By Giuliana Martone, CFM student

GALWAY–Saving your money can have both good and bad consequences. Many questions may go through your head when you’re thinking about saving: Why is it good to save? Are there downsides to saving? Why should I save? Why shouldn’t I save? What should I save for?

One good things about saving money is that you are less likely to keep spending your money.   Another thing is say you were online or in a store and you see something you really want but then you look at the price. It’s really expensive and you can’t afford it with the couple dollars in your pocket. What should you do? You should save your money so you can afford it. How should you save? First you should figure out how often you get money. So if you get money every week then you could save every week. Now you have to figure out how much of the money you get you want to save. So if you get say $50 a week you could put away $15 a week do you still have $35 to keep. So if the thing you wanted was around $200 you would have to save your money for 14 weeks to reach your goal.
Now you may be thinking what are some pitfalls about saving? Well some of the pitfalls would be if there was something you needed and you didn’t have enough money because you put some of it in your savings. Another downfall would be then if you wanted to go shopping with friends or something you couldn’t get much because you would only have a little bit of money.

As you can see though there are more good things about saving than pitfalls. To save more money you could always try cutting back on something you always buy. For example if you bought an energy drink every day you could save money by cutting back to one per week. It’s good to save your money you will be happy with the outcome in the end.

Save your money!