manage money essay

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5 Ways to Manage Your Personal Finances

• Rakshitha Arni Ravishankar

First, let go of your limiting beliefs about money.

Talking about money can feel awkward, uncomfortable, and even scary. Here are five pieces of advice from our authors on how to feel in control of your personal finances.

• Let go of your limiting beliefs about money.
• Take ownership of your money.
• Always set a timeline for your money goals.
• Build an emergency fund.
• Create a diverse portfolio of investments.

Money can evoke a range of difficult emotions for many of us. This anxiety only grows when we’re living through economically fragile times or don’t come from wealth . It can feel awkward, uncomfortable, and even scary to navigate these feelings when they show up. But know that it’s still possible to make smart decisions that will help you become financially stable .

• RR Rakshitha Arni Ravishankar is an associate editor at Ascend.

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• Managing Your Debt

10 Simple Ways To Manage Your Money Better

Being good with money is about more than just making ends meet. Don't worry that you're not a math whiz; great math skills aren't really necessary - you just need to know basic addition and subtraction.

Life is much easier when you have good financial skills . How you spend your money impacts your credit score and the amount of debt you end up carrying. If you’re struggling with money management issues such a living paycheck to paycheck despite making more than enough money, then here are some tips to improve your financial habits.

When you’re faced with a spending decision, especially a large purchase decision, don’t just assume you can afford something. Confirm that you can actually afford it and that you haven’t already committed those funds to another expense.

That means using your budget and the balance in your checking and savings accounts to decide whether you can afford a purchase. Remember that just because the money is there doesn't mean you can make the purchase. You have also to consider the bills and expenses you'll have to pay before your next payday.

How To Manage Your Money Better

• Have a budget : Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting. If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life.
• Use the budget: Your budget is useless if you make it then let it collect dust in a folder tucked away in your bookshelf or file cabinet. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses. At any given time during the month, you should have an idea of how much money you’re able to spend, considering any expenses you have left to pay.
• Give yourself a limit for unbudgeted spending : A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income. If you have any money left over, you can use it for fun and entertainment, but only up to a certain amount. You can’t go crazy with this money, especially if it’s not a lot and it has to last the entire month. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.
• Track your spending: Small purchases here and there add up quickly, and before you know it, you’ve overspent your budget. Start tracking your spending to discover places where you may be unknowingly overspending. Save your receipts and write your purchases in a spending journal, categorizing them so you can identify areas where you have a hard time keeping your spending in check.
• Don’t commit to any new recurring monthly bills : Just because your income and credit qualify you for a certain loan, doesn’t mean you should take it. Many people naively think the bank wouldn’t approve them for a credit card or loan they can’t afford. The bank only knows your income, as you’ve reported, and the debt obligations included on your credit report , not any other obligations that could prevent you from making your payments on time. It’s up to you to decide whether a monthly payment is affordable based on your income and other monthly obligations.
• Make sure you’re paying the best prices : You can make the most of your money comparison shopping, ensuring that you’re paying the lowest prices for products and services. Look for discounts, coupons, and cheaper alternatives whenever you can.
• Save up for big purchases : The ability to delay gratification will go a long way in helping you be better with money. When you put off large purchases, rather than sacrificing more important essentials or putting the purchase on a credit card, you give yourself time to evaluate whether the purchase is necessary and even more time to compare prices. By saving up rather than using credit, you avoid paying interest on the purchase. And if you save rather than skipping bills or obligations, well, you don’t have to deal with the many consequences of missing those bills .
• Limit your credit card purchases : Credit cards are a bad spender's worst enemy. When you run out of cash, you simply turn to your credit cards without considering whether you can afford to pay the balance. Resist the urge to use your credit cards for purchases you can’t afford, especially on items you don’t really need.
• Contribute to savings regularly : Depositing money into a savings account each month can help you build healthy financial habits. You can even set it up so the money is automatically transferred from your checking account to your savings account. That way, you don’t have to remember to make the transfer.
• Being good with money takes practice :​ In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them. The more you make these habits part of your daily life, the easier it is to manage your money, and the better off your finances will be.

Frequently Asked Questions (FAQs)

Why is money management important.

Without money management, personal finances are a bit of a mystery. This can lead to overspending and living paycheck-to-paycheck. Money management can help you have a better handle on your income and spending so you can make decisions that improve your financial status.

How do you improve money management?

You can improve your money management by regularly evaluating what you're doing with money and making changes that make sense for you. For example, if you don't have a budget, you could start by developing one. If you have a budget, you could track your spending and see how it lines up with your budget. Once you have an idea of your income and spending, you could choose to increase your savings, pay off debt, or start investing based on your financial goals.

Consumer Financial Protection Bureau. " Budgeting: How to Create a Budget and Stick With It ."

Consumer.gov. " Making a Budget ."

FiftyThirtyTwenty.com. " Income + Financial Stability in America ."

Consumer Financial Protection Bureau. " Spending Tracker ."

Consumer Financial Protection Bureau. " Bill Calendar: Know What You Owe and When It's Due ."

WSFS Bank. " 5 Ways to Save for a Big Purchase ."

Discover. " Six Tips On How To Stay Out of Debt ."

Consumer Financial Protection Bureau. " Looking for An Easy Way to Save Money? Make It Automatic ."

7 Steps to Manage Your Money

There is no time like the present when it comes to learning how to manage money better.

Steps to Manage Your Money

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Before you can start managing your money better, you need to take stock of your current situation.

The COVID-19 pandemic caused long-lasting changes to the U.S. economy and how people manage their money. Scores of workers left their jobs in what was dubbed the “ Great Resignation ” while many others embraced a permanent remote or hybrid work schedule. Meanwhile, some families bought new houses as home purchases and prices in suburban areas soared. Others transferred their children to private schools or began homeschooling in response to virus outbreaks.

All that change means now might be the right time to reevaluate your money situation. This is especially important for those who have struggled in recent years and needed to rely on temporary relief measures like stimulus payments or paused student loan payments to sustain their budgets.

Spring also seems like the perfect time to reassess your budget as Tax Day nears. But money experts say any time is a good time to review your money management plan. “It’s never too late, and it’s never too early,” says Racquel Oden, head of network expansion for JPMorgan Chase.

Creating a budget is only one part of how to manage money, and if you start there, you'll miss critical information. Here are seven steps to take to manage your money properly:

• Understand your current financial situation.
• Set personal priorities and finance goals.
• Create and stick to a budget.
• Establish an emergency fund.
• Save for retirement.
• Pay off debt.
• Schedule regular progress reports.

Understand Your Current Financial Situation

Before you can start managing your money better, you need to take stock of your current situation. “You have to know where your money is going,” says Karen Heider, senior wealth advisor with Concenture Wealth Management in Houston, Texas.

The most basic step to understanding your current financial situation is to record all your regular monthly income and expenses . If that sounds overwhelming, Heider says you can take advantage of numerous apps that can automate the process. Mint, PocketGuard and Simplifi by Quicken are a few of the free or low-cost apps available that can sync to financial accounts and make it easy to categorize spending.

If you aren’t comfortable linking your bank account to an app, save receipts for a month to determine where money is spent beyond major bills like rent, utilities and debt payments. It could be a wake-up call to realize how much is being spent on items such as groceries or dining out.

Working with a professional is another way to understand your current financial situation, and it may be possible to find this help for free. Chase, for instance, offers free financial health checkups in all its branches, according to Oden.

Set Personal Priorities and Finance Goals

Once you have laid out your current financial situation, it's time to determine whether it aligns with your values. “You don’t have one goal in life,” Oden says. “You have multiple goals.” And defining what you'd like to achieve with your money can make the process of creating a viable budget much easier.

For instance, if spending weekends with your family is a priority, paying for a housekeeping service may free up valuable time and be a smart use of money. However, it may not make as much sense if travel is a bigger priority . In that case, the money spent for housekeeping may be better spent on vacations.

When setting financial goals, people can make the mistake of limiting themselves. “It doesn’t have to be paying off debt or saving for retirement,” Heider says. Financial goals can be large or small – from saving for a modest purchase to splurging on a luxury vacation – and mixing in some short-term goals can help keep you motivated.

Create and Stick to a Budget

Writing a budget designating how your income will be spent each month can be easy. Following it, though, is often a challenge. People may not have the self-discipline to limit impulse purchases, or they may feel too restricted by having to plan their spending in advance.

However, the reward for sticking to a budget is having cash available to spend on those items most important to you. What's more, it will be easier to follow a budget that is written with your priorities and goals in mind.

If you discover there isn't enough money to pay for everything you'd like, look for ways to whittle down expenses. While eliminating small, recurring purchases such as duplicative streaming services or takeout coffee is often suggested, don’t forget larger, irregular expenses.

You may not realize how easy it can be to reduce expenses that are often thought of as fixed, according to Tyler Boyd, chief strategy officer for Squeeze, a digital service that helps users compare and reduce household bills.

Boyd points to auto insurance as one place where households could see significant savings. “That’s a great example of a bill that we put down on our ledger and don’t cost compare it,” he says.

Establish an Emergency Fund

Part of how to manage money better is to have cash set aside for unexpected events such as a lost job, illness or broken car. “Obviously you need an emergency fund ,” says Gregory Lawrence, certified financial planner and founder of retirement planning firm Lawrence Legacy Group in Estero, Florida.

The best way to create this fund is to include savings in your budget. How much you save depends on how much extra money you have available, but a common rule of thumb is save 10% of your income for emergency savings each month with the goal of reaching an amount equal to about three to six months of your typical expenses.

Regardless of how much you can save, make it a habit. “The people who save pay themselves first,” Lawrence says. Set up direct deposit or automatic transfers into a savings account to ensure you get paid before money is eaten up by other expenses or impulse buys.

Save for Retirement

At some point, you may want to retire, and that will be hard to do without a retirement fund. Social Security benefits only replace approximately 40% of your income, and many employers no longer offer pensions.

“People focus too much on debt and don’t think about retirement,” Heider says. “You absolutely need to be looking at retirement (savings) right away.”

Workplace retirement plans such as 401(k) accounts can be a good place to save for retirement, since contributions are automatically deducted from payroll. Plus, many employers will match a portion of their workers' contributions, further boosting retirement savings. There are tax incentives for these accounts as well. Contributions to a traditional 401(k) are tax-deductible, while Roth 401(k) accounts are funded with after-tax dollars but earnings withdrawn in retirement are tax-free.

For those who don't have access to a 401(k) or other employer-sponsored retirement plan, an IRA offers similar tax benefits. In 2022, total contributions to IRAs can't exceed $6,000 for workers younger than age 50 or $7,000 for those age 50 or older.

“I love maximizing Roths,” Lawrence says. Not only can they reduce taxes in retirement, but they also have estate planning benefits. “It’s a great way to pass wealth to children,” he says.

Pay Off Debt

Having debt can get in the way of meeting financial goals but paying it off can be challenging.

Since most debt accrues interest, becoming debt-free can be a long process if you are only making minimum payments. One strategy to speed up repayment involves concentrating any extra money on one debt. Once that is paid off, roll its payment into another debt and continue the process until all the debts are gone.

In some cases, it may help to consolidate high interest credit cards into a lower interest loan or line of credit. However, debt consolidation only works if you commit to living within your means going forward. Otherwise, you could end up with both a debt consolidation loan and a new credit card balance. If you do get a loan, choose one with the shortest term possible.

Don’t make the mistake of putting savings on hold while paying off debt though. “It’s not all or nothing,” Heider says. “It’s a balance.” She says the best approach is to split money between debt and savings goals.

Schedule Regular Progress Reports

Managing your money is an ongoing process. It helps to schedule regular times throughout the year to evaluate your financial situation, including your income, spending, savings and net worth.

At least once a year, also check your credit report by requesting a free copy on AnnualCreditReport.com. “A lot of people do not actively check their credit report,” Heider says. Reviewing report data regularly is essential to identifying mistakes or potential fraud that could negatively impact not only your credit score but also the rates you pay on loans and credit cards.

Use these check-ins to also determine what progress has been made toward financial goals and whether any budget items need to be adjusted for the future. You may find your goals have changed, and your spending should change as well.

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Home — Essay Samples — Economics — Money — Saving Money: Approaches and Importance

Saving Money: Approaches and Importance

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Words: 714 |

Published: Sep 5, 2023

Words: 714 | Pages: 2 | 4 min read

Table of contents

1. approaches to saving money, 2. the importance of saving money, 3. balancing saving and spending, 4. cultivating a savings mindset, conclusion: a secure and fulfilling future.

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‘Miles Walked, Miles Driven’: This Year’s College Essays About Money

Each year, we seek out college application essays about money, work or social class. Here are five from writers who are now undergraduates.

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By Ron Lieber

Photographs by Lexi Parra

Ron Lieber wrote one of his college application essays about a television commercial for the company formerly known as Waste Management.

• Oct. 22, 2022

Writing a personal essay is more art than science. Discussing money — what you or your family has or lacks — is tricky under the best of circumstances. Doing both well is harder still, especially if you’re a teenager and a committee of grown-ups will sit in judgment on whatever you produce.

Each year, we invite essayists to forward their work to us after they’ve submitted their thoughts on money, work, social class and related matters as part of their college applications. At their best, they inspire a kind of empathy, even if money is not on your mind all that often.

This time, we find ourselves in the human resources department with a racing mind; the kitchen as a daughter observes her mother making do; the car, driving many miles for so many reasons; the house, stuffed with way too much; and the head of a young woman wondering if her soft hands bring honor upon her family.

To write this way about these topics requires perspective, about who has what and why and how. But it also demands bravery — to go where most people don’t, including a lot of adults.

Katya Spajic

“Their hands symbolized their love and sacrifice for family. But my unblemished hands signified nothing in return, only evidence of wasting away their hard work.”

New York — Bronx High School of Science

Mom always told me that if my hands were smooth and unblemished nobody would be able to tell my age.

She wore rings and gloves to cover up the premature wrinkles from her time as a waitress in high school and the scars on her fingers from her first four years in America as a seamstress.

Try as she might, no amount of jewelry or hand cream could erase those markings. But I envied her imperfections: Mom’s weathered hands spoke volumes about her strength, selflessness and love.

Whenever my family gathered at the dinner table, I would steal glances at their hands. Each wrinkle and scar read like a chapter of a life well lived: a life full of purpose. When I looked at my smooth knuckles and babylike palms, I wondered when I would receive markings that told my story.

When Dad squeezed my hand as we crossed the street, I tried to place the sharp ridges and rock-hard calluses that dug into my soft skin. Did they come from summers in Montenegro, gripping the worn handle of the scythe to cut hay? Were they caused by heavy tiles nicking his palms during the kitchen renovations that paid for my babysitters?

During summers in Pljevlja in Montenegro, I would watch Grandma’s trembling hands as she kneaded each piece of burek. What initially seemed like splotches of flour were actually burn scars from 70 years of cooking. Perhaps they came from adding one too many coals to the furnace or accidentally lifting pots out of the oven with her bare hands.

Their hands symbolized their love and sacrifice for family. But my unblemished hands signified nothing in return, only evidence of wasting away their hard work. So I tried to gain markings the only way I knew how: mimicking my family’s defining actions.

I attempted Grandma’s burek, but my imitation’s flaky shell hardened each time I took it out of the oven. And my burns never felt purposeful, only documentation of my mediocrity.

I tried picking up a needle and thread like Mom. But even as my hands took the shape of hers, the needle pricks left me unsatisfied — it never came naturally like for Mom.

My hands began to read like a list of failed ventures — until I found volleyball. Volleyball seemed like a forbidden interest, so independent from family. But each purposeful movement left me satiated with fulfillment. I picked up the game quickly, and my parents were thrilled: Recruitment was my ticket into a top university. I even fractured my thumb while diving for the ball, the bone awkwardly jutting out as my own personal talisman of greater purpose.

But during high school, I was exposed to a plethora of other opportunities. I began spending Monday nights practicing cases for Mock Trial and dedicated weekends to taking photographs for my school’s Dynamo literary magazine. And though my hands remained unchanged, these passions, along with others, showed me sides of my identity that I didn’t know existed.

But with little time left for volleyball, I came to the decision to leave my club team. My crooked thumb became an ominous reminder of another failed pursuit.

My parents were furious. They perceived my new activities as unfocused distractions, leading me away from my ticket to college.

I soon understood that my parents’ anger did not stem from disappointment, but from unfamiliarity. Their only path forward was committing to their available roles, never pondering the existential questions I did: self-discovery in a sea of options.

Becoming “lost” for pursuing seemingly unconnected interests was not what they envisioned for me, but I realized that the best way to fully take advantage of my privileges was to explore all my curiosities. I stopped emulating the identities of my family and realized that my hands would eventually bear the weight of my pursuits.

More importantly, those markings and hands will be my own, not my mother’s or father’s.

Griffin Ayson

“Travel costs may prove too great a financial strain for my parents, but my world map and ingenuity are free.”

Los Angeles — Van Nuys High School

The room was stuffy, cramped and packed with teenagers. I was about to embark on a new adventure — my first job. I made sure I brought everything listed on the required materials list: Social Security card, passport, student ID, work permit.

As I waited for the human resources personnel to call my name, I gingerly opened my passport. A glance at the photo taken when I was 12 brought a big smile to my face: Chubby cheeks. Bowl cut hair. Forced smile. My jolly mood quickly faded when I read the expiration date: 03 Jan 2022. As I flipped through, each page was blank. My heart felt empty.

I tried to shake off the sadness dominating my thoughts. I should not have been bothered by my empty passport or its pending expiration date. But I was. It was a painful reminder that I had never left the country, not once in my entire life.

I remained quiet even as my mom repeatedly asked how my job orientation went. My replies were a mere yes or no. But when we got home, I held up my passport and finally dared to ask her. She looked at me and responded: “I’m sorry, but we can’t afford it. Airfares alone for a family of five would cost an arm and a leg.” Her quavering voice said it all. I walked away, empty. My passport was for “just in case,” not “when.”

When I spend time with Grandma, I am greeted by her cabinet full of cherished souvenirs. Some mark her 90 years on earth, others Grandpa’s travels as a merchant marine. Admiring the elephant tusk from India, brass plates from Morocco and hand-carved Last Supper wall hanging from Italy, I often wondered what it was like to travel the world just like Grandpa did.

Today, I catch myself looking back at those visits at Grandma’s and realizing I don’t need to leave my beloved city — Los Angeles — to experience the world. I satisfy my wanderlust by feasting on hearty, delicious global cuisines here in my neighborhood. Couscous from Morocco. Vindaloo from India. Gelato from Italy. Each is a small marker of my city’s diverse population and the perspectives and experiences surrounding me.

The first and last thing I see from my bed is my vast world map from Ikea, occupying almost an entire wall. This map has been my constant travel companion since I was little. Beginning with Dad’s stories about his business travels early in his career, this map has taken me to the countries he toured and locals he befriended from Belgium to South Korea to Indonesia.

Through Google Earth’s lens, I’m able to transport myself to any far-flung places without leaving the comfort of my bedroom. I have explored the Philippines, where my mother was born and raised. Her accounts of her upbringing fascinated me growing up, the tropical climate a drastic change from L.A.’s dry, sunny summers. When I showed her the schools she attended, the church where she and her family worshiped every Sunday, and the empty land where her house once stood, she was delighted. I was, too.

I don’t need to set foot in an airport to know every country, city and capital in the world. The knowledge I amassed, from the map in my bedroom to virtual tours, has taught me that not traveling outside my birth country will not define who I am. I pull what I can from my surroundings, whether wandering my neighborhood or following the virtual tour of the Louvre’s Petite Galerie exhibition of founding myths. And there are dozens of UNESCO sites still to see.

I am a globe-trotter. Travel costs may prove too great a financial strain for my parents, but my world map and ingenuity are free. So while my passport pages are empty, my limitless adventures are being vividly stamped in my mind forever.

Mimosa Hứa Mỹ Văn

“My treasure was occupying my time and mind. Overflowing piles, boxes and chaos tornadoed around me.”

Tucson, Ariz. — Flowing Wells High School

I was 6 years old.

Waltzing into my room, I had no room to dance. Looking at the floor, I would not be able to convince anyone it is hardwood. Clothes with price tags and unopened toys covered every inch of the ground. Mountains of freebies from convention centers engulfed me every time I entered the room. It was chaos.

Each day, these mountains became mountain ranges. As time passed by, I thought this accumulation would make me better. More items, more wealth and more friends. Having more meant a better life, right?

I waved to my dad at the screen door while I was yawning in jammies that were made authentically from Vietnam. He hopped into the only car to drive eight miles south to sharpen blades for lawn mowers as my mom cared for me, my brother and the house.

And every morning, my mom dropped me off at school on the next fastest transportation: the only electric scooter. Other days, my dad would pick me up and head to the doctor’s as the English-speaking parent before dozing off until his next shift. I cherished my parents’ efforts and actions for me.

When I was 10, my dad was heading into his mid-60s, and he retired. The income cash flow was dripping as my mom joined the work force and slowly gained clients. We celebrated every time a letter came in with government assistance.

We savored all the stuff. Every item made us the richest people on earth. My mom told me stories about when she was younger in Vietnam. She never had new clothes or gifts. She always got hand-me-downs.

I treasured and kept every item as sacred as a pirate’s gold. I felt like I won the lottery by having all this stuff.

Because I knew the most English, I researched Americanized things and how-tos for my parents. With a disastrous house at bay, my mom suggested to me to research how to get a cleaner house. I typed it into the Google search bar, expecting nothing helpful. I went down the rabbit hole, weaving from grease, storage containers, organization and more.

And then, I found this foreign word, minimalism.

Simplifying the number of items in possession to have a tidier home can make people happier. What were these jabberwocky words arranged in this order doing here? Can this end my chaos?

But, I thought more meant better. My treasure was occupying my time and mind. Overflowing piles, boxes and chaos tornadoed around me.

What about the social pressure? What would all my friends think if I didn’t have a lot of things? Would they think I was poor, poorer than I already am? Or worse, could I lose everything in life?

You know what? Let’s just do it. The chaos needs to end.

I slowly start to sort piles and load the car trunk. A part of me vanished at first. As days went by, I felt a weight of possession leave my chest and free me from all of the strings from each item tying me down.

Now, I zoom from assisting my mom with dishes to checking out TED Talks and self-love Instagram reels to working on my random urge to do pottery. The void has been filled with experience, knowledge and gratefulness.

My hands dance as I attempt to take in every single word that emerges from my wandering thoughts. I observe my sleeping plateau and two work space plateaus with a small stack of notebooks and feel content. “I appreciate myself,” I scribbled with one of my five — and only five — writing utensils.

I don’t need to rely on items, wealth and friends to be content. Others’ opinions of my display of wealth are not necessary to me. Without these items gluing me down, I easily settle from place to place. The internet was right. I can experience life now, for new challenges, opportunities and experiences.

Nathaniel Erb

“The miles that I drive, and others that I walk, are a small part of what makes it possible for our family to function, even thrive.”

New Windsor, Md. — Delone Catholic High School

Digits. Miles on the odometer, time on a clock. Neon clock face — 4:00 on a Tuesday morning. Driving 25 quick miles to swim practice, then 45 long ones to school. A rushed 11 miles to work. Finally, 9:30 p.m. Shift over — 13 miles home.

Total: 94 miles in 17.5 hours. A typical Tuesday bleeds into a typical week, adding up to a total of over 600 miles. Nearly three hours each day before I add in school, work, swimming and commitments as a brother, as a son.

These miles are unavoidable. Living in a rural farming community, you soon realize that everything is far away.

Being the oldest of five children, a perch I share with my twin sister, I know what my parents have sacrificed to provide a loving and stable life for us. My dad gets up early every morning — working weekends and missing vacations to provide for our family. My mom gave up her career to raise my four siblings and me.

Their sacrifices have formed the foundation of who I am. The miles that I drive, and others that I walk, are a small part of what makes it possible for our family to function, even thrive.

The longer drives lull me into thinking. Goals and ambitions — for tomorrow or 10 years from now.

I often think about what I have and the people around me who have sacrificed to get me where I am today. Sacrifice isn’t giving up or missing out on something. It is making the hard choices that will lead a person to become extraordinary.

Today, my choices are laying the foundation for something extraordinary of my own, shaping me into my future self. My foundation is supported by cornerstones — a big, loving, supportive family; work with meaning; financial independence; self-direction.

At age 2, I received my first wheelbarrow. It was small, tot-sized, but I used it to help with yardwork. Today, I spend weekends planting and maintaining the gardens — a sacrifice of time and a strain on my body.

Beginning with seeds in the greenhouse and continuing through harvest, I enjoy watching the produce grow and reaping the bounty of my work. These gardens provide us with much food. My wheelbarrow is full-sized now, just like the role I play in helping sustain my family.

The miles I walk pushing a wheelbarrow offer one type of support. Those I drive to and from my job as a restaurant dishwasher provide another 20 to 25 hours a week I scrub and rinse, pacing myself to stay ahead of the front of the house.

These hours demand a different type of sacrifice, but offer the promise of financial independence, my ability to save and even invest. I crave stability and dream of a future I can provide for myself. I want to help pay for college, buy a home on the water, maybe even have a boat.

But the miles I drive to swim practice feel different. These are just for me.

Setting goals and working to achieve them empowers me. After an early alarm and my daily decision to sacrifice sleep and free time, the tough morning workouts motivate me to push through obstacles. I can carry these lessons through college, my future career, my personal life.

These miles, hundreds walked and thousands driven, take me to and from the century-old farmhouse we call home. We have expanded it several times to house the seven of us, each new cornerstone marking the sacrifices made to get to that point.

Soon, I will expand my foundation, adding cornerstones uniquely mine to the ones I share with my family. This expansion will be in stages — college, a job, a family of my own — but I know how I will mark them. Miles walked, miles driven, sacrifices made. And I know that with each one, I am building something extraordinary.

“The duty of our generation is to ensure the next generation has it a little easier.”

Charlotte, N.C. — Olympic High School

Pieces of me live in my kitchen.

An art easel stands sentry nearby with stained paintbrushes and repurposed mugs. The curtains are drawn back, revealing clouds ambling against a sun-streaked sky.

Cherry-red and mint green boxes of tea sit in the cupboards above the sink — Earl Grey, peppermint, jasmine. Peaches sprawl across the counter, next to honeycombs I would suck on during long, oppressive summers. Very Monet, don’t you think? Beautiful, sweet, impressionist.

Yet if you peer beyond the bowl of bananas and crooning stereo, you would find a drawer of flatware. Rusting. Brown. Cheap. I didn’t know I was poor until I noticed the flatware. You can beautify the ugly in all sorts of ways, paint and plaster over all the cracks and holes. But the truth will stick like tar.

It was the autumn of 2019, and my mother was hunched in the kitchen, beaming and bright. “Look,” she beckoned. She handed me a fork and spoon: so shiny I could see my reflection, heavy in my hand and cold to the touch. There were two more pairs on the counter. She had replaced the entire drawer.

“Three hundred dollars,” Mama said proudly. “Two graveyard shifts.”

My mother works two jobs. I save coupons for back-to-school shopping. Why did I take so long to notice? Maybe I wanted to see myself as something other than a stereotype. Another brown body who lives under the umbrella term of low-income, first-generation. Maybe my mother was embarrassed to be another brown body who couldn’t afford a good cutlery set without 20 extra hours.

But I never had to think about it, because she kept the kitchen picturesque, and I never mentioned the bags underneath her eyes. It was some dark, dirty secret we clutched to our chest, kept away from prying eyes. No one should know (not even us).

“Poor” has always been a tainted word, like “homeless” or “beggar.” The generous donate, the indifferent ignore, the unkind scoff, but there is a quiet murmur, an intrusive “this is your fault” inside all of us. That’s why we say “escape poverty” like it’s some monster under our bed, not a symptom of a monstrous society. We are all eager to escape, and when we do, we do not look back.

I have always had a deep longing for more. I was named Jaylen after a basketball player, but I tell people I was named after the blue jay. Inside me, a small bird, like my namesake, was desperately trying to fly. I wanted to leave, because I was ashamed, and by wanting more for myself, I forgot to want more for everyone else.

But standing there, I saw my mother for the first time. I saw the pride in her purchase, her sunken face, how her hands shook and her hair grayed. She worked every day, so I could one day rest. She never kicked up her feet and enjoyed honeycombs on a Saturday afternoon. She loved my future enough to forsake her present.

Each of us has that small bird inside of us, but birds fly in flocks (and together, cages aren’t really cages). The duty of our generation is to ensure the next generation has it a little easier. There is no shame in that weight. There is pride.

We plant seeds so that our daughters and sons can enjoy the flowers. We add semicolons so that our children continue our story.

I work, no longer to escape my community, but to transform it. I distributed hundreds of letters that I and my classmates had written to nursing home residents who were in quarantine during the holidays. I taught computer science and business classes to underprivileged students. I helped underclassmen transition to the turbulent ocean that is high school. I paint murals, drink tea and take birds with broken wings to animal hospitals.

The other day, I bought my mother another set of cutlery that I hope to give her soon. I can finally say I learned how to fly.

Ron Lieber has been the Your Money columnist since 2008 and has written five books, most recently “The Price You Pay for College.” More about Ron Lieber

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260 Money Topics to Write About & Essay Examples

Looking for a topic about money? Money won’t leave anyone indifferent! There are lots of money essay topics for students to explore.

🏆 Best Money Essay Examples & Ideas

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You might want to focus on the issue of money management or elaborate on why money is so important nowadays. Other exciting topics for a money essay are the relation between money and love, the role of money in education, etc. Below you’ll find a list of money topics to write about! These ideas can also be used for discussions and presentations. Money essay examples are a nice bonus to inspire you even more!

• Can Money Buy You Happiness? First of all, given that happiness is related to the satisfaction of personal needs, there is also a need to consider the essential need of human life such as housing, medicine, and food.
• I Don’t Believe Money Can Buy Happiness This shows that as much as money is essential in acquisition and satisfaction of our needs, it does not guarantee our happiness by its own and other aspects of life have to be incorporated to […]
• Connection Between Money and Happiness Critical analysis of money-happiness relationship shows that socioeconomic factors determine the happiness of an individual; therefore, it is quite unsatisfactory to attribute money as the only factor and determinant of happiness.
• Money as a Form of Motivation in the Work Place This then shows that money can and is used as a motivational factor in the work place so that employees can strive to give their best and their all at the end of the day.
• Money: Good or Evil? Comparing & Contrasting While there are those amongst us who subscribe to the school of though that “money is the source of all evil”, others are of the opinion that money can buy you anything, literary.
• Money, Happiness and Relationship Between Them The research conducted in the different countries during which people were asked how satisfied they were with their lives clearly indicated the existence of a non-linear relationship between the amount of money and the size […]
• Should America Keep Paper Money It is possible to begin the discussion of the need for keeping paper currency from referring to the rights of any people.
• Does Money Buy Happiness? Billions of people in all parts of the world sacrifice their ambitions and subconscious tensions on the altar of profitability and higher incomes. Yet, the opportunity costs of pursuing more money can be extremely high.
• Strategies to Save and Protect Money Thus, the main points of expenditure will be clearly marked, which will help to exclude the purchase of unnecessary goods and services.
• Money and Modern Life The rich and the powerful are at the top while the poor and helpless are at the bottom, the rest lie in-between.
• The Global Media Is All About Money and Profit Making It is noteworthy that the advertisement are presented through the media, which confirms the assertion that global media is all about money and profit making. The media firms control the information passed to the public […]
• Discussion: Can Money Buy Happiness? Reason Two: Second, people are psychologically predisposed to wanting more than they have, so the richer people are, the less feasible it is to satisfy their demands.
• Change in the Value of Money According to Keynes To explain the effect of inflation on investors, Keynes delves into the history of inflation through the nineteenth century and tries to explain the complacency of investors at the beginning of the First World War […]
• Money and Happiness in Poor and Wealthy Societies Comprehending the motivations for pursuing money and happiness is the key to understanding this correlation. The Easterlin paradox summed this view by showing that income had a direct correlation with happiness.
• Anti-Money Laundering and Hawala System in Dubai To prevent money launders and agents, most countries enacted the anti-money laundering acts with the goal of tracking and prosecuting offenders.
• Opinion on the Importance of Money In the absence of money, individuals and organizations would be forced to conduct transactions through barter trade which is a relatively challenging system due to existence of double coincidence of wants.
• Success and Money Correlation The development of the information technologies and the ongoing progress led to the reconsideration of the values and beliefs. It is significant to understand that there is no right or wrong answer for the question […]
• Money, Success, and Relation Between Them In particular, the modern generation attaches so much importance to money in the sense that success and money are presumed to be one and the same thing.
• Prices Rise When the Government Prints too Much Money Makinen notes that an increase in the supply of money in an economy relative to the output in the economy could lead to inflationary pressure on prices of goods and services in the economy.
• Money or Family Values First? Which Way to Go As such, family values becomes the epicenter of shaping individual behavior and actions towards the attainment of a certain good, while money assumes the position of facilitating the attainment of a certain good such as […]
• Time Value of Money: Importance of Calculating Due to fluctuations in economies, all organizations need to take into consideration concepts of the time value of money in any investment venture.
• Money and Its Value Throughout the World History What is important is the value that people place on whatever unit they refer to as amoney.’ Money acts as a medium of exchange and an element of measurement of the value of goods and […]
• Electronic Money: Challenges and Solutions First of all, it should be pointed out that money is any type of phenomenon which is conventionally accepted as a universal carrier of value, or “any generally accepted means of payment which is allowed […]
• Money Laundering Through Cryptocurrencies This study will try to critique the approaches used by countries to address the aspect of money laundering activities and the risks posed by digital currencies.
• Two Attitudes Towards Money The over-dependence on money to satisfy one’s emotional needs is a negative perspective of money. The positive attitude of money is rarely practiced by people.
• Giving Money to the Homeless: Is It Important? The question of whether a person should give money to a homeless person or not is a complicated one and cannot have the right answer.
• Anti Money Laundering and Financial Crime There are a number of requirements by the government on the AML procedures to be developed and adopted by the firms in the financial service in industry in an attempt to fight the illegal practice.
• Relation Between Money and Football In the English league, clubs have been spending millions to sign up a player in the hope that the player will turn the fortunes of the company for the good.
• Efforts to Raise Money for Charity However, the point is that charity is supposed to be for a simple act of giving and not expecting any returns from it.
• Paper Money and Its Role Throughout History The adoption of the paper money was considered to be beneficial for both the wealth of the country and the individual businessmen.
• Artworks Comparison: Les Demoiselles d’Avignon and Tribute Money Though the Les Demoiselles d’Avignon, a fresco created by Picasso, was created in an entirely different epoch than Masaccio’s Tribute Money was, the two artworks still share a range of stylistic, compositional and conceptual similarities, […]
• Money Laundering: Most Effective Combat Strategies The practice of money laundering affects the economy and security of a country. Countries have directed their efforts to curb money laundering to control the downwards projections of their countries’ economies.
• Money: Evolution, Functions, and Characteristics It acts as medium of exchange where it is accepted by both buyers and sellers; the buyer gives money to the seller in exchange of commodities.
• Are Workers Motivated Mainly by Money? Related to the concept of work and why people work is the original concept developed by Karl Marx in the so-called conflict theory.
• The Lebanese-Canadian Bank’s Money Laundering The bank was later banned from using the dollar by the American treasury; this resulted in the collapse and eventual sale of the bank.L.C.B.had to pay a settlement fine of one hundred and two million […]
• Where Does the Money Go? by Bittle & Johnson Therefore, the authors explain key issues of the national debt in a relatively simple language and provide their opinion on how the country got into that situation and what could be done about it. In […]
• Anti-Money Laundering in Al Ansari Exchange Case Study Details Company name: Al Ansari Exchange Headquarters: Dubai, United Arab Emirates Sector: Financial Services Number of employees: 2500 Annual gross revenue: UAED 440.
• “From Empire to Chimerica” in “The Ascent of Money” In the chapter “From Empire to Chimerica,” Niall Ferguson traces back the history of the Western financial rise and suggests that nowadays it is being challenged by the developing Eastern world. The hegemonic position of […]
• Money Saving Methods for College Students A budget is one of the methods that a college student can use to save money. In the budget, one should indicate how much to save and the means of saving the money.
• The Ascent of Money: A Financial History of the World The succinctness of this book lies in the critical analysis and emphasis of the financial history of money in spite of the fact it has impeded some important functions of the global economy.
• The Relationship Between Money Supply and Inflation It is evidenced that changing the money supply through the central banks leads to a control of the inflationary situations in the same economy.
• Why People Should Donate Time, Money, Energy to a Particular Organization, Charity, or Cause Its vision is to have a world that is free from Alzheimer’s disease.”The Alzheimer’s Association is the leading, global voluntary health organization in Alzheimer’s care and support, and the largest private, nonprofit funder of Alzheimer’s […]
• Money and Banking: General Information The essay gives the definition of money and gives a brief description of the functions of money. As a store of value, money can be saved reliably and then retrieved in the future.
• Time Value of Money Compounding was done on the amount that I had lent out using the market rate over the duration of time the person held my money.
• Money, Happiness and Satisfaction With Life Nonetheless, the previously mentioned examples should be used to remind us that money alone is not a guarantee of happiness, satisfaction with life, and good health.
• Two Attitudes Toward Money Two attitudes toward money involve negative perception of money as universal evil and positive perception of money as source of good life and prosperity.
• Dreams of Avarice in Ferguson’s “The Ascent of Money” The chapter “Dreams of Avarice” of the book “The Ascent of Money” explores different stages of development of money functioning in the world by relating them to corresponding historical events.
• “College Is a Waste of Time and Money” by Bird Bird’s use of logical fallacies, like if students do not want to go to college, they should not do it until the reasons of their unwillingness are identified, proves that it is wrong to believe […]
• Exploring the Relationship Between Education and Money A person cannot be able to change his/her ascribed status in the society, but only through education a person is able to change his/her Socio-economic status and to some extent that of his/her family once […]
• Drugs: The Love of Money Is the Root of All Evils The political issues concerning the use of drugs consist of, but not limited to, the substances that are defined as drugs, the means of supplying and controlling their use, and how the society relates with […]
• Money Laundering Scene in Police Drama “Ozark” In one of the first season’s episodes, Marty, the main character, illustrates the process of money laundering crime. In the scene, one can see that Marty is fully sane and is committing a crime voluntarily.
• Money From the Christian Perspective Work in Christian missions is a business and since it affects the relationship between the missionary and the people he is trying to reach, missionary funding is essential.
• Business Case Scenario: Missing Money in a Company A possible scenario explaining how money is missing is through the payroll department my first argument seeks to prove the payroll department as the loophole of the company’s misfortunes.
• Sports Stadiums’ Funding by Public Money The issue is controversial from an ethical point of view since not all citizens whose taxes can be spent on the construction of the stadium are interested in or fond of sports.
• Money Laundering: The Kazakhgate Case He was accused of breaking the Foreign Corrupt Practices Act of 1974 and money laundering by the U.S.attorney’s office for the Southern District of New York.
• The Ways Terrorists Raise and Move Money Moreover, the government has put into action the freezing orders and blocking of united states individuals who are presumed to have a hand in terrorist activities.
• “Money as a Weapon” System and Fiscal Triad Furthermore, the fiscal triad encompasses the procurement of products and services and the disbursement and accounting of public funding. Fiscal legislation and contracts are two key components of the “money as a weapon” system.
• The Fiscal Triad and Money as a Weapon System The reliance on the unit commanders sparked the development of the complementary strategy, “Money as a Weapon System,” which became a focal point of the Iraq and Afghanistan campaigns.
• Saving Money Using Electric or Gas Vehicles The central hypothesis of the study is that the electric car will save more money than gas ones. The main expected outcome that the study is counting on is a confirmation of the presented hypothesis […]
• Traditional vs. Modern Forms of Money The most significant argument for the continuing existence of traditional forms of money is the impossibility of converting all financial resources into a digital form.
• Time Value of Money: What You Should Know The time value of money is a paramount financial concept, according to which a certain amount is now worth more than the same amount in the future.
• The Concept of the Time Value of Money The concept of the time value of money refers to the financial principle noting that a fixed amount of money currently is worth more than the same amount of money in the future.
• Play Money Paper: A Report Betas of the Companies in the Portfolio It is noteworthy that in the given portfolio, the beta indices of the companies involved vary considerably.
• Integration of Business Ethics in Preventing Money Laundering Schemes The shipping information within the document seems inaccurate with the intention to launder money from the buyer. The contribution of ocean carrier in the transaction process is doubtful to a given extent.
• Trade-Based Money Laundering The purpose of this paper is to research the subject of trade-based money laundering, its impact on global scene and export controls, identify types of trade finance techniques used to launder illegal money, and provide […]
• Impact of Natural Disasters on Money Markets and Investment Infusion of funds from the central bank during natural disasters results in higher process of exports as a direct result of an increase in the value of the local currency.
• The Perception of Money, Wealth, and Power: Early Renaissance vs. Nowadays In the Renaissance period, power was a questionable pursuit and could be viewed as less stable due to more frequent upheavals.
• Financial Institutions and Money Money is a store of value because it can be saved now and used to purchase se goods and services in the future.
• Researching of the Time Value of Money After receiving the loan, one of the monetary policies that would help PIIGS to stabilize is the deflation of their currency, in this case, the Euro.
• Anti-Money Laundering: Financial Action Task Force Meanwhile, given the limited access for physical assessment of state jurisdictions, it is likely that current provisions of FATF are yet to be revised in spite of pandemic travel and assessment restrictions.
• Anti-Money Laundering in the UK Jurisdiction The regime adopted in the UK is based on the provisions of “the Terrorism Act of 2000, the Proceeds of Crime Act of 2002, as well as the Money Laundering, Terrorist Financing, and Transfer of […]
• Trade-Based Money Laundering and Its Attractiveness The proliferation of the trade-based money laundering is directly related to the growing complexity of international trade systems, where new risks and vulnerabilities emerge and are seen as favorable among terrorist organizations seeking for the […]
• Money Laundering and Sanctions Regulatory Frameworks Under the provisions of OFAC, the company has violated the cybersecurity rules that might indirectly bring a significant threat to the national security or the stability of the United States economy by engaging in online […]
• Type Borrowing Money: Margin Lending In the defense of the storm financial planning firm, BOQ submitted to the authorities that in view of banking regulatory policies, storm had not contravened any of the policies and this is the reason why […]
• Lessons on Financial Planning Using Money Tree Software Financial planning remains a fundamental function among the investors in coming up with a method of using the finances presently and in the future.
• The Supply of Money in the Capitalist Economy In the capitalist economy that the world is currently based on, the supply of money plays a significant role in not only affecting salaries and prices but also the growth of the economy.
• Time Value of Money Defined and Calculations Simply put, the same value of money today is worth the same value in future. The time value of money can therefore be defined as the calculated value of the money taking into consideration various […]
• Money Tree Software: Financial Planning This return is important because: It represents the reward the business stakeholders and owner of the business get in staking their money on the business currently and in the future It rewards the business creditors […]
• Money Management: Investment on Exchange-Traded Funds The essay will discuss the possibility of investing in a number of selected ETFs in connection to an investment objective of an individual.
• What Is Money Laundering and Is It Possible to Fight It Certainly and more often money involved in laundering is obtained from illegal activities and the main objective of laundering is to ‘clean’ the dirty money and give it a legitimate appearance in terms of source.
• Time Value of Money: Choosing Bank for Deposit The value of the money is determined by the rate of return that the bank will offer. The future value of the two banks is $20,000 and $22,000 for bank A and bank B respectively.
• How Money Market Mutual Funds Contributed to the 2008 Financial Crisis While how the prices of shares fell below the set $1 per share was a complex process, it became one of the greatest systemic risks posed by the MMMF to the investors and the economy […]
• Time Value of Money From an Islamic Perspective Islamic scholars say that the time value of money and the interest rates imposed on money lent are the reasons why the poor keep on getting poor and the rich richer.
• Rational Decision Making: Money on Your Mind The mind is responsible for making financial decision and it is triggered by the messages we receive on the day to day activities. Lennick and Jordan explain that, we have two systems in the brain; […]
• A Usability Test Conducted on GE Money.com.au It is common knowledge that the easier it is to access services and products on a given website the more likely users will be encouraged to come back.
• “Most Important Thing Is Money Ltd”: Vaccination Development Thus, necessary powers have been vested with the Secretary of State for Health in England, through the recommendations of the Joint Committee on Vaccinations and Immunisation to enforce such preventive steps, through necessary programs that […]
• Money Investments in the Companies and Bonds The stock volume is on the low level now, about 30, but it is connected with the crisis in the world and the additional investment may support the company and increase it. In general the […]
• Money Management in the Organization There is a much debate on the issue and several people an financial experts do analyze the historical perspectives of the Active vs Passive money management.
• How the Virus Transformed Money Spending in the US In the article featured in the New York Times, Leatherby and Geller state that the rate at which people spend their money has rapidly decreased due to the emergence of the virus in the United […]
• The Role of Money and Class Division in Society The image of modern American society tries in vain to convey the prevalence of personality over social division. Americans’ perception of financial status has been shaped for years by creating the notion of the “American […]
• Money and American Classes in 1870-1920 Wherein, the time of the stock market emergence was the time of the ongoing “carnival,” where the mystical power of money transferred to miraculous products and medicines and compelling advertisements.
• The Ascent of Money – Safe as Houses Looking from a broad historical perspective, Niall Ferguson devotes the chapter “Save as Houses” to the observation of the real estate concept transformation, describes the place of the real estate market in the economic systems […]
• The Ascent of Money – Blowing Bubbles The price for a share tells how much people rely on the cost of the company in the future. The life of a stock market represents the reflection of human moods on the price of […]
• Canada’s Role in the History of Money: The Relationship Between Ownership and Control Individuals with the predominant shares gain the directorship of the wealth production channels and as such gain control of the diversified owners.
• Why Non-Monetary Incentives Are More Significant Than Money It is important to recognize that both monetary and non-monetary incentives, otherwise known as total rewards, are offered to employees in diverse ways for purposes of attracting and motivating them to the ideals of the […]
• To Make Money or Serve the Society? However, when the issue of the corporation to serve the society arises, then it kind of compromises the main focus of the corporation, which is to make money. These have been the major causes of […]
• Money Role in Macro Economy The dollar is till now the most accepted currency in the world and this dollar fluctuation that has been caused by the worst recession in American history since the time of the Great Depression is […]
• Organizational Communication & the “Money” Aspect While the use of this information is critical for both ensuring survival of the organization and being a frontrunner in its strategies for the future, there are large boulders in use of this information effectively, […]
• Tax Money Usage on Military Spending Issue The fact that America won the Cold War and defeated the Soviets is taken as a vindication by the American leaders of the need to continue military spending.
• Money Makes You Happy: Philosophical Reasoning It is possible to give the right to the ones who think that money can buy happiness. This conclusion is not accepted by psychologists who think that wealth brings the happiness only in the moment […]
• “Who Says Money Cannot Buy Happiness” by Lee Investment is a production process for will it bring about goods and services that can be sold to the market and in the process, the owner of the business makes some profit.
• Technical Analysis as Active Money Management Method Technical analysis is the financial markets methodology that asserts the capability to foretell the probable course of security charges by the means of past market data study, principally price and volume.
• Spare Change: Giving Money to the “Undeserving Poor” To address the central theme of the article, one need to delve deeper into the psyche of giving alms and money to the poor people we meet on the street.
• The Use of Money in Business Practices Money is seen as the cause of problems and especially in the minds of emerging market respondents. Through this they can pick up groceries for the old in their neighborhood and make money from this.
• Money Laundering and Terrorist Finance However, the balance money after the sham gambling is transferred to another ordinary bank account, thereby creating a legal status for the laundered money as if it has come from gambling and will be employed […]
• City Planning. Too Much Money: Why Savings Are Bad The scenario is that the expected growth in economies where the rate of savings is high has not shown a corresponding increase in growth rate also.
• Debates in Endogenous Money: Basil Moore The value of the currency was determined by the value of the precious metal used to mint the currency. From the time Federal Reserve took control of money and credit, economic consistency is attained by […]
• Money and Banking. Financial Markets The essay will examine the essence and the importance of the above-mentioned financial phenomena and see how their interrelation, especially in the negative context, can influence the state of things in society.
• Money and Justice: High-Profile Cases It is estimated that thousands of persons bracketed in the ‘poor’ sector of society go to jail annually in the United States without having spoken to a lawyer.
• Accounting for Public Money After Railway Privatization There were very many problems prior to the railway privatization in 1990.one of the problems that led to the privatization of the railway line in the UK was the misappropriation of taxpayers’ money.
• Time Value of Money and Its Financial Applications The time value of money refers to the idea that money available at the present time is worth more than the same amount in the future, due to its potential earning capacity.
• Time Value of Money in Examples Therefore, re-purchase of the shares appeals to the managers of the company because it will allow the company uses the money to regenerate more money for the purpose of repurchase the shares in the future.
• Wall Street Managers: The Art of Making Money In the end, the goal of Wall Street managers is to ensure optimal returns in all of their investments. The evolution of Wall Street managers is etched in the history of financial markets.
• Money Laundering in the USA and Australia The International Money Fund has established that the aggregate size of money laundering in the World is approximately four percent of the world’s gross domestic product.
• Locke’s Second Treatise of Government and Voltaire’s Candide’s Value on Money Both written at a time when philosophers had started questioning the relevance of capitalism and the concept of wealth creation, it is evident that the two authors were keen on explaining the power of money […]
• The Concept of Money Laundering The first issue I have learned is that the main problem lies in the presence of Big Data that includes trillions of transactions of various financial organizations and systems.
• Fraud, Money Laundering, and Terrorism Financing After the audacious attack by Al-Qaeda and the destruction of the Twin Towers on 11th of September 2001, terrorism was declared the number one enemy to the peace and stability of the modern world.
• Time Value of Money – Preparing for Home Ownership The purchase price of the house is determined by using the following formula in Excel. 66 The down payment is 20% of the future value of the house, i.e, $40,278.13.
• Martin Van Buren: Money and Indian Relocation One of the reasons for such collaboration and understanding is the focus on the values we have. I believe this path will bring us to the land we all would like to live in.
• The General Theory of Employment, Interest and Money Money is a determinant of the propensity to consume; hence, the more money one makes, the more that he or she consumes and the converse is the case.
• The Practice of Saving Money Knowledge of the language is also a very crucial component of EAP as it aids the learner in understanding questions and responding to them in their examinations.another differentiating factor between the two varieties of English […]
• Money Market and Value-Based Pricing Consequently, the GDP can be defined by the equation: Y=C+I+G+NX where: Y= Total GDP, C=Consumption by household, I=Investment, G=Government expenditure, NX=Net Exports Net Domestic product entails the reduction of the GDP by the depreciation of […]
• How Money Markets Operate? Furthermore, only free markets have shown the resilience that is necessary to accompany the fluctuations in demand and supply of the money markets.
• Access Right to Money: Sculpture Theft Among the suspects, there are those in dire need of the money due to financial problems, while others need the values worth of the item and not the actual monetary price attached to the item.
• History of Money in Spain The production of coins melted from gold also ceased in the year 1904, with the production of that melted from silver ceasing in the year 1910.
• Money Flows and Financial Repression in the US and China From the article, the authors depict how the interest rates in developed countries like the United States compare with those of the emerging markets such as China, India, and Brazil.
• Management: “Marketplace Money” and “Undercover Boss” In this case, the accents are made on the support of the healthy workforce in order to guarantee the better employees’ performance and on the idea of rewards as the important aspects to stimulate the […]
• Money Compensation for Student-Athletes Besides, sports are highly lucrative for colleges, and students whose labor brings the revenues should share the part of them not to lose the interest in such activities.
• Chapters 1-3 of “Money Mechanics” by David Ashby The retained amount of money in the commercial bank is the primary reserve. The banks can decide to reduce their working reserve, and the money obtained is transferred to the excess reserve fund in accounts […]
• Banking in David Ashby’s “Money Mechanics” Changes in prices may not have a direct effect on the gross domestic product and the planned expenditures because this is determined by the money that is in supply. This causes the GDP and prices […]
• Karl Marx on Commodities, Labor, and Money Division of labour is very important in the production of commodities. The use-value of each commodity contains useful labour.
• The UAE Against Money Laundering and Terrorism Financing This valuation of the anti-money laundering and combating the financing of terrorism government of the United Arab Emirates is founded on the forty endorsements and the nine special commendations on extremist supporting of the monetary […]
• UAE Anti-Money Laundering Laws and Their Benefits The legal maintenance of counteraction to the legalization of criminal incomes is carried out by means of a system of laws and regulations, controlling financial, bank, and customs relations and establishing the order of licensing […]
• Money, Their Features, Functions and Importance The first hindrance is the inability of the household to monitor the activities of firms. In this case, it is used to state the value of debt.
• Happiness Without Money in Sociology and Psychology The tendency’s mechanics are simple – being in the possession of any substantial sum of money increases a person’s chance to secure a dominant status within the society, which in turn will result in strengthening […]
• Money Market Development Factors The money market is one of the fundamental elements in the functioning of any state. Under these conditions, the gradual rise of technologies and their implementation in the sphere of financial operations alter the money […]
• “God’ Money is Now My Money” by Stanley Seat It could be said that different priorities and the lack of time for supervision of the employees are the critical reasons for the violation of rules and high frequency of fraud in the religious institutions […]
• International Money Laundering Thus, money laundering has a profound impact on the state of the global economy, as well as on the economy of the U.S.
• Cybercrime and Digital Money Laundering The result of the investigation was the indictment of Western Express and a number of the company’s clients for several charges including stolen credit card data trafficking and money laundering.
• Hawala Remittance System: Anti-Money Laundering Compliance The existence and operation of money remittance systems is one of the primary features of developing economic relation at all scales from local to the global ones.
• Time Value of Money in Economies of Scale Also, the investigation of the VoF becomes easier by means of scrutinizing the tradeoff between the TVM and the EoS. The TVM is also employed to reach the integration of infrastructure investment valuation and risk […]
• Time Value of Money in Investment Planning The author of the post makes a good point that an amount of money is worth more the sooner it is received.
• David Leonhardt: May Be Money Does Buy Happiness After All The case study of Japanese citizens that support Easterlin paradox do not factor in the confounding psychological effects of the Second World War on the entire population and the country.
• Illegal Drug Use, Prostitution and Money Laundering Upon discussing the impact of money laundering, illegal drugs, and prostitution, the paper proposes the issuing of a court order restraining the use of wealth acquired from victimless crimes as one of the approaches to […]
• Getting Beyond: Show Me the Money Nevertheless, underpayment and overpayment are common, leading to dissatisfaction. Notably, compensation is part culture, but analytics will gain traction in the big data era, as start-ups leverage such advantages from experts to manage a sales […]
• Space Programs: Progress or Waste of Money? According to Ehrenfreund, the ingenuity to develop technologies and work in space is part of the progress that comes from space programs. Space programs have led to the development of technologies that improve air transport.
• “The Money Machine: How the City Works” by Coggan The media plays a chief role in educating the public concerning the various financial matters that affect the undertakings of the City.
• Money Evolution in Ancient Times and Nowadays In the means to defining what money is, most of the scholars from the psychological and physiological field have come up with the theoretical aspects of money and the ways it influences the economic growth […]
• Fraud and Crime Theory in the “Black Money” Movie The movie shows the irregularities involved in the acquisition of arms for the Saudi government. The movie is a perfect display of the international crimes and financial fraud that has been on the rise in […]
• Mercantilism, Stamped Money, and Under-Consumption It is paramount to note that he criticizes ideas of Ricardo quite frequently, and he believed that he did not consider the ideas that were suggested by other prominent economists.
• Money Evolution in the 21st Century and Before The history of the world cannot be described effectively without identifying the function of money. Money has been used to measure the value of resources and financial markets.
• Financial Crisis in Ferguson’s “The Ascent of Money” By Ferguson, the main purpose of the historian is to relieve humanity from the financial illusions on the examples of the past.
• Monetary Policy in “The Ascent of Money” by Ferguson
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• Money History, Ethical and Social Standarts
• World Money History in the 20th Century and New Objects of Value
• Locke’s Work on Interest and Value of Money
• Money in the “Sheriff of Cape Breton” Case Study
• Medieval England in “Treatise on the New Money”
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• Money History, Bonds, Market Bubbles, and Risks
• Park Avenue: Money, Power and the American Dream
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• Money Development From 600 BC to Nowadays
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• Money and Markets vs. Social Morals
• Money Laundering In Saudi Arabia
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• Jean-Jacques Rousseau and Karl Marx: The Role of Money in Human Life
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• The Ascent of Money
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• Making Money on Music: The Company That Has to Stay Afloat
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• Does More Money Mean More Bank Loans?
• Are Corporate Ceos Earning Too Much Money?
• Did the Turmoil Affect Money-Market Segmentation in the Euro Area?
• How Appealing Are Monetary Rewards in the Workplace?
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• Can Banks Individually Create Money Out of Nothing?
• Are Credit Cards Going to Be the Money of the Future?
• Does Money Protect Health Status?
• Can Cryptocurrencies Fulfill the Functions of Money?
• What Tools Used by the Federal Reserve to Control Money Supply?
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IvyPanda. (2024, March 2). 260 Money Topics to Write About & Essay Examples. https://ivypanda.com/essays/topic/money-essay-topics/

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Students Should be Taught How to Manage Money

Students should be taught how to manage money ielts essay.

Some people think that students should be taught how to manage money in primary schools and secondary schools because it is an important life skill. Discuss both the views and give your opinion.

Give reasons for your answer and include any relevant examples from your own knowledge or experience. You should write at least 250 words.

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Teaching young people about financial management proves to be one of the major challenges that parents face nowadays. That is why many academicians demand the introduction of financial literacy into the primary and secondary school curriculum. I completely agree with the statement and opine that personal finance is a crucial life skill that has to be taught in school.

One strong reason is that not all families manage to successfully inculcate a healthy financial habit in their children; after all, it is tough for parents to instill skills in their children they do not possess. A case in point is the 2019 T. Rowe Price Survey. It sheds light on the fact that more than 70% of parents admit they are reluctant about broaching the subject of finance with their offspring. Therefore, when children are not obtaining financial prowess at home, it goes without saying that it will adversely impact our future generations. This is why money management lessons in schools are of profound importance since parents are unequally equipped to inculcate a sound financial habit in their children. ieltsxpress

Moreover, the best time to commence teaching the basics of financial literacy to children is during their childhood. At this age, children’s brains are like little sponges, learning and soaking in information from the stimuli surrounding them. In fact, they are impressionable and can learn promptly, and adopt good and bad habits that will last a lifetime. Take a study from the University of Cambridge for an example. It revealed that children who are equipped with financial education when they are young will be able to manage their finances as adults. Thus, from children all the way to adulthood, financial literacy drives to financial success.

To reiterate, the essay believes that children should be taught financial literacy from elementary school upwards because many parents cannot offer children sound financial sense, and childhood is the best time for learning it for future success. IELTSX press

IELTS Essay on Topic Money

Learning to spend money wisely is important for every adult. Some people suggest that money management lessons should be made compulsory for high school students. In my view, It is necessary to do so.

Like time management, financial management is also a core skill for success. Like time, money is a limited resource which people should learn to use more efficiently. Having the right attitude towards money can increase young people’s opportunities for success. For example, saving money for investment, education and charity purposes can make a difference to young adults and others in society. If students can learn to spend money on the right things and save it for the future, then they can make the most of it when they start earning.

Money management is necessary not only for success in life but also for avoiding potential problems in future. Some students spend all of their money on leisure and fun and do not understand the concept of saving and budgeting. ielts xpress

If they keep spending their money, they will possibly face a personal financial crisis when they grow up. Once entering into adulthood, they have to confront realities such as bills for phone, internet, rent and electricity. If they have no idea of budgeting for necessary life expenditures, they are likely to be in debt. In the worst scenarios, some young adults become thieves and robbers as they run out of money, and their parents cannot give them financial support anymore.

In conclusion, it is necessary for high school students to learn about money management and get ready for adult life. As a proverb goes, the fool and his money are soon parted.

Also Check: Some Companies Sponsor Sports IELTS Essay

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Get money smart. 25 tips to improve your financial well-being

Your financial well-being, or overall financial situation, is unique to you. Often, we equate how well we’re doing financially with how much money we make, our credit score, or overall net worth. In reality, your financial well-being is determined by factors that tell a larger story about your relationship to money. This includes how well you’re able to stay on top of your financial obligations, how secure you feel about your financial future, and ultimately whether you have the freedom to make financial choices that allow you to enjoy your life.

The story you tell about your finances doesn’t need to be a scary one. This October, during Financial Planning Month, we’ve pulled together 25 easy-to-follow tips for getting a handle on your money and improving your overall financial well-being. It starts with getting a realistic picture of where your money is coming from and where it’s going. Then, we walk you through how to stay on top of your finances so you can plan—and save—for the future. 

How would you rate your financial well-being? Get started by taking our quiz, and join us online throughout October by following #FinancialPlanningMonth and sharing these tips and tools.

Understand where your money goes 

The prequel to your financial story begins with a look into your past and current finances. What do you spend money on, and where are you getting your income? By tracking these factors, you can get a better sense of your financial picture today so you can plan for the future.

1. Take our quiz to see how healthy your finances are.

Answer just 10 questions to measure your financial well-being and get a few steps for making improvements. Take it now, then take it again later to see if your story has changed.

2. Learn where your money is coming from.

Before you can make any improvements, you need to get an accurate picture of your finances. Start by tracking your sources of income .

3. Learn where your money is going.

Fill out our spending tracker to get a sense of your regular expenses. To get a handle on your money, you need a system that will allow you to track your daily spending on an ongoing basis. Find and stick to a system that works best for you.

4. Write your bill due dates on a calendar.

If you have trouble making ends meet at the end of the month, the timing of your income and expenses may be off. It’s often helpful to see the full picture. Write down the due dates for your bills on a printed calendar that you can look at regularly as you plan for the weeks ahead.

Small changes can make a big difference

There are some easy steps you can take to turn the corner on your finances. Once you have an accurate picture of your money, follow these tips to start aligning your expenses to your income. 

5. Create a working budget that matches your cash flow.

Your cash flow is the timing of when money comes in and when it goes out. Looking at it on a week-by-week basis, especially if you tend to run short, can help you create a working monthly budget .

6. Request due dates for your bills that help you stay on track.

If there are certain weeks when money is especially tight, you can contact your creditors and utility companies and request new due dates that better align with your income .

7. Compare your spending month-to-month.

Track your spending closely for several months. By looking at your spending in real-time and comparing it to the previous month , you’ll start to see places where you can make adjustments and move money into savings.

Save for emergencies

Saving money might feel out of reach at times, but consistently putting away even small amounts of money can make a big impact over time. Check out our tips for making saving a part of your everyday routine, and then watch it grow. 

8. Give yourself financial security with an emergency savings fund.

Start by putting aside what you can afford in order to help cover many common emergencies, such as a car repair or medical bill, that could otherwise become costly debt. Prioritize a dedicated savings account for these unexpected expenses as one of your top savings goals, and as you get a better handle on your overall financial situation, you may decide to set more aside.

9. Set rules for your emergency savings–but don’t be afraid to use it.

Set guidelines for yourself for when you can spend down this savings fund and what constitutes an emergency, but if you need it, don’t be afraid to use it. That’s what it’s there for. Just remember to work to rebuild it.

10. Make saving easy by making it automatic.

Whether it’s through your bank or employer, there are a number of ways to have money automatically transferred into your savings every week or month . Reoccurring transfers are considered one of the most effective ways to build your savings.

11. Put extra money into savings at times when you have it.

There may be weeks when money is tighter than others. Take the opportunity to put money into savings when you have it.

12. Use your tax refund to help you reach financial goals.

For many Americans, a tax refund can be one of the largest checks they receive all year. Make a plan now to dedicate a portion of that money to saving for some of your larger financial or savings goals.

Reduce your debt 

Paying down debt can seem scary or tough, but with some proven strategies, you can make it happen, bit by bit. Our tips for reducing debt can help you find the right methods to trim your debt into something that feels manageable.

13. Before making a plan to pay down your debts, know what you owe.

Use our debt log to get a sense of the amount of debt you owe, including interest rate and projected payoff date, and who you owe it to.

14. Choose a debt reduction strategy that works best for you.

There are two common strategies to pay down your debt: the highest interest-rate method and the snowball method. Learn the differences and pick the one that works best for you .

15. Learn about federal and private student loans repayment options.

Whether you have federal or private student loans, or a mix of the two, start with the loans you’re most concerned with, and learn how to optimize paying them off .

16. In the market for a car? Negotiating can save you hundreds or thousands of dollars over the life of your loan.

Plan ahead, and learn what’s negotiable.

Create better money habits 

Improving how you manage your money on a daily basis may take time and dedication, but as you develop better money habits, you’ll create a financial story that you’re proud of. 

17. Apply only for credit you need.

While it’s not the only factor, a good credit score is key to your financial well-being. One way to get and keep a good credit score is to apply only for credit you need.

18. Set an annual reminder to check your credit reports.

You’re entitled to free credit reports every 12 months , so set up an annual reminder to review them for any errors that may be hurting your credit and should be fixed.

19. Set up alerts to stay on top of your checking account balance.

Through most banks and credit unions, you’re able to set up alerts to notify you of your checking account balance at the end of the week or if your balance gets low. This helps you monitor your accounts and also protects you from incurring additional overdraft fees .

20. If you can’t make a bill payment, act fast and call your creditors.

Missing a bill payment can have several negative financial impacts. If you’re experiencing a financial emergency, contact your lenders or creditors before your due date to see what options may be available to you.

21. When shopping for a loan, get quotes from at least three lenders.

One of the best ways to save money on a loan is to shop around and get estimates from several lenders to best compare terms and fees. This is true for home loans as well as other types of loans, including auto loans .

Plan for success

Planning ahead is always helpful, and once you get a handle on your current financial picture, set some goals for what comes next. By building a plan, you have a roadmap to help guide you through the rest of your story. 

22. When planning for the future, set SMART financial goals.

Break down your financial goals so that they’re S pecific, M easurable, A chievable, R elevant, and T ime-bound. While dreams tend to be aspirational and often vague, setting actionable SMART goals can help you reach your dreams.

23. Set up a 529 savings plan for your children.

If you have young children, college may seem far off, but to help reduce their need for student loans, a 529 plan is an investment account where your money can grow tax-free.

24. Make your savings consistent.

Putting even a small amount into savings on a consistent basis is one of the best ways to get your savings to grow so you can meet your goals, small or large. Set your own personal savings rule to live by and make a plan on how to achieve it .

25. Prepare for life events and large purchases by planning ahead.

Once you get a handle on your finances, you can start to map out life events and large purchases , so you can begin saving!

If you’ve taken some time to work through these tips, starting with our financial well-being quiz , we encourage you to go back and take it again at the end of October. Improving your financial health and well-being takes time, but the more you know, the more empowered you’ll be to make informed decisions that’ll improve your financial future.

Join the conversation. Follow CFPB on Twitter and Facebook .

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• Essay on Time Management

Money Management Essay Examples

Type of paper: Essay

Topic: Time Management , Management , Finance , Investment , Psychology , Money , Community , Planning

Words: 1400

Published: 12/12/2019

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Money Management

Definition Money management is the process of budgeting, saving, investing, spending or otherwise in overseeing the cash usage of an individual or group. The predominant use of the phrase in financial markets is that of an investment professional making investment decisions for large pools of funds, such as mutual funds or pension plans. It is also referred to as "investment management" and/or "portfolio management". While the term is usually used in reference to professional money managers, everyone practices some form of investment management with their personal finances. There are a wide range of money management services, from the operation of passively-managed mutual funds with low fees to in-depth estate planning and consulting. (Investopedia.com, 2012).

Importance of money management

It is as important as earning money itself, and would help you make the best use of money. Identify your money and track its pathways. Increase your savings and your money would be managed. Saved money doesn't only help you in bad situations. You can also use your savings when the right opportunity comes and then double, triple or multiply the money. So saving is managing for future. Money management lessons say that you should increase both your profits and savings for a better future. Money management doesn't end every month, and begin anew the next month. So to keep a better picture of your money, you can also take the help of Online Money Management Software that allow smooth entry of all your money transactions (thefreelibrary.com, 2012).

How personality traits are linked to money?

Successful saving and investing often comes down to having the right approach. But the right moves to make, on paper, often don’t translate into the actual steps we take. Emotions and personality traits can help or hinder investing and financial planning.

The following are five personality traits that can hurt your investments and financial planning.

1. The overwhelmed In the Allianz study, the “overwhelmed” personality made up the largest segment of its respondents (32%) and, demographically, tended to have the lowest income and education level. “This group tends to have high credit card debt and meager assets,” the study says. “As a group, they tend to be somewhat pessimistic feel unprepared for retirement” and are “unsure of when, or if, they will be able to retire.” Allianz also describes this population as, financially speaking, “in survival mode” (Forbes.com, 2012) 2. The distracted They tended to have the highest income level of those who took part in the survey, the second-largest level of investible assets and live in more expensive homes in metropolitan areas. Although many saw their net worth drop significantly as a result of the economic downturn and cut back on spending, most have not changed their financial plans or reevaluated their overall financial strategy. Allianz found that respondents displaying this personality trait expect to retire in their early 60s but would prefer to do so in their early 50s. Most are counting on getting full Social Security benefits and they rely on 401(k) plans more than any other group. They really don’t have an overarching strategy, because they are too distracted with day-to-day things to get around to getting their financial house in order. (Forbes.com, 2012) 3. Risk-takers The 2004 Merrill Lynch study delved into what it called “competitive investors,” those who “enjoy investing and try to beat the stock market.” Even when knowledgeable and experienced, their sporting approach to risk set them up for failure. They can have a hard time letting go of losing investments and often put too much of their portfolio into one stock or investment. (Forbes.com, 2012) “Not surprisingly, competitive investors also tend to chase hot stocks,” the study says, adding that they “are most likely to be overconfident and greedy.” “All that enthusiasm for investing can be a detriment if left unchecked,” it says. In a worst-case scenario, investing becomes akin to gambling, filled with risky day trades, penny stocks and other adrenaline-pumping pursuits of maximum profits (Forbes.com, 2012). 4. Wood-knockers “They choose optimism and sound something like this: ‘Today we don’t have any such plans, knock on wood,’” the study says. “They allow themselves to think about possible unexpected scenarios, but they are good at turning these around, creating hope-filled scenarios that don’t require planning: ‘I’d like to think things will stay peaceful, calm and sane for a few years that we will have no crisis health-wise, that the economy will get better so things will seem more secure for everyone.’” It refers to this as living in a “fantasy land” that can preclude necessary planning for an unknown future (Forbes.com, 2012). 5. The overconfident Hubris has brought many high-flying dreams crashing to the ground. When it comes to financial planning, overconfidence can be disastrous. “They are realistic about the possibility of an unexpected scenario, but they are prone to inflated ideas about their capacity to handle them,” it says. “When their resources are not enough, Plan B-ers expect to cope, to adapt, to ‘pull back,’ to be ‘OK.’ In these cases, ‘plans’ are not necessarily carefully calculated strategies; instead they are often vaguely characterized adaptive scenarios. ‘We’re flexible. We’ll go with the flow. We’re willing to downsize if we need to.’” These fall-back plans could ultimately be characterized as life-changing desperation scenarios: “I’d have to liquidate my house; I would have to go back into the workforce, if they’d have me.” These personalities are not written in stone, however. People can always change and learn from their mistakes (Forbes.com, 2012).

Money management is the basic act of managing an individual’s or institutions money to make it grow or save it for later use. Everyone manages money in one way or the other. Some simple knowledge of money management can go a long way is, making our future secure and help us rely on money when we need it. The importance of money management cannot be emphasized enough. Technology has made it easier for institutions and individuals to manager their money in an easier and more efficient way. Assessing one’s financial situation and choosing the best ways to manage money are the fundamental steps for efficient finance management. Money management is affected by many things such as the financial state of a person or an entity and willingness to invest among other influential factors. According to several studies undertaken by financial institutions such as Meryl Lynch and Allianz, the personality traits of individuals greatly influence their money management habits. The study has divided individuals in five categories based on its findings; the overwhelmed, the distracted, risk takers, wood knockers and the confidents. The study identifies the lower income group as the overwhelmed and the well to do group as the distracted. The prior group is identified to be less educated and pessimistic and the latter group is specified as the highest income group who do not plan their finances because they keep procrastinating. The risk takers manage their finances like gamble and invest in stocks very often. Wood knockers rely on luck and they are skeptical about financial investments. The over confidents believe strongly in their plans and are always sure that they can handle it if something goes wrong in their life financially (Forbes.com, 2012). In conclusion I would like to say that money management is definitely very important for us to help us prepare for our future and help us put our money to better use. Financial planning is the key to leading towards a secure future and we must plan carefully for it.

5 personality traits that lose you money. (2012, January 12). Retrieved from http://www.forbes.com/sites/thestreet/2012/01/26/5-personality-traits-that-lose-you-money/

Definition of money management. (n.d.). Retrieved from http://www.investopedia.com/terms/m/moneymanagement.asp

Money management basics. (n.d.). Retrieved from http://www.smartaboutmoney.org/LinkClick.aspx?fileticket=kG--bHJsqtc=&tabid=442&mid=832 Anderson, N. (2011, October 27). 3 common financial blind spots. Retrieved from http://www.forbes.com/sites/financialfinesse/2011/10/27/3-common-financial-blind-spots/

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Essay on Value of Money

Students are often asked to write an essay on Value of Money 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 Value of Money

Understanding money.

Money is a medium of exchange for goods and services. It is a tool that allows us to buy what we need and want.

The Importance of Money

Money is important as it enables us to live comfortably. It provides us with food, shelter, and education.

Managing Money

Learning to manage money is crucial. It involves budgeting, saving, and investing wisely.

In conclusion, money has immense value. It’s not just about buying things, but also about securing our future.

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• 10 Lines on Value of Money

250 Words Essay on Value of Money

The concept of value.

Money, a medium of exchange, has transformed from barter to digital currencies. It holds a value that is universally acknowledged, enabling people to acquire goods and services. However, the value of money isn’t merely its purchasing power. It also represents opportunity, security, and freedom.

Money as a Measure of Worth

Money is often perceived as a measure of worth. The more money one has, the more value they are perceived to hold. This perspective, however, is flawed. Ascribing worth to individuals based on their wealth can lead to a distorted understanding of value, neglecting qualities like kindness, creativity, and resilience.

The Temporal Value of Money

The temporal value of money is a crucial economic concept. It suggests that money available now is worth more than the same amount in the future due to its potential earning capacity. This principle underlies the concepts of interest, investment, and risk.

Money and Freedom

Money can grant freedom, allowing individuals to make choices and decisions without constraints. However, this freedom can also lead to a paradox where the pursuit of money becomes a trap, limiting personal growth and happiness.

In sum, the value of money is a complex concept, extending beyond simple purchasing power. It’s a measure of worth, a temporal asset, and a tool for freedom. As we navigate our financial journeys, understanding these various dimensions can help us use money as a tool for fulfillment, rather than viewing it as the ultimate goal.

500 Words Essay on Value of Money

Introduction: the concept of money.

Money, a medium of exchange, is a fundamental concept in our society. It is a tool that allows us to acquire goods and services, and it is a measure of value that facilitates trade and commerce. However, the value of money is not just limited to its purchasing power. It has a broader, more profound significance that extends to individual lives, society, and the global economy.

The Personal Value of Money

On a personal level, the value of money is often equated with freedom and security. It provides the means to fulfill basic needs and pursue personal aspirations. It also offers a safety net against unforeseen circumstances. However, it’s important to understand that money is a tool, not an end in itself. The value of money lies in its use and the quality of life it can provide, rather than the accumulation of wealth for its own sake.

The Social and Economic Value of Money

Societally and economically, money serves as a common measure of value, facilitating trade and economic interactions. It is the lifeblood of the economy, enabling the flow of goods and services. Money also confers social status and power, often serving as a yardstick for success. However, this can lead to societal disparities and economic inequality, highlighting the importance of fair wealth distribution.

The Psychological Value of Money

Psychologically, money can impact our behaviors, decisions, and emotions. Studies have shown that our relationship with money can affect our mental health, stress levels, and overall happiness. The psychological value of money is subjective and varies from person to person. Some may find value in the security money provides, while others may value the opportunities it affords for experiences and personal growth.

The time value of money (TVM) is a fundamental concept in finance. It holds that a dollar today is worth more than a dollar tomorrow due to its potential earning capacity. This principle underlies many financial decisions and strategies, emphasizing the importance of prudent management and investment of money.

Conclusion: The Multifaceted Value of Money

In conclusion, the value of money is multifaceted and extends beyond its purchasing power. It holds personal, societal, economic, psychological, and temporal value. Understanding these aspects can help us navigate our financial decisions and foster a healthier relationship with money. However, it’s crucial to remember that while money is a powerful tool, it is not the sole determinant of success or happiness. It is the means to an end, not the end itself.

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

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Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

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IELTS essay sample | Money management should be taught at school

by Manjusha Nambiar · February 10, 2017

Essay topic

Some people say that all secondary and higher secondary school students should be taught how to manage money as it is an important life skill. DO you agree or disagree with this argument?

Band 9 sample essay

Everyone has to learn to manage their finances. Children are no different. Therefore I agree with the argument that money management skills should be taught in secondary and higher secondary schools. This practice will prepare young people for their future.

Since we need money to buy essential items and to lead a comfortable life, money management skills are crucial for our overall well-being and happiness. There are several benefits to teaching money management at school. A lot of children, especially those coming from rich families, receive generous amounts of pocket money. Many of them waste this money on unnecessary things because they don’t understand or appreciate the value of money. If money management is part of the curriculum, they will learn to use it judiciously. This learning will stand them in good stead throughout their life.

Also, after school, many children leave their home and move to far away cities to pursue higher education. Unless they know how to spend their money, they will soon run out of funds and put them and their families in trouble. If they learned money management at school this wouldn’t happen.

There is no right or wrong time to learn a skill; even so, the sooner we start the better. Today’s children are tomorrow’s adults. If they learn essential life skills today, it will benefit them and their country now and in the future. Last but not least, money management lessons may also improve the arithmetical skills of the children.

In summary, developing the foundation is crucial for any learning and having money management as a subject in schools will definitely prepare young people for their future.

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Manjusha Nambiar

Hi, I'm Manjusha. This is my blog where I give IELTS preparation tips.

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What Is Money Management?

Understanding money management, top money managers by assets, the bottom line.

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Money Management: Definition and Top Money Managers by Assets

James Chen, CMT is an expert trader, investment adviser, and global market strategist.

Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. The term can also refer more narrowly to investment management and portfolio management.

The predominant use of the phrase in financial markets is that of an investment professional making investment decisions for large pools of funds, such as mutual funds or pension plans .

Key Takeaways

• Money management broadly refers to the processes utilized to record and administer an individual’s, household’s, or organization’s finances.
• The term also refers more narrowly to investment and portfolio management.
• Financial advisors and personal finance platforms such as mobile apps are increasingly common in helping individuals manage their money better.
• Poor money management can lead to cycles of debt and financial strain.
• The biggest money managers by assets under management (AUM) are BlackRock, Vanguard, and Fidelity.

Money management is a broad term that involves and incorporates services and solutions across the entire investment industry.

Consumers have access to a wide range of resources and applications that allow them to individually manage nearly every aspect of their personal finances . As investors increase their net worth, they also often seek the services of financial advisors for professional money management. Financial advisors are typically associated with private banking and brokerage services, offering support for holistic money management plans that can involve estate planning, retirement, and more.

In the growing financial technology market, personal finance apps exist to help consumers with nearly every aspect of their finances.

Investment company money management is also a central aspect of the investment industry. Investment company money management offers individual consumers investment fund options that encompass all investable asset classes in the financial market.

Investment company money managers also support the capital management of institutional clients, with investment solutions for institutional retirement plans, endowments , foundations, and more.

Global investment managers offer retail and institutional investment management funds and services that encompass every investment asset class in the industry. Two of the most popular types of funds include actively managed funds and passively managed funds. Passively managed funds replicate specified indexes and usually charge low management fees.

The list below shows the top global money managers by assets under management (AUM) :

BlackRock Inc.

In 1988, BlackRock Inc. was launched as a $1 division of the BlackRock Group. By the end of 1993, it boasted $17 billion in AUM, and, by 2022, that number swelled to a whopping $8.6 trillion.

BlackRock’s exchange-traded fund (ETF) division, called iShares, has about $2.5 trillion in AUM globally, amounting to roughly 29% of the group’s total assets . Overall, the firm employs approximately 13,000 professionals and maintains offices in more than 30 countries around the world.

The Vanguard Group

The Vanguard Group is one of the most well-known investment management companies, catering to more than 30 million clients across 170 countries. Vanguard was founded by John C. Bogle in 1975 in Valley Forge, Pennsylvania, as a division of Wellington Management Co., where Bogle was previously chair.

Since its launch, Vanguard has grown its total assets to beyond $8 trillion, becoming the world’s second-largest asset manager thanks to the popularity of its low-cost investment funds.

Fidelity Investments

Fidelity Management & Research Co. was founded in 1946 by Edward C. Johnson II. As of Dec. 31, 2022, Fidelity had more than 40 million customers with $10.3 trillion in total assets and $3.9 trillion in AUM.

The firm offers hundreds of mutual funds, including domestic equity , foreign equity, sector -specific, fixed-income , index , money market , and asset allocation funds.

What is the difference between a money manager and an asset manager?

As implied in their respective names, money managers manage money and asset managers manage assets. However, as assets essentially represent money, the two can largely be considered the same thing.

What are the main principles of money management?

The main principles of money management are generally income, investing, savings, and spending. With the right balance, these principles can help individuals to maximize their financial well-being.

What is the goal of money management?

The ultimate goal of money management is to maximize wealth.

Money management is precisely that: the management of money. When people talk about money management, they may be referring to how an individual or company handles their finances, whether that be budgeting, saving, investing, or spending. Alternatively, they could be referring to the companies that many people count on to manage their capital.

In financial markets, the term “money management” is generally synonymous with big investment firms, or asset managers, taking people’s money and investing it. The biggest money managers in the world are BlackRock, Vanguard, and Fidelity. Among them, they oversee many of the largest, most well-known mutual funds and pension plans.

Sovereign Wealth Fund Institute. “ Rankings by Total Managed AUM .”

BlackRock. “ Introduction to BlackRock .”

iShares. “ Who We Are .”

Vanguard, via Internet Archive. “ Fast Facts About Vanguard .”

Fidelity. “ We Are Fidelity .”

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NEWS ALERT: Police charge student who wrote disturbing 'manifesto' threatening to 'shoot up' Montgomery Co. school

An NPR editor who wrote a critical essay on the company has resigned after being suspended

The Associated Press

April 17, 2024, 8:51 PM

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NEW YORK (AP) — A National Public Radio editor who wrote an essay criticizing his employer for promoting liberal views resigned on Wednesday, attacking NPR’s new CEO on the way out.

Uri Berliner, a senior editor on NPR’s business desk, posted his resignation letter on X, formerly Twitter, a day after it was revealed that he had been suspended for five days for violating company rules about outside work done without permission.

“I cannot work in a newsroom where I am disparaged by a new CEO whose divisive views confirm the very problems” written about in his essay, Berliner said in his resignation letter.

Katherine Maher, a former tech executive appointed in January as NPR’s chief executive, has been criticized by conservative activists for social media messages that disparaged former President Donald Trump. The messages predated her hiring at NPR.

NPR’s public relations chief said the organization does not comment on individual personnel matters.

The suspension and subsequent resignation highlight the delicate balance that many U.S. news organizations and their editorial employees face. On one hand, as journalists striving to produce unbiased news, they’re not supposed to comment on contentious public issues; on the other, many journalists consider it their duty to critique their own organizations’ approaches to journalism when needed.

In his essay , written for the online Free Press site, Berliner said NPR is dominated by liberals and no longer has an open-minded spirit. He traced the change to coverage of Trump’s presidency.

“There’s an unspoken consensus about the stories we should pursue and how they should be framed,” he wrote. “It’s frictionless — one story after another about instances of supposed racism, transphobia, signs of the climate apocalypse, Israel doing something bad and the dire threat of Republican policies. It’s almost like an assembly line.”

He said he’d brought up his concerns internally and no changes had been made, making him “a visible wrong-thinker at a place I love.”

In the essay’s wake, NPR top editorial executive, Edith Chapin, said leadership strongly disagreed with Berliner’s assessment of the outlet’s journalism and the way it went about its work.

It’s not clear what Berliner was referring to when he talked about disparagement by Maher. In a lengthy memo to staff members last week, she wrote: “Asking a question about whether we’re living up to our mission should always be fair game: after all, journalism is nothing if not hard questions. Questioning whether our people are serving their mission with integrity, based on little more than the recognition of their identity, is profoundly disrespectful, hurtful and demeaning.”

Conservative activist Christopher Rufo revealed some of Maher’s past tweets after the essay was published. In one tweet, dated January 2018, Maher wrote that “Donald Trump is a racist.” A post just before the 2020 election pictured her in a Biden campaign hat.

In response, an NPR spokeswoman said Maher, years before she joined the radio network, was exercising her right to express herself. She is not involved in editorial decisions at NPR, the network said.

The issue is an example of what can happen when business executives, instead of journalists, are appointed to roles overseeing news organizations: they find themselves scrutinized for signs of bias in ways they hadn’t been before. Recently, NBC Universal News Group Chairman Cesar Conde has been criticized for service on paid corporate boards.

Maher is the former head of the Wikimedia Foundation. NPR’s own story about the 40-year-old executive’s appointment in January noted that she “has never worked directly in journalism or at a news organization.”

In his resignation letter, Berliner said that he did not support any efforts to strip NPR of public funding. “I respect the integrity of my colleagues and wish for NPR to thrive and do important journalism,” he wrote.

David Bauder writes about media for The Associated Press. Follow him at http://twitter.com/dbauder

Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

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