1. Read the prompt below. Consider your position on the issue. Then write an essay response. You have 30 minutes to complete this assignment. Your assignment will be graded based on the Persuasive Prompt Grading Rubric. The rubric can be found in your Unit Resources.
Prompt
It is not uncommon for the evening news to talk about the local, state, or national budget. Controlling finances is an important issue for governments at many levels. Families also must control their finances. Some families create budgets that they stick to carefully, recording all outgoing and incoming money so that they never spend more than they bring in. Other families keep at least a mental count of where their finances stand. But what about young people—people your age?
Assignment: Should young people be required by parents to have a budget and stick to it? Plan and write a response in which you state and explain your position on this issue. Be sure to provide support for your stand in the form of sound reasoning and relevant examples.
Answer:
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Should young people be required by parents to have a budget and stick to it? Plan and write a response in which you state and explain your position on this issue. Be sure to provide support for your stand in the form of sound reasoning and relevant examples.
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Introduction:
In today's world, where financial literacy is of utmost importance, the question arises whether young people should be required by parents to have a budget and stick to it. As a firm believer in the importance of financial responsibility, I argue that young people should indeed be required to have a budget and adhere to it. By doing so, they can develop crucial money management skills, cultivate good spending habits, and establish a strong foundation for future financial success.
Body Paragraph 1: Developing money management skills
Creating and sticking to a budget is a vital aspect of developing money management skills. By setting financial goals and allocating funds for different expenses, young people will learn to prioritize their spending and make wise financial decisions. For instance, if a teenager is given a fixed amount of money for entertainment purposes each month, they will be forced to think critically about how they allocate these funds, whether it be for going to the movies, purchasing video games, or socializing with friends. This exercise encourages young people to be mindful of their spending and to evaluate the value and importance of each expense.
Body Paragraph 2: Cultivating good spending habits
Budgeting helps young people cultivate good spending habits that will serve them well throughout their lives. By tracking their expenses and sticking to a budget, they will develop a sense of discipline and self-control when it comes to financial decisions. This will prevent them from falling into the dangerous trap of impulsive and excessive spending. Moreover, budgeting teaches young people the value of saving and delayed gratification. They will understand that every dollar spent has an opportunity cost and that saving for long-term goals, such as education or a down payment on a house, is of paramount importance.
Body Paragraph 3: Establishing a strong foundation for future financial success
Young people who learn to budget and manage their money effectively will lay the groundwork for a successful financial future. With the rise of student loan debt and an increasingly competitive job market, it is crucial for young people to start building good financial habits early on. Budgeting instills financial responsibility and helps young people make informed decisions about their future, from college expenses to retirement planning. By being financially responsible in their youth, young people will enter adulthood with a solid understanding of personal finance and a greater likelihood of achieving long-term financial stability.
Conclusion:
In conclusion, requiring young people to have a budget and stick to it is essential for their financial well-being. By developing money management skills, cultivating good spending habits, and establishing a strong foundation for their future, young people will be better equipped to navigate the complexities of personal finance. Therefore, parents should encourage and support their children in creating and following a budget, as it fosters financial responsibility and sets them on a path towards long-term financial success.