The Importance of Money Management by Isabella

The Importance of Money Management by Isabella - January 2023 Scholarship Essay

There are a number of things that should be an elective or extracurricular activity required in schools, however, nothing is as important as learning money management. Every person in the world understands one thing. Money. It is important that students entering adulthood know how to manage their money as well as what percent of their income goes towards taxes. Knowing these things will put students at an advantage financially.
Money management has usually been taught to teenagers by their parents but sometimes they are not the best people to learn from. Parents could manage their money in a way that works for them but might not be the best for their child in the long run. It is important that every student learns correct money management so they can begin to make that transition into adulthood.
Schools should implement this elective so students can learn how certain taxes work and how to plan for expenses each month. This class should be taught to juniors or seniors because they are the closest to adulthood and managing their own money. It is especially important for students to learn how to budget before they go to college. Most students, including me, have a lot of money at the beginning of college but through the semesters, they lose that sum of money because they were not taught how to budget for each month.
With a class like money management, students will be able to learn how to budget, choose what their budget is, have an understanding of taxes, and what they need to do to ensure they are still financially stable. Students are more likely to succeed in life if they have an understanding of how money in the world works.