The Sound of Science - 'Personal Economics'
S1: Good afternoon WNIJ listeners! This is K.C. and Hollie joining you for The Sound of Science.
S2: Black Friday is a wildly busy shopping day and it’s easy to get caught up in all the sales. So for today’s episode, we wanted to talk about economics.
S1: Last week, we reached out to our friends at the NIU Center for Economic Education to find out what students want to know about finance and economics. While their first answer was a tongue-in-cheek “How do I become a millionaire?” they then explained that students, especially those in high school, are worried about savings.
S2: So, we’ve decided to tackle this question by providing a few quick tips on some of the best ways to save.
S1: While most folks want to dive right into a money-in versus money-out equation, we like to start by asking students to define their values. When you have a clear vision of what your priorities are and what your long-term goals are, you’re able to make more educated purchases because you want to align your spending habits with your priorities and values.
S2: Another important element of saving, which is very relevant to today, is to not get sucked into sales. While it’s good to browse the weekly ad and wait for sales on items you’ll actually use, buying something you hadn’t planned on purchasing specifically because it’s on sale can lead to impulse spending. A good way to stop impulse spending is to vet your purchases. Before you buy something, ask yourself, is this something I need? Is this something that I can afford? Is this something that is priced fairly? You may find big box retailers have more affordable prices, but locally owned business often offer a higher quality product, saving you more money in the long run.
S1: Our final tip is to budget. Microsoft Excel, Google Sheets, and other online applications all offer great starting templates for folks who want to start budgeting. By watching your spending habits, you’re able to collect data on yourself, identify where your money is going, and adjust your spending accordingly.
S2: Don’t be afraid to check your bank account. The more educated you are on your finances, the easier it will be to bulk up your savings.
S1: We hope you enjoyed this episode of The Sound of Science on WNIJ.
S2: Where you learn something new, every day.