There are various ways on how students could save money. One of these ways is using discipline which includes the shifting of their own consumptions to such items with lower or cheaper cost. This is advantageous for those students who are tightening their budgets and aiming to achieve short-term objectives. The researchers conducted the study to be able to determine the students’ attitude and tactics toward savings. The research shows that behavior towards the use of money may be affected by some factors like family life style, education, age and gender. It also shows that parents influence their child’s attitude and behaviors especially in terms of money. Moreover, little survey has been conducted for 40 students to fully understand the financial awareness, behavior and socialization experiences of the students. Results from the survey indicate that students have different behaviors in spending and different tactics in saving their money.
Students are facing difficult challenges when they enter a university. Therefore, these students must learn how to budget their own money and must learn to have a simple life. They should know how to live within their limits and if possible, try to avoid buying expensive gadgets and devices. Furthermore, students must be wise in spending money, meaning, try to spend on necessary and important things only rather than unimportant ones. Hence, it is better to do some sacrifices. Always bear in mind to keep some savings because emergencies and necessities are unexpected and may happen at all times.
Saving play a very important role in the country’s development, since these are the primary source of investments that can generate more production and employment(Colayco,2005). The Attitude has been d...
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...Applications (p.58). Lipa City, Sta. Rita Publishing Inusluban
Ryan, J. (2007). Managing your personal finances. Financial Planning and Legal Documents, (1), 69.
Statman, M. (2013). Mandatory retirement savings. Financial Analyst Journal, 69, (3), 14.
Weston, L. (2006). Deal with your debt. Weston, L(1), Student Loans (pp. 110-114). Upper Saddle River, New Jersey, Publishing as Prentince Hall.
A comparative study in Money Attitude among University Students A Gendered View. (n.d.). Retrieved from http://www.academia.edu/1330209/A_comparative_study_in_Money_Attitude_among_U niversity_Students_A_Gendered_View
Financial Knowledge and Attitudes of Youth in Ghana.(n.d.). Retrieved from http://csd.wustl.edu/Publications/Documents/RB12-37.pdf
Matters on Campus.(n.d.). Retrieved from https://www.cgsnet.org/ckfinder/userfiles/files/Money- Matters-on-Campus-Final-Report.pdf
Martin and Lehren’s article “A Generation Hounded by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debt due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples of high amounts of student loans students have had. The article gives a very hard reality check to anyone reading as to how bad the problem of student debt is.
Wilson, R. (2009). A lifetime of student debt? Not likely. In G. Graff, C. Birkenstein, & R. Durst (Eds.). “They say, I say”: The moves that matter in academic writing with readings. (2nd ed.). (pp. 256-272). New York: W. W. Norton. This article examines how much debt in loans students leave college with and if it is possible to pay it off without it causing extreme distress.
...hew , and Debbie Cochrane. "Student Debt and the Class of 2012." Institute For College Access and Success. December (2013 ): n. page. Web. 12 Dec. 2013.
To understand the student debt crisis, one must first understand what caused it and what results from it. College undergraduates use student loans to finance the cost of tuition, room, board, transportation, and personal expenses while attending (Gage and Lorin). Student loans are different from other forms of debt because basic consumer rights like bankruptcy protection don’t apply to students who default on their loans. As a result, students are virtually locked into their debt, offering them little to no ability to refinance it. Solutions to debt problems like consolidation are available to students but that process doesn’t involve shopping for a better deal from competing lenders like it does in other debt areas. Therefore, interest rates often remain high and the loans remain with the original lender (Vanegeren). As Kayla Webley expl...
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
Ross, Andrew. “Mortgaging the Future: Student Debt in the Age of Austerity.” New Labor Forum (Sage Publications Inc.) 22.1 (2013): 23-28. Academic Search Complete. Web. 13 Mar. 2015
As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements). The debt will only continue to grow with neglect, so the most effective action to take would be eliminating the cost altogether.
“New Data Confirm Troubling Student Loan Default Problems.” Project on Student Debt: Home. N.p., n.d. Web. 29 Oct. 2013. .
“Debt Burden: Repaying Student Debt.” American Council on Education. One Dupont Circle NW. Sep. 2004. Web. 12 Nov. 2011.
Parents may not feel comfortable enough with their own financial situation to discuss personal finance with their children (Williams, 2009). Additionally, the parents, or other influencers, may not have a full grasp of certain concepts of financial literacy. In an article by Carlin and Robinson (2010) it was noted that “many retirement-age adults lack the financial literacy to understand the basic features of their retirement plans.” Financial literacy through socialization and practice may not be enough for students; whether it be “disadvantaged” youths who often lack a high quality of life at home, or youths whose parents have stable jobs with retirement
A personal financial plan is essentially important for any person and their loved ones to minimize future hardships and difficult financial situations. Short and long-term financial freedom and stability is something an individual wants to have through to the end of his or her life. Financially planning for one’s retirement years is vital so a person does not sustain major unhappiness or unnecessary pain in what is supposed to be the reward for working so hard in their younger years.
Many students in grade school don’t obtain money very often because they do not have a steady income, so they are prone to spend the money they get. For example, if a student gets money for a holiday, the first thing that comes to mind is to spend it on something they want because they are not used to having money. They don’t know the next time they will get more money so they don’t see the importance of saving. Since there would be a constant income a student will see the effect of saving because their amount of money would constantly be increasing which will motivate them to keep saving. If students learn how to save while they are younger they will be more successful in life, and they will also have that money to use when they graduate.
Personal financial planning is important because it helps you prepare financially for the future. My first short-term financial goal is to have an 8-month emergency savings account. This class helped me understand the important steps needed to achieve my financial goals. “Successful financial planning requires specific goals combined with spending, saving, investing, and borrowing strategies based on your personal situation and various social and economic factors, especially inflation and interest rates” (Kapoor, Dlabay & Hughes, 2012). First I evaluated my spending habits. This allowed me to see where I was
Money is essential for our everyday lives and people have to face choosing whether to save up or spend their money. Of course earning our money can difficult considering that it is a necessary asset that affects every aspect of our life. Every day we see people working hard to earn as much money as the can. However how they use using the all the money earned is a frequently debated topic have seen many people who earn money and can no restrict themselves from spending .They usually act like wild animals fighting for food and being separating from the delusions of business. People are usually confused and frustrated by the amount money the use in a week without knowing that their daily impulse buying objects have piled up. Although it can be very hard to control there are many easy steps to stay away y from spending and instead saying up. Setting a goal, recording the amount you spend and even lowering your expenses can be small steps that will lead to great success in saving for the future
Saving money brings security for any future expenses. The earlier in life an individual begins to save, the better they will be set financially in the years to come. There are several reasons why it is important to save money. A few of these reasons are for emergencies, retirement, and simply for luxury spending. Having money will benefit each of these examples.