National Payday Scholarship 2012 Official Entry Seal

By Maraya Foster

Short-term financing is one of the most helpful tools a person can master at a young age, it helps prepare you for what is a head in life, and as we all know money is what allows you to live. Everything in life is based on how much money you have and if you don’t budget or spend wisely you soon will have none.  During the summer I work. My mom refuses to give me money simply because I am now making my own and have a small source of income, but enough that I can support myself for two- week periods. I receive nearly $400.00 and that is all. Now if you think about it $400.00 for a 17 year old kid seems like a lot of money… until you think about how much many things you have to do with that $400.00 and soon begins to feel like you have only $1.00. So I have to support myself for two weeks and I have to travel and eat and be prepared for any unexpected birthday parties or any plans that involve me spending money.

Being responsible is one of the most unique things gained from short term financing and being trusted to not spend everything at once. My first thought is “oh man I’m going shopping immediately” but then I have to be sure not to buy things just because I can but buy them because I need them. This short term financing prepares you for a future dilemma, it causes you to think what you want is unnecessary and what you need is what is most important. And you do not end up spending unnecessary money or money that in reality you do not have. Also this causes you to create an idea of “saving”. Every pay check I put away 450.00 for emergencies and if there is not emergency I simply save it and continuously add $50.00 and when I do need extra money because I failed to budget correctly I have a few dollars left over. This is a helpful tool it prepares you not only for unexpected things but it teaches you discipline to not spend every dollar you receive. Also it is a reward, when you’re able to check your “savings” there is a large amount and maybe you can buy those unnecessary things once in a while and reward yourself by being responsible with you money and good financing.  I believe that short term financing creates growth in a person and creates a responsible adult in the future because you have to think the same way your parents do every day, making smart choices that are beneficial to their life and yours.

Short term financing should be something fun, a smart way to manage your money and get things in life that will allow you to prosper and succeed because you have the financial support to do so.  So by budgeting my money during that short period of summer helps me manage it during the rest of year when I encounter a bit of money from my mother during Christmas or other holidays and my birthday. Short term financing creates independence allowing you to think only our own make your own choices with your own money and helps you make decisions that you believe will help you in life. Also it help you have unexpected money in your pockets so you can go out with your friends, get your permit, go out for dinner, maybe buy that shirt you ALWAYS wanted.  So in the end short term financing is more than beneficial it is ESSENTIAL in life everyone needs this its more than helpful its life changing so be responsible with your money practice some saving 🙂 !

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