how to spend money wisely essay spm

Home — Essay Samples — Economics — Money — How Students Can Manage Their Money

How to Manage Your Money as a Student

• Categories: Money Personal Finance

About this sample

Words: 824 |

Published: Feb 8, 2022

Words: 824 | Pages: 2 | 5 min read

Cite this Essay

Let us write you an essay from scratch

• 450+ experts on 30 subjects ready to help
• Custom essay delivered in as few as 3 hours

Get high-quality help

Dr. Heisenberg

Verified writer

• Expert in: Economics Law, Crime & Punishment

+ 120 experts online

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy . We’ll occasionally send you promo and account related email

No need to pay just yet!

Related Essays

1 pages / 451 words

2 pages / 890 words

2 pages / 795 words

2 pages / 703 words

Remember! This is just a sample.

You can get your custom paper by one of our expert writers.

121 writers online

Still can’t find what you need?

Browse our vast selection of original essay samples, each expertly formatted and styled

Related Essays on Money

Money, often described as the lifeblood of modern society, plays a pivotal role in our lives. Its importance extends far beyond the mere acquisition of material possessions. In this essay, we will explore the multifaceted [...]

Credit cards are dangerous, especially for new credit card users who may be interested by what seems like “free” money. Some credit card users fall into credit card traps. If you’re thinking about getting a credit card, [...]

Money can't buy love or happiness. This assertion is a reminder of the profound truth that material wealth, while important for meeting basic needs, cannot replace the intangible and deeply fulfilling aspects of human life. In a [...]

Money is a crucial aspect of life, and saving it is a necessary practice that everyone should embrace. According to a recent survey, only 41% of Americans have saved enough money to cover unexpected expenses. This statistic [...]

Money is power, nothing can surmount the value of money, or so people say. When I heard the remark, thoughts ceaselessly fluttered throughout my mind, trying to assess the concept of money. Money tends to turn humans into peons. [...]

My financial situation is not stable right now. My mother sends me money every month so I can cover my expenses and buy whatever I need. I don’t have that much of monthly expenses, mostly my phone bill expenses, groceries, [...]

Related Topics

By clicking “Send”, you agree to our Terms of service and Privacy statement . We will occasionally send you account related emails.

Where do you want us to send this sample?

By clicking “Continue”, you agree to our terms of service and privacy policy.

Be careful. This essay is not unique

This essay was donated by a student and is likely to have been used and submitted before

Download this Sample

Free samples may contain mistakes and not unique parts

Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.

Please check your inbox.

We can write you a custom essay that will follow your exact instructions and meet the deadlines. Let's fix your grades together!

Get Your Personalized Essay in 3 Hours or Less!

We use cookies to personalyze your web-site experience. By continuing we’ll assume you board with our cookie policy .

• Instructions Followed To The Letter
• Deadlines Met At Every Stage
• Unique And Plagiarism Free

• PRO Courses Guides New Tech Help Pro Expert Videos About wikiHow Pro Upgrade Sign In
• EDIT Edit this Article
• EXPLORE Tech Help Pro About Us Random Article Quizzes Request a New Article Community Dashboard This Or That Game Happiness Hub Popular Categories Arts and Entertainment Artwork Books Movies Computers and Electronics Computers Phone Skills Technology Hacks Health Men's Health Mental Health Women's Health Relationships Dating Love Relationship Issues Hobbies and Crafts Crafts Drawing Games Education & Communication Communication Skills Personal Development Studying Personal Care and Style Fashion Hair Care Personal Hygiene Youth Personal Care School Stuff Dating All Categories Arts and Entertainment Finance and Business Home and Garden Relationship Quizzes Cars & Other Vehicles Food and Entertaining Personal Care and Style Sports and Fitness Computers and Electronics Health Pets and Animals Travel Education & Communication Hobbies and Crafts Philosophy and Religion Work World Family Life Holidays and Traditions Relationships Youth
• Browse Articles
• Learn Something New
• Quizzes Hot
• Happiness Hub
• This Or That Game
• Train Your Brain
• Explore More
• Support wikiHow
• About wikiHow
• Log in / Sign up
• Finance and Business
• Managing Your Money
• Keeping Track of Your Spending

How to Spend Money Wisely

Last Updated: August 26, 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 753,345 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.

• We'll cover ways to save cash wisely later.

• 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.
• Jump to our advice on spending on clothing .

• 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.

• Jump to info on spending on food and beverages .
• 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

• Send fan mail to authors

Reader Success Stories

Zenha Ajmal

Nov 18, 2017

Did this article help you?

Gayla Thoms

Oct 9, 2016

Oct 3, 2016

Jul 20, 2019

Oct 15, 2017

Featured Articles

Trending Articles

Watch Articles

• Terms of Use
• Privacy Policy
• Do Not Sell or Share My Info
• Not Selling Info

Get all the best how-tos!

Sign up for wikiHow's weekly email newsletter

• Free Essays

How To Spend Money Wisely

Sorry, but downloading text is forbidden on this website. if you need this or any other sample, we can send it to you via email. please, specify your valid email address.

By clicking "Submit", you agree to our terms of service and privacy policy . We'll occasionally send you account related and promo emails.

Thank you! How about make it original at only $13.90/page?

Let us edit it for you at only $13.90 to make it 100% original!

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. But how do you spend money wisely? People actually tend to overspend in a few specific areas.

So,following the steps below will improve your overall pocketbook health. First, come up with a budget. Financial experts suggest you track your spending for a few months so that you start work on your budget knowing where your money is going. If you are bad about saving receipts for cash purchases, keep a notebook with you, to write down all cash purchases as you make them.Additionally, make a list of your monthly expenses, using your bills and the information you gather.

Review this list to determine where you can reduce expenses and by how much. Therefore, avoid impulse buying. Before making any purchase, ask yourself a few simple questions, and be honest with your answers. Only move on to the next question if you can answer yes to the current one. If you cannot get all the way through the questions, it is probably an impulse buy and you should pass it up. You should think about the things in your life that you tend to spend the most money on.

Most of these areas are outlined below, with suggestions as to how you can cut down on spending in them. Besides. shop around regularly for utilities and insurance. Many service providers count on customers sticking with the services simply because it is easier than shopping for another one regularly. If it has been more than a year since you purchased your cell or home phone service, cable or satellite package, internet service, or car, home, or health insurance, shop around and make sure you are still getting the best deal. Moreover, Research large purchases before buying.

Never purchase anything that costs more than $200 without conducting some research first. The more expensive the item, the more research you will want to conduct. Your research should compare brands, prices, and quality so that you can determine which product is the best for you and your budget. Some reputable places to start your research include.

Money doesn’t grow on trees. So, we must work hard to find money Managing your money wisely is one of the most important ways to gain a level of financial stability and independence.Regardless of your income level, there are intelligent and manageable ways to spend money, and there are many ways that can leave you behind the eight ball and unable to pay the bills. If you’ve never had lessons on money management or have simply forgotten them over time, here are a few very simple steps you can take to put you and your bank account on the right track to financial stability and comfort for you and your family. 1. Don’t Spend it All It seems pretty simple, but spending less than you earn is an essential first step to stabilizing your situation and having something left over at the end of the month.

The easiest way to track this is on a monthly basis. Chances are you already know how much money you earn in a month. Now get all your monthly bills you have to pay every month and add those up. After that, figure out how much money you spend on groceries, entertainment, and other day-to-day expenses throughout the month. Once you have it all added up, you’ll know if you’re saving money at the end of the month or ending up with a deficit. If you have a deficit at the end of the month, you are probably buying those extra items on a credit card with interest rates that will make you owe more money in the long run.

Stay away from a situation like that by being sure you spend less than you make every month. 2. Don’t Waste Money Having fun is important and everyone deserves to spend a little bit on entertainment and recreation every once in a while, but there are places in almost every budget where you can cut back without decreasing your quality of life. Take an honest look at what you spend your money on and find those things that are essential (mortgage, medical bills, insurance, rent, car insurance, etc. ). After that the most important thing is food.

That’s a little more complicated, because you have to buy food, but you probably don’t have to buy all the food you’re buying. See where you can cut out on junk food and other things you don’t need. Cook at home more often and eat out less. Use generic brand name products rather than popular brand names.

All of this will save you money in the long run. If there are other places in your entertainment budget that you can cut costs, do it. 3. Start Saving Early Once you’re able to put away some extra money at the end of the month, don’t spend it all at once on something. Instead, invest it in the future of your family and your own retirement.If you put your money into a high yield savings account now it will end up paying off by a lot in the long run.

How To Spend Your Money Wisely It is always important and necessary for you to understand your personal finances. Whether you like it or not, being able to learn more about your money makes you more confident in the decisions that you make in the future. When you understand these tips, your financial situation will improve. Build a budget based on your monthly income and costs. A budget is a tool to help you plan, prioritize, and manage your income and expenses.Review your budget often and update it when you are experiencing a change in income and expenses.

The key to building an effective budget is knowing exactly how much money your family earns every month. Everything you spend money on should be accounted for. Never spend more money than you have available. Take the time to record your expenses. Making a list of expenditures can help you to visualize where all of the money goes.

Don't overlook expenses that don't occur monthly but are paid quarterly or twice a year. Add surprise expenses to your list, such as emergency or repair costs.You should also include leisure and entertainment expenses on your list. Doing all of this will ensure that you have an accurate portrayal of your expenses.

Once you have established a detailed record of your household cash flow, you can create a feasible budget. Eliminate things from your budget that are not necessary. You can keep a lot of money in your pocket if you stop buying your coffee at a coffee shop or buying your lunch. Upgrades and improvements to your house can save money on your utility bills.

Consider getting new appliances, like efficient washing machines or dishwashers, that use less water.When it comes to delivering hot water, tank heaters are less efficient than on-demand or inline heaters. You should have the pipes in your home checked in order to find any leaks that may be costing you extra on your water bill. You may want to think about upgrading appliances with energy smart ones.

Appliances that have circuitry that regulates their energy use save a lot of money over time. You should also unplug unused electrical devices when they are not in use. In the long run, things with the indicator lights can use quite a bit of electricity.Another project that you can undertake is to increase insulation. You can do this by improving your walls, ceiling, and roof.

You will find that your home will be able to store more heat, which can save money. This might take a lot of time, but the money saved is worth it. Although some of these suggestions may bring with them significant investments, it is still certain that they will be of worth in the long run. The money you spent on the initial invest will quickly be returned to you in the form of lower bills.

Over time, you will have a lot more money and financial freedom.

Corporate Social Responsibility (CSR) is very important to the success of business…

Summer is coming soon. School will be out. I probably will ride…

Free time is a something everybody needs. Free time always people to…

How can people in need of care that live in public spaces…

Eassy Sunday. Sunday is by far and has always been my favorite…

Based on the results of the survey, people have become to spend…

The old Horatio Alger stories capture the American dream pretty well. Those…

Motivation could be defined as ‘’that which gives impetus to our behavior…

Discuss the measurement of the money supply in the U. S. measured?…

Sports franchises are no small deals. The cash flow factor can be…

The world is more and more developing. The desire to control the…

Throughout history, America and other global economies have consistently battled for equality…

Hi! We can edit and customize this paper for you. Just send your request for getting no plagiarism essay

HAVEN’T FOUND YOUR TOPIC?

Let us write it for you!

• BECOME A MEMBER
• SCHEDULE AN APPOINTMENT
• ROUTING NUMBER: 242279408

Top Tips for Spending and Managing Money Wisely

You don't have to be a personal finance expert to be good with money. Anyone can take steps to develop good money habits and achieve greater financial flexibility and freedom! It all starts with understanding how to spend money wisely and how to manage your money effectively.

What Does it Mean to Spend and Manage Your Money Wisely?

Spending wisely is more than just keeping track of your bills and having a good credit report. Spending your money wisely is a way of life! Spending less than your income while continuing to pay your bills on time and in full allows you to save for future needs. ​Aligning your spending habits with what matters most to you will help you reach your biggest money goals.

Helpful Tips for You

Are you ready to get started on your journey to saving money and spending money wisely? Here are some helpful tips to consider:

• Track your spending—every dollar! Before you can manage your money wisely, you need to understand where your money goes each month. That's why tracking your spending is so important! Save your receipts and write each purchase in a notebook. You can also use a digital tool like Money Management to track and categorize your spending. Money Management will give you a very clear picture of your spending habits, which you can use to create an accurate monthly budget .
• Look for expenses to adjust, reduce or eliminate As you evaluate your spending habits, identify room for change. Some questions you may want to ask yourself include:
• Do your purchasing habits match your priorities and financial goals?
• Which categories could you trim to save more money?

You can save money by listing your expenses in order of importance from "must-haves" like living expenses to "nice-to-haves" like new shoes and clothes.

• ​​​​Give your money a purpose After you pay bills, if you don't have specific goals for your leftover income, you might end up spending the funds you have leftover at the end of the month rather than saving them. But by giving your money a dedicated purpose, you can use it to help you live the life you want to live! What goals do you have for your money? It could be boosting your emergency fund, upgrading your car, paying for a child's education, taking a dream vacation or even donating to the causes you care about. Once you have enough money saved to start putting it towards certain goals, open separate  savings accounts and name them for each goal. These savings accounts will help you establish a plan for your extra money, including any additional income you receive through raises, bonuses or your tax refund.
• Stay flexible Learning to develop a financially savvy plan to spend and manage money wisely takes practice. When you're first getting started, you'll probably need to adjust your budget and spending habits so that you can meet your goals. Stay flexible and try to make money management part of your daily routine—it's worth it!​

For more tips on the road to financial independence and how to spend money wisely, view our Spend & Mange Wisely Brochure here .

How We at Wright-Patt Credit Union Can Help

At WPCU, we want to help you succeed in your journey to spending wisely and give you the tools you need to spend money wisely. We have a variety of helpful tools to make the process easier, including budgeting worksheets and spreadsheets , spending tips and interactive learning modules for spending and managing your money. ​

Essay on Money Management

Students are often asked to write an essay on Money Management 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 Money Management

Understanding money management.

Money management is about how you handle your cash. It’s like a game plan for spending, saving, and making sure you have enough for important things. You keep track of what you earn and make smart choices on what to buy.

Saving Money

Saving means putting money aside for later. Each time you get money, you should save a part of it. This can help you buy big things in the future or have money in case of emergencies.

Spending Wisely

When you spend, think about what you need versus what you want. Needs are things like food and clothes, while wants are extras. Always try to spend less money than you have.

Making a Budget

A budget is a plan for your money. You write down how much money you get and then plan how to spend it. Sticking to a budget helps you not run out of money.

250 Words Essay on Money Management

What is money management.

Money management means taking care of your money. It’s like knowing how to use your pocket money wisely. You plan how to spend it, save some, and make sure you have enough for things you need.

Saving is putting money aside for later. Imagine you want a new toy or a book. If you save a little bit of your money every time you get some, soon you will have enough to buy what you want. It’s like filling a piggy bank; drop by drop, it gets full.

When you spend money, think about what you’re buying. Ask yourself if you really need it or if it’s just something you want because it looks cool. Sometimes, waiting before buying something helps you decide if it’s important.

A budget is a plan for your money. You write down how much money you get and then list the things you need to spend money on, like food, school supplies, and clothes. If you plan it right, you can also save some money.

Why It Matters

Handling money well is a big part of life. When you learn about it while you’re young, you get better at making good choices with money when you’re older. It means you won’t run out of money when you need it, and you can even help others. Plus, you’ll feel proud that you can take care of your money all by yourself.

500 Words Essay on Money Management

Creating a budget.

Think of a budget as a spending plan. It tells you how much money you have, where it needs to go, and what you can spend without running out. To make a budget, list all the money you get, like allowance or birthday cash. Then, write down what you need to spend money on, like school lunches or saving for a new bike. What’s left is your spending money. Remember, a good budget helps you not spend more than you have.

Saving is like planting a seed that grows into a money tree over time. When you save, you set money aside for later. You might save for a game, a trip, or just to have some extra cash when you need it. A good tip is to decide on a certain amount to save each time you get money. This way, saving becomes a regular habit, just like brushing your teeth.

Smart Spending

Understanding needs vs. wants.

Needs are things you must have to live, like food, a home, and clothes. Wants are extra things that are nice to have but you could live without, like toys and video games. Good money management means taking care of needs first and then seeing if there’s money left for wants.

Dealing with Emergencies

Emergencies are like unexpected storms that can shake up your money plans. It could be a broken bike or a lost school book. This is why you have savings. If you’ve saved up, you can handle these surprises without getting stressed.

Making Money Grow

Sharing and giving.

Money isn’t just for spending on ourselves. Sharing with others can make us feel good. You might give some money to help people in need or support a cause you care about. This is a part of money management, too, because it’s about deciding how to use your money to make a difference.

Managing money is a big responsibility, but it’s also a powerful skill. When you learn to manage your money well, you’re in control. You can reach your goals, handle emergencies, and even help others. Start practicing these money management tips, and you’ll be on your way to being a money management pro!

That’s it! I hope the essay helped you.

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

Happy studying!

Leave a Reply Cancel reply

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.

Special Offer: TOEFL Essay Evaluation and Scoring

You can now sign up to have your practice essays evaluated and scored by a TOEFL expert.  Learn how you will do on test day… and learn how to do better! Sign up today .

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!

New Essay Templates

Sample TOEFL Speaking Answers

New Speaking Templates

TOEFL Reading Samples

Sign up for express essay evaluation today!

Submit your practice essays for evaluation by the author of this website.  Get feedback on grammar, structure, vocabulary and more.  Learn how to score better on the TOEFL.  Feedback in 48 hours.

Sign Up Today

A Harvard professor says most of us overlook a simple way to be happier because it costs money

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

• If you want to spend money wisely, consider paying someone to do your laundry or grocery shopping .
• Eliminating stressful things from your to-do list frees up time for more meaningful activities, like spending time with family or friends, which can lead to more happiness .
• That's according to a Harvard Business School professor, who says that many of us ignore this simple way to be happier because spending the money makes us feel guilty.
• Read more personal finance coverage .

We all want more time to spend doing things we enjoy.

But according to Harvard Business School professor Ashley Whillans, we aren't doing the one thing that can afford us more time: Spending money to eliminate our most stressful daily or weekly tasks.

During a podcast with the Harvard Business Review's Curt Nickisch, Whillans says exchanging money for more free time can make us happier. Specifically, "using money to buy ourselves out of negative experiences," like washing and folding laundry or cleaning house . 

For Whillans, its opting for a pricier apartment close to work, where everything is within walking distance and there's no tedious commute, she said. Whillans' research shows that "buying time" in this way leads to greater happiness and less stress. But often, something is holding us back.

"I find in my studies that people feel really guilty about outsourcing even though they're giving up money to have more time that they've earned," Whillans said.

Paying someone to deliver meals, wash and fold our laundry, or mow the lawn makes us feel like a burden, she said. We also feel like it shows others we're not capable of doing our own chores.

The best way to counteract those feelings of guilt, Whillans said, is to focus on the value you're gaining. The key to ensuring that free time leads to greater happiness is to make it meaningful, she said. 

Read more: A Harvard professor says most of us squander 5-minute opportunities to be happier every day

"Just the simple act of thinking about giving up money to have more free time seems to make people plan their time a little bit better. If I'm going to incur this cost to have this free time, then I'm going make sure I really enjoy the free time that I have," Whillans said.

Whenever we open our wallet, she argues, we should be asking ourselves "Is this money changing the way that I spend my time?"

• More personal finance coverage
• 4 reasons to open a high-yield savings account while interest rates are down
• It took less than 10 minutes to open a high-yield cash account with Wealthfront and earn more on my savings
• How to buy a house with no money down
• When to save money in high-yield savings
• Best rewards credit cards
• 7 reasons you may need life insurance, even if you think you don't

• Real estate/mortgages
• Retirement planning
• Small business finances

• Main content

• B2 Spending Money Email

The email is written in response to a situation outlined in the question. You can expect to be asked to write emails to an English-speaking friend or colleague. The email will require a response which is consistently appropriate in register and tone for the specified target reader.

More exercises available:

You are required to produce two pieces of writing. The first piece is compulsory and will be an essay of 140-190 words. For the second, you can choose from an article, email/letter, essay, review or report (B2 First for schools the report is replaced with a short story) of 140-190 words.

• B2 Article Video
• B2 Book Review Video
• B2 Descriptive Email Video
• B2 Place Review Video
• B2 Short Story Video
• B2 Cities of the Future
• B2 Fast Food
• B2 Following Fashion
• B2 Live Concert
• B2 Pollution Problems
• B2 Taking a Gap Year
• B2 A Work of Art
• B2 Being a Celebrity
• B2 Life Away
• B2 Preventing Crime
• B2 School Improvement
• B2 Shopping Online
• B2 Tablet or Laptop
• B2 The Countryside
• School Canteen
• B2 A School Trip to Italy
• B2 An Important Day
• B2 Forgetful Girl
• The Hidden Beach
• The Lost Photo
• B2 IMDb Website Review
• B2 Jurassic Park Book Review
• B2 Mountain Bike Park
• B2 Romeo and Juliet Play Review
• B2 Ted Film Review
• Scarlett Animation Review
• B2 Berlin Travel Report
• B2 Shops Report
• B2 Visiting Places Report
• B2 Birthday Party Letter
• B2 Computer Games Email
• B2 Favourite Film Email
• B2 Holiday in Thailand Email
• B2 New Attraction Letter
• B2 Place to Visit Email
• B2 Visiting Relative Email

You need to be able to understand a range of texts, including how they are organised and the opinions and attitudes expressed in them. The texts will be from sources familiar to you such as magazines, articles, fiction and advertisements, but targeted at the interests of students.

Students’ use of English will be tested by tasks which show how well they can control their grammar and vocabulary.

• Use of English Part 1
• Use of English Part 2
• Use of English Part 3
• Use of English Part 4
• Reading Part 5
• Reading Part 6
• Reading Part 7

For this part, you practice vocabulary by using words with similar meanings, collocations, linking phrases, phrasal verbs, etc.

• B2 First Use of English Video
• Becoming Famous
• Cycling Scheme
• Film Stars and Music Celebrities
• Going on a diet
• Single or Mixed Sex Schools
• The History of Football
• The Poor and Less Fortunate
• The Special Bus
• Why do we need to play?

For this part, you practice grammar and vocabulary.

• Better swimming
• Cardboard Bike
• Dealing with waste plastic
• Drinking Water
• Fit for Sports
• Following Your Nose
• Growing Bananas
• Holiday with a Friend
• Making Perfume
• The Farm Trip
• The Jobs Market
• Tree Climbing
• Weather Forecasting
• Young Enterprise

For this part, you practice vocabulary word-building by changing different words using a base word.

• Angel of Mercy
• Fast Food Industry
• Life on Other Planets
• Music in Schools
• Mystery Weekend Break
• Pollution Problems
• Understanding Time
• Workforce on the Move

For this part,  you have to express a message in different ways showing flexibility and resource in the use of language.

• B2 First Use of English Part 4
• B2 Key Word Transformation 1
• B2 Key Word Transformation 10
• B2 Key Word Transformation 2
• B2 Key Word Transformation 3
• B2 Key Word Transformation 4
• B2 Key Word Transformation 5
• B2 Key Word Transformation 6
• B2 Key Word Transformation 7
• B2 Key Word Transformation 8
• B2 Key Word Transformation 9

For this part, you practice how to understand the details of a text, including opinions and attitudes.

• Cycling to India
• Hottest Place on Earth
• Living and Working in Another Country
• The Picture of Dorian Gray
• The Wrestler who Wrote a Book

For this part, you practice how to understand the structure and follow the development of a text.

• Benefits of Getting Fit
• Our Polluted World

For this part, you practice how to find specific information in a text or texts.

• Collecting Things
• English Seaside Resorts
• Teenage Summer Camps

Requires being able to follow and understand a range of familiar spoken materials, such as news programmes, public announcements and other sources, but targeted at the interests of the learners.

• Speaking Part 1
• Speaking Part 2
• Speaking Part 3
• Speaking Part 4
• Listening Part 1
• Listening Part 2
• Listening Part 3
• Listening Part 4

In this part you talk to the examiner about yourself and your life, e.g. your name, school, interests and future plans.

B2 Speaking Part 1 Exercise 1 B2 Speaking Part 1 Exercise 2 B2 Speaking Part 1 Exercise 3

In this part, you talk about two photos on your own which you have to compare for about 1 minute . After you have finished, your partner will be asked a short question about your photo. When your partner has spoken about their photos for about 1 minute , you will be asked a question about their photos.

B2 Speaking Part 2 Exercise 1

In this part you express ideas with your partner by looking at a discussion point that the examiner gives you.

This will be available soon.

In this part, you focus on general aspects of a topic with the examiner or you may involve your partner.

In this part, you will hear people talking in eight different situations.

Entertainment Short Conversations Talking about Sports

In this part, you will hear someone being interviewed.

Extreme Snowboarding Future Options Newly Published Book The Talent Show

In this part, you will hear five people talking about different things.

Demonstration Travel Worries

In this part, you will hear an interview.

Protecting the Environment Staying Healthy

• Customs and Traditions
• Entertainment and Leisure
• Environmental and Nature
• Future Jobs and Education
• Identity and Well-being
• Travel and Adventure

Customs and Traditions explores how we celebrate our cultural identity across the globe.

• Christmas Hard Exercises
• Story of Halloween
• Valentine Message

Entertainment and Leisure explores how we spent our free time.

Environment and Nature explores the way humans and animals live, adapt and change on our planet.

• Global Changes

Exploring how different societies create roles for people to develop their skills and knowledge.

• Future Schools
• Sport at School
• School Rules
• Fashion Design

Exploring how we learn and adjust to the world around us. .

• Taking Risks
• Natural Disasters

Exploring how we experience the world through our life journeys

• Travelling around the World

Cambridge English exams are designed for learners at all levels from the pre-intermediate level Cambridge English: Key (KET) to the very advanced level Cambridge English: Proficiency (CPE). These exams give candidates proof of their ability to use English in a wide variety of contexts, relevant to work, study and leisure activities.

A2 Key | B1 Preliminary | B2 First

How useful were these activities?

Click on a trophy to rate them!

Average rating 4 / 5. Vote count: 2

No votes so far! Be the first to rate this post.

• EssayBasics.com
• Pay For Essay
• Write My Essay
• Homework Writing Help
• Essay Editing Service
• Thesis Writing Help
• Write My College Essay
• Do My Essay
• Term Paper Writing Service
• Coursework Writing Service
• Write My Research Paper
• Assignment Writing Help
• Essay Writing Help
• Call Now! (USA) Login Order now
• EssayBasics.com Call Now! (USA) Order now
• Writing Guides

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.

• Best Resources

How to Spend Money Wisely – 5 Tips To Spending Money

It’s easy to overspend without some thinking on how you should be spending money.

Here are 5 tips on how to spend money wisely in a meaningful way.

There’s so much talk on saving, investing, paying off debts but there is also the part where you buy stuff.

But spending money still has a part in our money journey.

Here are some tips on how you can spend money wisely.

Table of Contents

5 Tips to Spending Money Wisely

Firstly, I want to give you permission to spend money.

I know as money experts we always talk about saving money or cutting living expenses, but spending money still plays a part.

We don’t push the narrative of depravity or extreme frugality of denying yourself of enjoyment and luxuries.

These five tips to spending money wisely are largely giving you ideas on how to spend in a meaningful way.

1. Spend Money On Valuable Experiences

Life is meant to be lived.

You can start putting your money towards new ventures and unlived experiences.

An experience can be a nice staycation with your partner at a cabin that you hire for the weekend.

You can go for wine tasting, dinner at a high end restaurant, or day at the spa.

You may also look for outdoors events such as canoeing, quad biking, or mini golf.

Or indoor events such as a concert, movie, or even a decent night out.

The aim is to spend your money on experiences where you’ll build memories with those around you.

One thing I’d advocate for is to keep a journal . This way you can keep a record of these experiences and what they mean to you.

2. Spend Money On Valuable Items

We all want things, and desire new items.

In this instance I’m talking about things that bring you value, not necessarily that the item has high monetary value.

You spend almost a third of your life sleeping, do you have a comfortable mattress or good quality sheets? 

If you walk quite a bit for some fresh air or when doing a school run then a comfortable pair of trainers would be a good use of your spending money. 

If you cook you could get a smart home device (like the Amazon Echo ) where you can watch recipe videos or listen to music as you cook.

What areas in your life could you start to upgrade or improve that will bring you and your family more value?

3. Spend Money On Knowledge

The beautiful thing about knowledge is that no one can take it away from you.

Also, the benefits of knowledge often outweigh the cost of it.

Imagine how much you can learn from a book that costs you £10 that will teach you about setting your financial future.

Knowledge is such a key asset in life that can be used for your benefit and enrich your life that doesn’t always break the bank, and could even be leveraged to start making you extra money. 

You can also pay to do a professional qualification that will enhance your expertise in your career, enabling you to demand a higher salary.

Or you may do a course on a specific area which equips you to take massive action in your life.

I believe knowledge is never a waste of money, only if you choose to do nothing with it.

4. Spend Money On Others

We often hear how good it is to spend time with our loved ones, or to put it in effort into relationships and friendships.

Whilst that is so true, I’d like to add on that spending money on them is also rewarding, and this is much more appreciated when it is unexpected.

This can be both materialistic gifts or experiences.

You could pay for your child and their friends to go to the cinema or buy a friend a bag that you know they’ll love.

Another option is to give money away to a charity of your choice or send some money to someone who you know is going through financial difficulties . 

Giving may seem strange and out of context in the area of spending, but I’ve always found there’s more joy and fulfilment in giving than receiving.

5. Spend Money On You

What I’m referring to here is spending money on you , specifically your personal growth and development.

This does include buying items or paying for experiences, but this is with the perspective of personal growth and development.

You may buy yourself a journal so you can spend some time jotting down your thoughts on paper.

You could also sign up to services like Audible that you can use towards the development and growth of you.

This is a conscious effort to find items, experiences, or things that will go towards your personal development.

There are so many benefits that you will get in your life, career and relationships as a result of your personal growth.

6. Bonus Tip – Have A Budget

This is probably the most important one of all. 

Have a budget !

Without a budget, you’re most likely spending more than you can afford to, and that is not the essence of these tips.

Guilt-free spending is one of the many benefits to budgeting that you will reap in your life.

Before you go off and spend a penny, ensure you have allocated your money in the right way to enable you to spend money wisely.

Take Action

These are the tips that have influenced my spending habits and now I am more fulfilled with how I spend my allocated guilt-free money.

Share the tips that you like and are going to try to spend your money wisely from today.

Check out our  Ultimate Money Plan  budgeting spreadsheet to get in control of your money and smash your financial goals

Let us know how you’re getting along by  getting in touch  with us, we’d love to hear from you

Take action and take care