20 dollars per week

Addison Neely

     The economics class teaches fundamental financial values to students about to venture off in the real world.  Some objectives of this class is to inform young adults about the inner workings of the economy and how to engage in buying and selling stocks, but the most basic concept the class teaches is how to save your money.   Many students argue that they have no or very little disposable income so it is very difficult to put money away in savings.  Craig Weems, a regular and AP economics teacher, suggests ways to make enough money to save at least $20 a week. It isn’t much at first, but with time and interest, that $20 will turn into much more. Things like babysitting, doing lawn care or even house sitting can help you put away $20 a week so you will have some security in the future.

      Let’s assume a 17 year old saves $20 a week until they are twenty-five years old in a normal savings account with zero percent interest rate. By the time they turned 25 they will have saved a respectable $8,320.  But if the same person places that into an account that accumulates ten percent annual compound interest they would have saved a little over $13,000.

     My job is not to teach math or even finance, but to provide ways to earn some cash to ensure financial stability when you get out of college.  First off, babysitting is a popular yet underrated endeavor.  It generally makes a higher rate per hour than a normal job would and it’s much more enticing and flexible.  Everyone knows someone with little kids like your neighbors, siblings, friends and family. And babysitting just twice in one week a couple hours each time will earn much more than the needed $20 a week.

     Another alternative is to make and sell baked goods.  It may sound cheesy, but if one were to just channel his or her inner Martha Stewart, that person would profit tremendously and exceed their expectations. There are more than 2000 students here at Cedar Park so there is lots of potential to earn some cash. Minus the ingredients such as cookie dough or brownie mix, from the total amount earned, there is an easy $40-$60 a week. 

     Some style experts say that you only wear about 20 percent of your wardrobe. To earn a minimum of $20 a week another option is to take unwanted clothes to consignment stores. This allows you to take the excess 80 percent of your closet to a consignment store like Plato’s Closet or Buffalo Exchange. You aren’t going to receive nearly the amount of money that you paid for the item, however, you are going to receive instant cash and more room in your closet.

     In this economy, we are starting to realize how crucial it is to save money.  Many people live paycheck to paycheck and do not have any security whatsoever. And our society is all about the short term impulse shopping as opposed to long term saving. Developing good financial habits at an early age allows you to become more independent. This will provide a smoother transition from high school to the real world. And as young adults, we have the opportunity to secure our future as well as set up good habits that will follow us for the rest of our lives.