Essay Good Money Management - 1226 Words

Money is something that encases our whole lives. We all know this yet many of us fall into the traps of debt and overspending without even knowing it. The feeling of never having enough money or living paycheck to paycheck can lead to serious finical troubles that can and easily will carry over into a lifetime of financial struggles. Good money management and good money habits are the same way. Those skills can make a life of financial ease or struggle. All it depends on the skills one develops now as a teen. Money management is not a completely restrictive thing. Many of the skills learned can be use to help friends and family struggling with money. It all starts with clearly seeing the problem. From here the problems can be corrected and†¦show more content†¦One major flaw in this system is how big and spanned out this loan is. For a lot of teens with loans they want small amounts to make payments on. These can range from $50 to $100 dollars a month. The problem is a loan with payments of â€Å"$50 dollars a week takes almost 5 years to pay off†. (Junior 3) This long term loan brings in long term interest. Interest is the rate at which people pay the bank for using their money. This amount of interest paid to the bank adds on to the amount of money you had originally taken out. Many people, adults too, fail to take this into consideration when they take out a loan or spend with a credit cards. Credit cards work the same way as a loan just on a smaller scale. These two factors can lead to large debt issues for teens and adults. Debt issues that can and will follow them for a long time along after, making it hard to get out of. Seeing the problem of debt and over spending can be overwhelming. There are solutions. Big things have little beginnings. The first real step towards a sound financial life is getting out of any debt. This can be done by focusing in and paying off friends or talking to a bank and making loan payments larger so less interest is paid. Once debt free the next place to go is back to the bank. Start a savings plan. Just $50 dollars a month grows to $3,333 in 5 years. That is an amazing amount of money to have as a teen and allows so much more flexibility when it comes to financial decisions and purchases.Show MoreRelatedDefinition Of Liabilities1623 Words   |  7 Pagesproduct, service or loan, and is owed money by one or more debtors†. In simple way we can say creditors are that those which are we purchase product, service or take money in credit base and we can make a promise to creditors to we can pay those money in future. Overdraft When a person or business require money this time overdraft facility can be use. In this facility money is withdrawn from a bank account. 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