On A Rainy Day by Myranda

On A Rainy Day by Myranda - July 2024 Scholarship Essay

This year taught me a crucial lesson about the need for a savings account. As I get ready for graduate school in the fall, I've realized how essential it is to have money set aside. This insight comes from a key lesson that's changed how I think about money this year: the benefits of saving and planning my finances. A savings account does more than just hold your money; it forms the basis for financial stability and freedom. One of the key things I've figured out is how crucial it is to set money goals and work hard to reach them. Getting into graduate school is a big deal and it costs a lot. While I focused on saving up for graduate school, life threw some curveballs my way. I didn't have a reliable way to get to school small expenses popped up, and I faced some tough times in the year before grad school started. If I hadn't saved up some money, it would've been much tougher to pay for graduate school and make ends meet.

I made a commitment to put aside some of my earnings from internships and jobs. This allowed me to cover my living expenses and handle any surprises that came up. Throughout the year, I managed to save enough money to purchase my own car and take care of minor issues that popped up. This experience showed me how crucial it is to be prepared, as unexpected costs and chances often show up out of the blue. By setting money aside, I built up a cushion that gave me peace of mind and made me feel more sure about going after my goal of buying a car. A savings account teaches you to be disciplined and responsible with your money. You need to budget carefully and know what you earn and spend. Over the year, I figured out how to budget my expenses and tell the difference between things I needed and things I just wanted. This didn't just help me put money aside - it made me think harder about how I handle my finances overall. I began to keep track on what I was spending, cut back on stuff I didn't need, and look for ways to spend less on everyday things.

The lesson of having a savings account also offered me benefits that enhance financial management. It provides a secure place to keep money while earning interest over time. This accessibility is crucial for emergencies and planned expenses, such as my upcoming car purchase. Without this critical aspect in my life, going to graduate school in the fall would be a lot more difficult than intended.

As I move forward, I will continue to prioritize saving and financial planning. The discipline I developed this year will serve me well in graduate school and beyond, as I navigate more complex financial responsibilities. By maintaining a savings account, I will be better prepared to handle unexpected expenses, invest in opportunities, and achieve long-term financial goals. This practice will also enable me to build a strong financial foundation for my future, ensuring stability and independence throughout the year.

In conclusion, the most important lesson I have learned this year is the importance of having a savings account and the financial discipline that comes with it. This lesson has not only enabled me to achieve my immediate goal of buying a car but also set me on a path toward financial independence and stability. As I return to graduate school and continue to pursue my dreams, I will carry this lesson with me, confident in my ability to manage my finances effectively and responsibly on any rainy day.