Personal Finance Weekly Essay #1: “How can I control small expenses?”
To be honest, I am conservative when it comes to money, which is unlike many teens. I put my weekly allowance into savings for an automobile, and I only spend less than 6% of my allowance per year on gifts for myself, so most of my money goes toward birthday presents for family. However there are still ways I can shrink my spending on small items. For one, I can cut out the occasional $2.25 candy bars for me and my brother (who has soy allergies, and anything soy-free is expensive). Also, sometimes I buy a Lego set without thinking of the actual use, which is a waste and something that can be stopped. An example of when this happened was last year, when I bought $60 worth of Lego® minifigures on eBay, and today I don’t even use them; in fact, I haven’t even opened one of the bags. In addition, whenever I go to the local coin store every year, I can invest in American coins, which have some value on the market, instead of foreign currency, which generally has less market value in the United States, and won’t sell as well as American currency (this is, of course, if I ever sell any old coins, and I probably won’t), making them a waste of money. However, to sum everything up, there is always room to improve, and these are just three ways I thought of to improve upon shrinking small spending.