and limited income, it becomes essential to identify effective ways to save money. This essay explores some advanced strategies to manage finances better and save money.

Automating Savings

Embracing minimalism.

Minimalism is a lifestyle choice that focuses on reducing unnecessary possessions and living with only what is needed. By embracing minimalism, college students can significantly reduce their expenses. This approach allows them to save money by avoiding impulsive purchases and focusing on quality over quantity.

Utilizing Student Discounts

Investing in education, cooking at home.

Eating out or ordering in can quickly add up. Cooking at home not only saves money but also promotes healthier eating habits. Learning to cook basic meals and prepping meals in advance can significantly reduce food expenses.

Saving money as a college student may seem challenging, but with careful planning and discipline, it is achievable. By creating a budget, automating savings, embracing minimalism, utilizing student discounts, investing in education, and cooking at home, students can significantly improve their financial health. These strategies not only help in saving money but also inculcate valuable financial management skills that will serve them throughout their lives.

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

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

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To save more money, avoid these 5 common financial mistakes

Marielle Segarra

Common financial mistakes to avoid

Financial educator Yanely Espinal shares some of the most common mistakes people make when it comes to borrowing, investing and budgeting their money. rob dobi/Getty Images hide caption

Yanely Espinal was teaching a workshop on financial education this summer when a member of the building's cleaning staff came up to her.

"I wanted to talk to you," he said. "When I first got my job, the [company] offered me a retirement plan. But my cousin told me it was a scam, so I never did it. I feel like I made a mistake."

"My heart wanted to break," says Espinal. She told him: "Your cousin did not serve you well. It's not a scam. It's a benefit ."

She understood how the disconnect might have happened. "He was an older man, a person of color — the type of person often underserved by the financial industry," she says.

As a financial coach and the director of educational outreach at Next Gen Personal Finance , Espinal sees people from all walks of life — including those from underresourced communities — struggle with borrowing, investing and budgeting. She then teaches them how to make better-informed decisions about money.

Here are some of the most common financial mistakes she encounters in her line of work.

Mistake 1: Thinking a loan is free money

If you need money, your instinct might be to borrow from a lender. But remember, a loan is not free money, says Espinal. Those lenders are "running a business and are going to make a profit."

Some of "those interest rates are so high and compound so quickly that the amount you're paying back is significantly more than the amount you borrowed. It can trap you in a cycle of debt."

So put your "business hat on and shop around for the best deal," she says. You may feel desperate, but don't just take the first loan you can get. Go online and look up the terms of different loans. Or go to a credit union, which will often have better interest rates on loans.

Mistake 2: Cosigning loans

Lending to family or friends? Don't be afraid to ask for your money back

If a friend or relative asks you to cosign a loan, don't do it, says Espinal. Cosigning a loan means you're agreeing to be responsible for someone else's debt. If the main borrower misses payments, you must repay the loan. It also means that the debt is on your credit report, which could prevent you from getting a loan or could make a loan you need more expensive.

If you find it hard to say no to a loved one who needs a loan, support that person in other ways, says Espinal. When her godsister asked her to cosign a loan, Espinal declined, but offered to help her find a loan for people with lower credit scores and to look over her credit report to help her boost her score.

Mistake 3: Not putting your money in a high-yield savings account

If your cash is in a traditional savings account, it's probably making little, if any, interest, says Espinal. Rates are as low as 0.01% at major banks.

Putting your money in a high-yield savings account is an easy way to grow your savings. rob dobi/Getty Images hide caption

So put those funds in a high-yield savings account with interest rates between about 4% and 5% . These higher-interest rates allow your money to grow and protect your savings against inflation.

"The banks that offer these accounts tend to be lesser-known banks, like online-only banks or mobile-only banks," says Espinal. If that gives you pause, consider this: As long as your bank account is insured by the FDIC (Federal Deposit Insurance Corp.) or your credit union savings account is insured by the NCUA (National Credit Union Administration), your savings will be protected up to a $250,000 limit.

Mistake 4: Spending more when you make more

Some people who earn hundreds of thousands of dollars a year find themselves living paycheck to paycheck. That can happen when people think a higher income means they have to live a lifestyle that matches it, says Espinal. It's a phenomenon called "lifestyle creep" or "lifestyle inflation."

If your spending is eating your savings, you might be experiencing 'lifestyle creep'

"And so the money goes into financial obligations that are not necessary: a new watch, a new car, name-brand shoes. We think we deserve it," she says. "But you also deserve to have a dignified retirement and be able to pass generational wealth down to your children."

If you're making more money, your savings rate should also increase . Adjust how much you save based on what you earn. If you have the option, ask your employer to make a direct deposit into your high-yield savings account so that the saved money is automatically set aside.

Mistake 5: Making hype-based investments

5 tips to start investing in the stock market

Some people invest in what's trendy right now, like shares of individual stocks, rather than putting money into something less risky, like an index fund — a big bundle of stocks and bonds.

"When you pick stocks, you're trying to predict the future. We're all trying to guess," says Espinal. "Some of those guesses end up being right. But why would you want to leave your entire wealth-building [strategy] to chance?"

If you want to dabble in riskier investments, use a percentage rule, she says. Invest 80% of your money in tried-and-true investments like target-date funds and traditional mutual funds. "The other 20% of your money can go into things that are hot and cool, maybe some crypto or individual stocks."

With this approach, "at least a majority of your money isn't going to be completely risked," she says.

The digital story was written by Malaka Gharib and edited by Beck Harlan. The visual editor is Beck Harlan. We'd love to hear from you. Leave us a voicemail at 202-216-9823, or email us at [email protected].

Listen to Life Kit on Apple Podcasts and Spotify , and sign up for our newsletter .

Essay Writing Topics: Topic 32 – Do you spend money or save them?

Phrasal verbs and idioms for english speaking | lesson 1 – elementary level, phrasal verbs and idioms for english speaking | lesson 2 – elementary level, phrasal verbs and idioms for english speaking | lesson 3 – elementary level, phrasal verbs and idioms for english speaking | lesson 4 – elementary level, is it better to enjoy your money when you earn it or is it better to save your money for some time in the future use specific reasons and examples to support your opinion., english writing practice: topic 32 – sample 1.

“Save it for rainy day,”  That’s my motto. When I have a choice between spending my money or putting it in my savings account at the bank, I always put it in the bank. I will have a lot of expenses in the future like my education, travel, and unforeseen emergencies. I need to have money set aside for these expenses.

I need to save money for my education. Travel is also very expensive. I don’t mean vacation travel. I mean travel to get to and from school.  Transpacific airfare costs  a lot even special reduced fares. I first have to get to school and then, of course, I want to return to my family for important festivals and occasions. Going back and forth will be costly, but worth it. I need to save money for these trips.

When you are not rich, you cannot spend your money carelessly . You must plan ahead. I know in my life, I will have expenses for my schooling and for traveling to and from my home. I know that I will also have unexpected expenses related to unforeseen emergencies. I must be prepared. I need to save money for these events.

English Writing Practice: Topic 32 – Sample 2

Foremost reason  for saving the money for future use is when you need a lot of money to deal with some emergent things that happen to you, you should not worry about the fund or lend some money everywhere at that time. For example, two years ago, I spend my summer holiday in a famous scenery pot, after a wonderful trip of the first day, I lost my wallet unconsciously, then I  took out  some money in the bank to finish the trip. If you did not have some deposit, you can imagine how embarrassed you are.

This is  arbitrary to  judge saving money for future use  according only to  the excuse I mentioned in the above paragraph. But I do not deny that enjoying the life is also important to everyone because of brief life.  That is to say, I will enjoy my money if I deposit enough.

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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.

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How to spend money to improve your life (lessons from the ultra rich).

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How to spend money to improve your life (lessons from the ultra rich)

Money doesn’t solve all your problems. But it solves your money problems. A single liquidity event or consistent payments from a business or investments can elevate your life as long as you make the right calls on how to spend the cash. You have options. It’s a good problem to have.

But unless you invest with intention and spend with scrutiny, money won’t change your life. You’ll just buy the expensive, flash stuff you feel like you should buy, and wonder why you don’t feel any happier. But that’s not the game.

When you have the money for multiple lifetimes but the time for just one, definite moves matter. Even if you’re not (yet) ultra rich, there are changes you can make right now. Spend money to improve your life and join the new rich. Here’s how to do it.

8 places to spend your money for freedom, health and happiness

Assemble your freedom team.

If you’re going to live the life of your dreams, you need people around you that can remove the friction. Dream big with this step. Think of everything you want to do and find the people who can make your life easy. Better yet, find one person. Employ a chief of staff who hires everyone else for you.

Think hiring people is extravagant? Consider this. Your effective hourly rate is astronomical. If you’re worth $1000 an hour but you do your own laundry, that’s $1000 every week you’re just throwing away. Now $50 doesn’t seem so bad. Don’t stop at laundry. For your maximum life pleasure, consider a driver, personal trainer, travel planner, security and assistants.

Have someone to clean your house, someone to source your outfits, and someone to check you in at hotels before you even arrive. Hire a chef to make every meal to the exact macros you need. Remove every part of life that doesn’t bring you joy and pay someone to make it go away. Keep going until every minute is magical.

Invest in your relationships

Few people are actually self-made, including you. Even if you did all the work yourself, everyone around you played a part in your success. Your parents raised you, your teachers shaped you, every friend gave support and guidance or showed you a good time. Now you’re earning well, repay the favour.

Paying for stuff can start small. Cover the bar tab, pay for the bill at a restaurant. Book nicer places to hang out and just sink the cost. It’s always worth it. People like being treated, and you’ll like treating them. Forget about any sense of who owes what and just have a good time.

As your earnings increase, consider how you can really spend money on the people who matter. I’m talking about college tuition, medical bills, holidays and experiences. Don’t let anyone around you worry about money. Make their costs go away and tell them you don’t expect anything back. Be someone’s angel like you know they’d be yours.

Ride your materialistic urges

It’s scientifically proven that extravagant material purchases won’t make you any happier. But you’ll want to test that theory for yourself. Try the cars, buy the gadgets, wear the suits. If any part of you wants them, scratch the itch and analyze after.

Dressing sharp could bring you the confidence to land your next big deal. Owning the best watch of everyone you know might turn out to be your jam. Your happiness might genuinely increase in proportion to the horsepower of your new wheels.

Having expensive taste is fine as long as you’ve got the money, and you won’t know unless you give it a go. Buy the things your teenage self always wanted. Buy the things you never thought you’d be able to afford. Keep those that end up adding to your life and donate those that didn’t live up to the hype.

Extend your impact

If you chased money and got it, only to be left feeling flat, it might not be your end goal. You could want purpose and impact. If that sounds right, use your money to scale yourself. Hire a content team and share what you know.

Turn your experience into videos and courses. Turn your frameworks and wisdom into social media posts, turn your ideas into books and empower other people to follow their dreams.

Hire videographers, scriptwriters, editors and producers. Have a PR or social media manager who runs your accounts on your behalf. Get a booking agent on retainer. Show up, talk openly, and see what resonates with the people. You’ll know pretty fast.

Donate generously

Philanthropy is the other way of extending your impact, and this one doesn’t have to involve going on camera. Rich people give shedloads of money away. When you have more than you need, find worthy causes.

Donate in waves, or set up a direct debit. Ask a local charity what they need and wire it over. Get in touch with all your old schools and write them each a check. It does good, it feels good. Don’t wait until you’re dead if you can afford to give right now.

You don’t have to donate to a charity or organization. Give money to strangers in need, cover the coffee order of the person behind you, and conduct random acts of kindness at every opportunity. Don’t keep score, just throw the good vibes out there and trust karma to do its thing.

Upgrade your castle

Your basecamp should be perfect, no excuses. Spend money on home improvements to remove all friction from your day-to-day. Make your main home somewhere you love to be, then repeat the process buying places around the world.

Get a new house or upgrade yours. Hire a home renovation project manager and tell them what you want. They assemble the team to organize the work, you make the key decisions and leave them to build your dreams.

Install a home gym, get a new pool, have a hot tub and sauna and every appliance you will ever need. Cinema room, landscaped gardens, film studio. Watch Cribs for inspiration of what you might want. Upgrade your castle to get more pleasure out of every day.

Expand your horizons

You didn’t earn a lot of money just to stare at the same four walls. To upgrade your life, expand your horizons. See more of the world. Get to better places in a better way. Upgrade your flight or fly private. With an ultra high net worth, you can buy a plane or start a timeshare. Skip lines, get treated well and have a more comfortable experience onboard so you turn up feeling fresh.

When you’re there, stay in better places. Ask for a higher floor, get lounge access, add all the extras. Sort price high to low on Airbnb. Get picked up from your door wherever you go and book the best version of every option. Better yet, get your assistant to book it for you.

Don’t stop at your own experience. Curate who you hang out with. Pay for your best friends to join you. Fly them out and cover the trip. See the world with your favourite people because that’s what money is for.

Elevate your experiences

Every experience can be elevated when you pay a little more. But doing more with your leisure time takes conscious spending. Without this, the shows don’t get booked, the trips don’t happen, and the fine dining is done by someone else.

Book your dream experiences but go all in. Don’t just attend the show, get front row seats and a meet and greet. Don’t just book the restaurant, get the chef’s table experience and cover your friends. Hire Taylor Swift to perform at your next party. Hire your idols to teach you what they know. Visit private islands, get a personal shopper for your next spree. Get the premium, organic version of whatever you eat.

The first class experience can be yours in everything you do. Most people put up with waiting, queuing, and doing what everyone else does, but that’s not how to get the most joy. Use your imagination to make things happen you didn’t know were possible.

How can you pay to improve your life? Conscious spending that buys you time and happiness

No matter how much money you have, one day you’ll die. That means time is your only finite resource. Use money to buy time. Use money to run experiments. Use money to upgrade your life and enjoy the fruits of your hard work.

Assemble your freedom team, invest in your relationships, and ride your materialistic urges until they stop happening. Extend your impact, donate generously, upgrade your castle, expand your horizons and see the world, then elevate your experiences by using your imagination.

Put your cash back into the economy for the good of yourself, your closest allies and the rest of the world. You’ve earned the right to do this.

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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.

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How to Spend Money Wisely

Last Updated: May 18, 2024 Approved

This article was co-authored by Andrew Lokenauth . Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University. There are 10 references cited in this article, which can be found at the bottom of the page. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 22 testimonials and 91% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 752,856 times.

Do you hate it when you really need money, but your wallet is empty? No matter how little or how much money you have, spending it wisely is a good idea; it enables you to get the most bang for your buck. Follow these tips to reduce expenditures in key areas and adopt a safer overall approach to shopping.

Spending Basics

• Organize your purchases by category (food, clothing, entertainment, etc.). Categories with the highest monthly amounts (or monthly amounts you consider surprisingly high) may be good targets for saving money.

• Make a preliminary trip before you go on your real shopping trip. Note the prices of several alternatives at one or more stores. Return home without buying anything and decide which products to buy on your second, "real" expedition. The more focused you are and the less time you spend in the store, the less you'll spend.
• If you are motivated to treat each purchase as an important decision, you will make better decisions.
• Do not accept free samples or try something on just for fun. Even if you don't plan on purchasing it, the experience can convince you to make a decision now instead of considering it carefully in advance.

• Don't browse store windows or shop for fun. If you're only buying something because you find the act of shopping fun, you'll likely end up spending too much on stuff you don't need. [2] X Research source
• Don't make purchasing decisions when your judgment is impaired. Alcohol, other drugs, or sleep deprivation [3] X Research source can harm your ability to make sensible decisions. Even shopping while hungry or listening to loud can be a bad idea if you don't stick to your shopping list.

• Do not take advice from store employees. If you need a question answered, politely listen to their response but ignore any advice on purchasing decisions. If they won't leave you alone, leave the store and return later to make your decision.

• Don't bring more cash with you than you need. If you don't have the extra money, you can't spend it. [5] X Research source Similarly, withdraw your weekly budget from an ATM once a week rather than filling up your wallet whenever you run out.

• Don't buy something on the basis of an advertisement. Whether on television or the product's packaging, treat ads with skepticism [6] X Research source . They are designed to encourage you to spend money and will not provide an accurate portrayal of your options.
• Don't purchase something just because it's reduced price. Coupons and sales are great for products you were already planning to buy; purchasing something you don't need just because it's 50% off does not save money!
• Be aware of pricing tricks. Translate that "$1.99" price into "$2". Judge the price of an item on its own merits, not because it's a "better deal" than another option by the same company. (By making the "worse deal" atrocious value, someone can trick you into paying more for add-ons you don't need).
• Don't automatically buy the mid priced product within a category. Marketers know that if they want you to buy a high-priced product instead of a low-priced product, they can influence your decision by adding an outrageously expensive product to make the high-priced product intermediate in price and look reasonable in comparison.

• Only use a coupon or take advantage of a discount for an item you absolutely need or decided to buy before the discount occurred. The attraction of a cheaper price is an easy way to get customers to buy something they don't need.
• Buy products only useful at particular times of year during the offseason. A winter coat should be cheap during summer weather.

• Don't be fooled by lower monthly payments. Calculate the total amount you'll spend (monthly payments x number of months until fully paid) to find out what the cheapest option is.
• If you're taking out a loan, calculate how much total interest you'll have to pay.

• Set aside a very limited amount of money in your budget for these treats. The goal is to give yourself a small reward to keep your spirits up and prevent a giant splurge later.
• If your usual methods of treating yourself are expensive, find cheaper alternatives. Take a bubble bath at home instead of going to the spa, or borrow a movie from the library instead of going to the theater.

Spending on Clothing

• Clearing out your closet is not an excuse to buy replacements. The goal is to find out what types of clothing you have enough of, and which you actually need more of.

• Remember that price doesn't guarantee quality. Research what the longest lasting brands are rather than assume the most expensive option is best.
• Similarly, wait until the item you need goes on sale when possible. Remember not to use sales an excuse to purchase items you don't require.

• Thrift stores in more affluent neighborhoods usually receive higher-quality donations.

Spending on Food and Beverages

• This will not only prevent you from making impulse buys at the grocery store, but also prevent wasting money due to food waste, a major expenditure for many people. [8] X Research source If you find yourself throwing away food, reduce the size of your planned meals.

• Pack a lunch at home instead and bring it with you to work or class.
• Fill a water bottle using your tap at home instead of buying expensive bottled water.
• Similarly, if you drink coffee frequently, buy a cheap French press and save money by preparing it at home.

Saving Cash Wisely

• Establish an emergency fund.
• Avoid unnecessary fees.
• Meal plan your meals for the week

• Will I use this item regularly? Make sure you'll drink all that milk before it goes bad, or that you have enough summer months left to wear that skirt more than a couple times.
• Do I lack something that serves the same purpose? Beware specialized products whose role can be performed by basic items you already have. [12] X Research source You probably don't need ultra-specialized kitchen equipment, or a special workout outfit when sweatpants and a T-shirt will work just as well. [13] X Research source
• Will this item change my life for the better? This is a tricky question, but purchases that encourage "bad habits" or cause you to neglect important parts of your life should be avoided.
• Will I miss this item if I don't buy it?
• Will this item make me happy?

Community Q&A

• When comparing two cars, calculate how much more you'll spend in gas money if you buy the less efficient (lower MPG) model. [14] X Research source Thanks Helpful 0 Not Helpful 0
• Avoid dry-clean only clothing. Check the tags before you purchase any clothing. You don't want to repeatedly spend money on dry cleaning. [15] X Research source Thanks Helpful 0 Not Helpful 0
• Following a budget will be much easier if the entire household is committed. Thanks Helpful 6 Not Helpful 1

Tips from our Readers

• Do your research before buying something new: is it worth spending the money? What's the best value you can find? Resist automatically going for the cheapest item you can find, though, since cheap stuff is usually low-quality, meaning you'll likely have to spend more money replacing it in the long run.
• You can still enjoy a nice meal out while saving money. For instance, instead of paying for a drink, stick to water or hot tea and lemon, since it's typically free. Skip the appetizer, or split your food with a friend, since restaurant portions tend to be pretty big anyway.
• Be cautious about who you loan money to, and try not to loan what you can't afford to lose. If friends or relatives ask you if they could borrow some money, try to keep track of what you've loaned them, and maybe come up with a payment plan with them if it's a large sum.

You Might Also Like

• ↑ Trent Larsen, CFP®. Certified Financial Planner. Expert Interview. 22 July 2020.
• ↑ http://mywifequitherjob.com/how-to-build-wealth-by-spending-money-wisely/
• ↑ http://www.sltrib.com/sltrib/money/56846293-79/sleep-shopping-deprivation-foods.html.csp
• ↑ http://www.moneycrashers.com/psychology-of-money-saving-spending-habits/
• ↑ http://money.howstuffworks.com/personal-finance/budgeting/10-tips-for-staying-on-budget.htm#page=2
• ↑ http://pbskids.org/itsmylife/money/spendingsmarts/article8.html
• ↑ http://www.moneycrashers.com/importance-splurging-avoid-frugal-fatigue-splurges/
• ↑ http://www.lifehack.org/articles/money/7-ways-spend-money-wisely.html
• ↑ http://www.csmonitor.com/Business/Saving-Money/2012/0510/23-ways-to-save-money-on-clothes
• ↑ http://financialplan.about.com/od/savingmoney/a/newcarmistakes.htm

About This Article

If you want to spend money wisely, create a budget to track how much money you spend on each category, such as food, clothing, entertainment, and living expenses. Then, try to plan each purchase in advance so you know how much money you will be spending and will be able to avoid impulse purchases. When you do spend money, pay in cash to prevent overspending or interest charges for unpaid credit card balances. Whenever possible, wait for a sale to purchase big-ticket items, like a new laptop, at a discount. For tips on spending less for food and clothing and starting a savings fund, scroll down! Did this summary help you? Yes No

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260 Money Topics to Write About & Essay Examples

Looking for a topic about money? Money won’t leave anyone indifferent! There are lots of money essay topics for students to explore.

🏆 Best Money Essay Examples & Ideas

👍 good money essay topics, 💡 easy money topics to write about, 📃 interesting topics about money, 📑 good research topics about money, 📌 most interesting money topics to write about, ❓ research questions about money.

You might want to focus on the issue of money management or elaborate on why money is so important nowadays. Other exciting topics for a money essay are the relation between money and love, the role of money in education, etc. Below you’ll find a list of money topics to write about! These ideas can also be used for discussions and presentations. Money essay examples are a nice bonus to inspire you even more!

• Can Money Buy You Happiness? First of all, given that happiness is related to the satisfaction of personal needs, there is also a need to consider the essential need of human life such as housing, medicine, and food.
• Connection Between Money and Happiness Critical analysis of money-happiness relationship shows that socioeconomic factors determine the happiness of an individual; therefore, it is quite unsatisfactory to attribute money as the only factor and determinant of happiness.
• Money as a Form of Motivation in the Work Place This then shows that money can and is used as a motivational factor in the work place so that employees can strive to give their best and their all at the end of the day.
• I Don’t Believe Money Can Buy Happiness This shows that as much as money is essential in acquisition and satisfaction of our needs, it does not guarantee our happiness by its own and other aspects of life have to be incorporated to […]
• Money, Happiness and Relationship Between Them The research conducted in the different countries during which people were asked how satisfied they were with their lives clearly indicated the existence of a non-linear relationship between the amount of money and the size […]
• Anti-Money Laundering and Hawala System in Dubai To prevent money launders and agents, most countries enacted the anti-money laundering acts with the goal of tracking and prosecuting offenders.
• Money and Banking: General Information The essay gives the definition of money and gives a brief description of the functions of money. As a store of value, money can be saved reliably and then retrieved in the future.
• Money: Good or Evil? Comparing & Contrasting While there are those amongst us who subscribe to the school of though that “money is the source of all evil”, others are of the opinion that money can buy you anything, literary.
• Time Value of Money: Importance of Calculating Due to fluctuations in economies, all organizations need to take into consideration concepts of the time value of money in any investment venture.
• The Global Media Is All About Money and Profit Making It is noteworthy that the advertisement are presented through the media, which confirms the assertion that global media is all about money and profit making. The media firms control the information passed to the public […]
• Does Money Buy Happiness? Billions of people in all parts of the world sacrifice their ambitions and subconscious tensions on the altar of profitability and higher incomes. Yet, the opportunity costs of pursuing more money can be extremely high.
• Discussion: Can Money Buy Happiness? Reason Two: Second, people are psychologically predisposed to wanting more than they have, so the richer people are, the less feasible it is to satisfy their demands.
• Prices Rise When the Government Prints too Much Money Makinen notes that an increase in the supply of money in an economy relative to the output in the economy could lead to inflationary pressure on prices of goods and services in the economy.
• Money and Modern Life The rich and the powerful are at the top while the poor and helpless are at the bottom, the rest lie in-between.
• Two Attitudes Towards Money The over-dependence on money to satisfy one’s emotional needs is a negative perspective of money. The positive attitude of money is rarely practiced by people.
• Why Money Is Important: Benefits & Downsides The notion originated from the Bible because the person who made Jesus suffer on the cross was enticed by the love of money to forsake Jesus.
• Giving Money to the Homeless: Is It Important? The question of whether a person should give money to a homeless person or not is a complicated one and cannot have the right answer.
• Anti-Money Laundering in Al Ansari Exchange Case Study Details Company name: Al Ansari Exchange Headquarters: Dubai, United Arab Emirates Sector: Financial Services Number of employees: 2500 Annual gross revenue: UAED 440.
• Are Workers Motivated Mainly by Money? Related to the concept of work and why people work is the original concept developed by Karl Marx in the so-called conflict theory.
• Money and Its Value Throughout the World History What is important is the value that people place on whatever unit they refer to as amoney.’ Money acts as a medium of exchange and an element of measurement of the value of goods and […]
• Efforts to Raise Money for Charity However, the point is that charity is supposed to be for a simple act of giving and not expecting any returns from it.
• Money and Happiness in Poor and Wealthy Societies Comprehending the motivations for pursuing money and happiness is the key to understanding this correlation. The Easterlin paradox summed this view by showing that income had a direct correlation with happiness.
• Time Value of Money Compounding was done on the amount that I had lent out using the market rate over the duration of time the person held my money.
• Success and Money Correlation The development of the information technologies and the ongoing progress led to the reconsideration of the values and beliefs. It is significant to understand that there is no right or wrong answer for the question […]
• “College Is a Waste of Time and Money” by Bird Bird’s use of logical fallacies, like if students do not want to go to college, they should not do it until the reasons of their unwillingness are identified, proves that it is wrong to believe […]
• Money, Success, and Relation Between Them In particular, the modern generation attaches so much importance to money in the sense that success and money are presumed to be one and the same thing.
• The Relationship Between Money Supply and Inflation It is evidenced that changing the money supply through the central banks leads to a control of the inflationary situations in the same economy.
• Money Laundering: Most Effective Combat Strategies The practice of money laundering affects the economy and security of a country. Countries have directed their efforts to curb money laundering to control the downwards projections of their countries’ economies.
• Strategies to Save and Protect Money Thus, the main points of expenditure will be clearly marked, which will help to exclude the purchase of unnecessary goods and services.
• Money, Happiness and Satisfaction With Life Nonetheless, the previously mentioned examples should be used to remind us that money alone is not a guarantee of happiness, satisfaction with life, and good health.
• The Airtel Money Service: Indian and African Paths When comparing the Indian and African paths in introducing the service, the first difference that arises is the main user of the service as in the case of India, it was the lower middle class.
• Money: Evolution, Functions, and Characteristics It acts as medium of exchange where it is accepted by both buyers and sellers; the buyer gives money to the seller in exchange of commodities.
• Should America Keep Paper Money It is possible to begin the discussion of the need for keeping paper currency from referring to the rights of any people.
• Where Does the Money Go? by Bittle & Johnson Therefore, the authors explain key issues of the national debt in a relatively simple language and provide their opinion on how the country got into that situation and what could be done about it. In […]
• The Use of Money in Business Practices Money is seen as the cause of problems and especially in the minds of emerging market respondents. Through this they can pick up groceries for the old in their neighborhood and make money from this.
• The Ascent of Money: A Financial History of the World The succinctness of this book lies in the critical analysis and emphasis of the financial history of money in spite of the fact it has impeded some important functions of the global economy.
• Why People Should Donate Time, Money, Energy to a Particular Organization, Charity, or Cause Its vision is to have a world that is free from Alzheimer’s disease.”The Alzheimer’s Association is the leading, global voluntary health organization in Alzheimer’s care and support, and the largest private, nonprofit funder of Alzheimer’s […]
• Money or Family Values First? Which Way to Go As such, family values becomes the epicenter of shaping individual behavior and actions towards the attainment of a certain good, while money assumes the position of facilitating the attainment of a certain good such as […]
• Money Management in the Organization There is a much debate on the issue and several people an financial experts do analyze the historical perspectives of the Active vs Passive money management.
• Two Attitudes Toward Money Two attitudes toward money involve negative perception of money as universal evil and positive perception of money as source of good life and prosperity.
• Relation Between Money and Football In the English league, clubs have been spending millions to sign up a player in the hope that the player will turn the fortunes of the company for the good.
• “From Empire to Chimerica” in “The Ascent of Money” In the chapter “From Empire to Chimerica,” Niall Ferguson traces back the history of the Western financial rise and suggests that nowadays it is being challenged by the developing Eastern world. The hegemonic position of […]
• Paper Money and Its Role Throughout History The adoption of the paper money was considered to be beneficial for both the wealth of the country and the individual businessmen.
• Electronic Money: Challenges and Solutions First of all, it should be pointed out that money is any type of phenomenon which is conventionally accepted as a universal carrier of value, or “any generally accepted means of payment which is allowed […]
• Exploring the Relationship Between Education and Money A person cannot be able to change his/her ascribed status in the society, but only through education a person is able to change his/her Socio-economic status and to some extent that of his/her family once […]
• Drugs: The Love of Money Is the Root of All Evils The political issues concerning the use of drugs consist of, but not limited to, the substances that are defined as drugs, the means of supplying and controlling their use, and how the society relates with […]
• Money Saving Methods for College Students A budget is one of the methods that a college student can use to save money. In the budget, one should indicate how much to save and the means of saving the money.
• Mobile Money Transfer Service The Vodafone team managed to keep mobile banking service simple to its users. Soon mobile banking became a form of viral marketing and drove the growth of the company and its services.
• Opinion on the Importance of Money In the absence of money, individuals and organizations would be forced to conduct transactions through barter trade which is a relatively challenging system due to existence of double coincidence of wants.
• Money Laundering Scene in Police Drama “Ozark” In one of the first season’s episodes, Marty, the main character, illustrates the process of money laundering crime. In the scene, one can see that Marty is fully sane and is committing a crime voluntarily.
• Money From the Christian Perspective Work in Christian missions is a business and since it affects the relationship between the missionary and the people he is trying to reach, missionary funding is essential.
• Business Case Scenario: Missing Money in a Company A possible scenario explaining how money is missing is through the payroll department my first argument seeks to prove the payroll department as the loophole of the company’s misfortunes.
• Sports Stadiums’ Funding by Public Money The issue is controversial from an ethical point of view since not all citizens whose taxes can be spent on the construction of the stadium are interested in or fond of sports.
• Money Laundering: The Kazakhgate Case He was accused of breaking the Foreign Corrupt Practices Act of 1974 and money laundering by the U.S.attorney’s office for the Southern District of New York.
• The Ways Terrorists Raise and Move Money Moreover, the government has put into action the freezing orders and blocking of united states individuals who are presumed to have a hand in terrorist activities.
• “Money as a Weapon” System and Fiscal Triad Furthermore, the fiscal triad encompasses the procurement of products and services and the disbursement and accounting of public funding. Fiscal legislation and contracts are two key components of the “money as a weapon” system.
• The Fiscal Triad and Money as a Weapon System The reliance on the unit commanders sparked the development of the complementary strategy, “Money as a Weapon System,” which became a focal point of the Iraq and Afghanistan campaigns.
• Saving Money Using Electric or Gas Vehicles The central hypothesis of the study is that the electric car will save more money than gas ones. The main expected outcome that the study is counting on is a confirmation of the presented hypothesis […]
• Traditional vs. Modern Forms of Money The most significant argument for the continuing existence of traditional forms of money is the impossibility of converting all financial resources into a digital form.
• Money Laundering Through Cryptocurrencies This study will try to critique the approaches used by countries to address the aspect of money laundering activities and the risks posed by digital currencies.
• Time Value of Money: What You Should Know The time value of money is a paramount financial concept, according to which a certain amount is now worth more than the same amount in the future.
• The Lebanese-Canadian Bank’s Money Laundering The bank was later banned from using the dollar by the American treasury; this resulted in the collapse and eventual sale of the bank.L.C.B.had to pay a settlement fine of one hundred and two million […]
• Play Money Paper: A Report Betas of the Companies in the Portfolio It is noteworthy that in the given portfolio, the beta indices of the companies involved vary considerably.
• Integration of Business Ethics in Preventing Money Laundering Schemes The shipping information within the document seems inaccurate with the intention to launder money from the buyer. The contribution of ocean carrier in the transaction process is doubtful to a given extent.
• Trade-Based Money Laundering The purpose of this paper is to research the subject of trade-based money laundering, its impact on global scene and export controls, identify types of trade finance techniques used to launder illegal money, and provide […]
• Impact of Natural Disasters on Money Markets and Investment Infusion of funds from the central bank during natural disasters results in higher process of exports as a direct result of an increase in the value of the local currency.
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• Researching of the Time Value of Money After receiving the loan, one of the monetary policies that would help PIIGS to stabilize is the deflation of their currency, in this case, the Euro.
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• Mercantilism, Stamped Money, and Under-Consumption It is paramount to note that he criticizes ideas of Ricardo quite frequently, and he believed that he did not consider the ideas that were suggested by other prominent economists.
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• Human Bondage in Ferguson’s “The Ascent of Money” One of the greatest revolutions in the ascent of money after the creation of credit banks, the center of the discussion in this chapter is on how issuing bonds can help governments to borrow money […]
• Money History, Bonds, Market Bubbles, and Risks The concept was so important to human progress that the evolution of the financial system needed to support social and economic development resulted in the establishment of the banking system known today.
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• “Who Stole the Money, and When?” by Greenberg The purpose of research developed in the chosen article is to identify possible personal and situational variables that may affect employee theft in a certain work setting and explain their relation to unethical behavior that […]
• Money History From the Middle Ages to Mercantilism Due to the writing, the idea of bond marketing evolved as a reaction of separate governments to the crisis of money flows.
• Money Development From 600 BC to Nowadays Medici family was a financial symbol in Europe huge in success and power in the 16th century. A system of money in deposits and floating exchange rates was introduced to end centuries-old links between money […]
• Dreams of Avarice in Ferguson’s “The Ascent of Money” The chapter “Dreams of Avarice” of the book “The Ascent of Money” explores different stages of development of money functioning in the world by relating them to corresponding historical events.
• Market Society in “What Money Can’t Buy” by Sandels Thus, the author states that the market economy is a positive creation of people while the use of market values in all aspects of people’s life is a negative and even destructive trend.
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IvyPanda. (2024, March 2). 260 Money Topics to Write About & Essay Examples. https://ivypanda.com/essays/topic/money-essay-topics/

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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.

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Are you a New York teacher spending your own money on school supplies?

Year after year, teachers in New York have had to fill in the gap left by their schools’ thin budgets for expenses as essential as classroom supplies.

During the 2019-20 school year, New York teachers spent an average of $463 on school supplies, according to data from the National Center for Education Statistics . Ninety-five percent of them purchased supplies with their own money. Some turn to crowdfunding platforms like GoFundMe and Donors Choose to cover the cost of basic items like crayons, pencils, and snacks for their students.

Chalkbeat New York wants to know how teachers are preparing for the 2024-25 school year. In partnership with New York Focus , we’re collecting stories from teachers around the state.

Are you a teacher purchasing school supplies out-of-pocket? How much do you plan to spend? Fill out the form below, and let us know if we can connect with you.

This project was produced in partnership with New York Focus .

The change likely leaves less time for district officials to meet with students and families at schools recommended for closure.

Justin Schwartz credits his childhood experiences as to why he is committed to a CU Boulder that better represents Colorado.

Proponents of a ban hope that a more consistent and proactive citywide policy could avert some of the daily conflicts over cellphones.

The Detroit Free Press reported that the judge who had a Detroit student handcuffed for falling asleep in his courtroom during a field trip has been temporarily removed from his docket. He also has been ordered to undergo training.

Block Club rounded up more than 30 parties, festivals, block parties, and other events across the city where you and your family can find free school supplies, backpacks, food and fun.

Paying for school supplies can have a significant financial impact on some families. Local groups in Newark are giving away free haircuts, backpacks, helmets, and other supplies this month.

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Why ‘Underconsumption Core’ Is Blowing up on TikTok

With rising inflation , increased housing costs , and general panic around a looming recession , the idea of buying less, spending less, and saving more has struck a chord with the TikTok influencers. And it has a name: "underconsumption core." Here's what to know about the latest online financial buzzword, and whether or not it has any merit in your money mindset.

Take online advice with a grain of salt

Like with " loud budgeting " or " spaving ," underconsumption core is yet another trendy term for something that's existed forever: Being frugal. But there seem to be some merits to this trend, like maximizing what you already own and generally living a more minimalist life. For instance, in one underconsumption core video with 4.4 million views , TikToker @sophie_hinn shows how she makes her own dry shampoo from scratch, thrifts her furniture, and chops up old towels to use as cleaning rags. Very few of us will likely make our own shampoo, but still, consuming less is generally good practice.

"While there may be valuable takeaways in each new trend, such as the buying less and saving more ethos that underconsumption core preaches," says Julie Guntrip , Head of Financial Wellness at Jenius Bank , "personal finance tips on social media should be seen more as input or inspiration, rather than advice ." “Advice” can only truly occur when someone knows you and your financial situation personally.

And if we just look at “underconsumption core” on its own merits, the trend isn't total snake oil. This truly is a relief, considering how much of TikTok is a never-ending stream of bad financial advice . Guntrip notes how "the concept appears to endorse a mindful, and potentially more responsible, approach to spending which could be helpful for people who want to change spending habits." Guntrip gives some more examples: The idea of buying quality goods that last as opposed to disposable products, or even the practice of “staying in your own lane,” (instead of trying to keep up with friends , or even social media, with consumption).

However, Guntrip draws a distinction between financial trends and financial wellness: "To improve overall financial wellness, an individual would want to look at many areas of their finances to include all essential and non-essential expenses, debt, short- and long-term savings, and more." Adhering to a trend, even a logical and beneficial one, doesn't mean someone is fully addressing their financial health. So while “underconsumption core” does address something like spending habits, true financial wellness will always be more encompassing.

How “underconsumption core” can help curb excessive spending

Any financial trend focusing on "less is more" may help curb excessive spending by encouraging consumers to re-examine their spending habits. Of course, the most obvious follow-up to this trend would be actually creating a budget that works for you . And during the budgeting process, the first place you start is by tracking your money flow: the money coming in and the money going out. From there, you may create categories for a budget, spot spending patterns, and opportunities for savings.

In this way, Guntrip explains, underconsumption core fits nicely as the outcome of a healthy budgeting practice. "Rather than being strict rules to live by," says Guntrip, "this trend could become the change in mindset and approach to spending that helps the individual reduce certain categories of spending, or free up more funds to put into savings."

Guntrip shares an extra hack in the budgeting process: You can build in funds for impulsive spending, something we call a “splurge fund.” If someone has splurge money set aside, they have the opportunity to experience the “rush” of a spontaneous purchase, but within the boundaries of a set dollar amount. 

My favorite simple tip to avoid unnecessary purchases is to write down the things you want to buy  before you buy them. When you read over items on this “to-buy list,” you’ll be able to make a more thoughtful decision as to what you really need. You also might find that after a few days, a few of the items on your to-buy list have lost their appeal.

How de-influence your money mindset

Impulsive or even subconscious spending is a habit that may be challenging to break, but one approach from Guntrip could be to "take a step back, look at the bigger picture, and set some savings goals." And these goals will look different from person to person. Maybe it's saving for a home, maybe it's saving for a weekend vacation. What matters is having goals could help to change the focus and help an individual be more intentional in the way they spend. With each purchase comes the question, “ is this more important than my goal? ”

"Having goals could also help in the de-influencing process because they may encourage someone to stay in their own lane," Guntrip says. Individual goals are individual, and therefore, following someone else’s “advice” on social media may become less relevant if the direction doesn’t contribute to the goal.

While you shouldn't use TikTok as a replacement for financial advice, this specific trend could be inspiration to reset your finances , avoid impulse purchases , and appreciate what you already have .

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Data theft forum admins busted after flashing their cash in a life of luxury

Two men without a clear source of income landed cyberfraud charges after being so flash with their ill-gotten cash that it gained the attention of the authorities.

In 2022, Russian national Pavel Kublitskii and Kazakhstan national Alexandr Khodyrev arrived in Florida and requested asylum, which was granted by the Department of Homeland Security (DHS).  Both provided DHS with the same residence address in Hollywood, Florida.

However, their lavish lifestyle was unusual. For example, Kublitskii opened a Bank of America account with a cash deposit of $50,000 and rented a luxury house, while Khodyrev purchased a 2023 Corvette with approximately $110,000 cash. All while appearing to not have a job.

The investigation indicated that the two men were involved in the activities of the dark web platform WWH Club and related forums Skynetzone, Opencard, and Center-Club.

WWH Club and the other forums are Dark Web marketplaces where cybercriminals buy, sell, and trade login credentials, personal identifying information (PII), malware, fake identification documents, and financial credentials. The forums even provide training for aspiring cybercriminals.

The FBI was able to determine the IP addresses of the WWH Club site’s administrators after obtaining a search warrant for the US-based Cloud company Digital Ocean. Based on the information derived from the logs, the FBI agent concluded:

“In addition to the forum owner and creator, it appears there are several other top administrators who operate the site and receive a portion of the generated revenue. One of those top administrators operates under the usemame “Makein.” The FBI agent provides details which show there is probable cause to believe that Kublitskii and Khodyrev both serve as administrators of WWH and share the Makein username.”

Makein is also the handle of the owner and primary administrator of Skynetzone.

Part of the offered training at WWH was a scheme that recruited and taught users to purchase items with stolen credit card data. An FBI covert online employee registered for an account on WWH and paid approximately $1,000 in bitcoin to attend the WWH training.

While on the forums, the agent saw an post where a user was selling stolen PII of people and businesses in the US. Buyers could choose how many people’s PII they wished to buy and specify the particular US state of residence, gender, age, and the credit score of their desired victims. In exchange for $110, paid in Bitcoin, the WWH seller sent the undercover agent a folder containing 20 files, each of which contained the name, date of birth, Social Security Number (SSN), state of residency, address, credit score, credit report, and account information from LendingTree.com for a US citizen.

The lead FBI agent explained:

“I know, based on my training and experience, that the presence of account information from LendingTree.com suggests that this stolen PII derived from a February 2022 breach of LendingTree that compromised the data of over 200,000 customers.”

The FBI researched domain registrations, exchanged messages, Bitpay transactions, blockchain analysis, and other digital evidence and came to the conclusion that the suspects shared the Makein account and were responsible for the cybercrimes committed by that persona.

Agents obtained records from Google which revealed that messages from and to their accounts often contained stolen PII and credit card information and which tied the account to the suspects.

With probable cause provided, the FBI agent requested the court to authorize the requested criminal complaint charging the suspects with conspiracy for trafficking in unauthorized access devices and possession of 15 or more unauthorized access devices.

Kublitski has been placed under arrest. It is not clear if Khodyrev was arrested as well. The WWH forums are running as usual and the current administrators acknowledge that the suspects were involved, but only as moderators.

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