The Money Lessons about Budgeting that Pay Off

The saving money and budgeting lessons kids learn early will pay off when the get older.

Today’s essay is by Yesica Velasco Loera a student at CSU Stanislaus. She shares how her parents taught her saving and budgeting and how she now uses those money lessons in college.

Learning Where Money Comes from and Where it Goes

My parents taught me how to budget and to always have money saved up for a rainy day. Every month my mom would make a list of all the forecasted expenses for the upcoming month. 

My parents would emphasize the importance of a savings account. They would tell me that one would always have to be prepared for the unexpected expenses. 

Budgeting and Saving Lessons for College

I use the skills they taught me for budgeting and saving.  I mimic their style of forecasting expenses and subtract that from my actual income which prevents me from overspending. 

Using Credit Wisely and Paying Bills

Their advice was to not use the credit cards if I did not need to; and when I did use them to pay the full balance each month so I would not get charged for interest. 

Stretching the payments topic, they also taught me to always pay my bills on time. The reason for that was so it would arrive on time and I would not get charged for a late payment and so that my credit score would not get ruined. 

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