Senior year provides many opportunities for buying all kinds of things to capture memories. It is important to have memories in your senior year: taking senior pictures, buying yearbooks, class rings, prom dresses – all that jazz. Will these hundreds of dollars be well-spent? Or will many of these manufactured memories be forgotten in a few years?
Party planning begins as graduation day grows closer. Of course, it is time for enjoying the moment because it may feel like now everything is settled, but It Is Not. Throwing parties and buying all the things you don’t need may have a negative impact as you go to college, in the workplace after high school, or living on your own.
Have you ever found some people spend more than what they make? Teenagers are the biggest spenders, especially when it comes to clothing, gadgets, and entertainment. “According to a 2016 Piper Jaffray.com report, teen spending habits include using 38 percent of their income on clothing, and another 22 percent on food. Music, movies and video games are also popular things for teens to spend their money on.” It’s important to remember that young people can have fun and enjoy the moment without throwing and spending money faster than the leaves fall from the tree.
OK, buying a Prom dress for $100 or $500? According to USA in 2017, a teenage girl in high school spends more when it comes to prom.“Overall spending for prom in the Northeast averaged almost $700 for teens, nearly 14 percent more than for teens in the Midwest, who spent the least on prom.” Teens in the South spend less than their peers in the Northeast, averaging a prom bill of $617. Depending on the survey, the numbers of teens who spend much on prom vary.
Yeah, it happens and life happens. There are more responsibilities as a person grows up. There will need to be more responsible than you are right now as young adults. Considering living on budget and save as you go will help life after high school or college. Looking expensive and staying broke will become a regret later in life as you go. It is better to buy things that fit your budget and don’t put all the money on prom dress.
Let’s think for a moment, and remember lessons from our personal finance class. Let’s not forget the 20% knowledge and 80% behavior because it is a crucial part of the journey from now and then. Controlling our money behavior and not letting money take control will help you to tell where every penny can go and be spent. Stopping our impulse buying because not all that glitters is gold. You can do fun activities and enjoy your senior without wasting all in one basket. There is no benefit of having things that are nonessential. There is not need to become an expert about budgeting money; you just have to control your money personality if you are more likely to spend or save.
It is not being said that you shouldn’t buy Jostens rings, but to spend for the things that are needed is crucial. Every step and action you take has an impact. It is not a Terrible idea to buy rings, yearbook, Prom dress, but putting things into consideration is a great thing to do.
You never know what the future holds, and you don’t want to regret later on. You want to enjoy the moment wisely without forgetting where you are heading. You can spend your money wisely enough. After high school, there are many steps to go. The wise decision to make now, the later return of the past effort. Invest in yourself as you go.