money saving tips for a young employed person

This essay is aimed to persuade a twenty-six year old man who works at the Labour Office in Boston on a permanent basis. According to my estimation, he is getting a monthly salary of about sixty thousand dollars. However, he does not own an apartment and therefore, rents a house in Boston town for six thousand dollars a month. In addition, he is not married, opts to lead a bachelor’s life and therefore, has no children for now. Further, he is not extravagant in his spending and can, in my opinion, save some good money in a month. He is certainly going to complete his masters’ degree in the next seven months, a factor that will put him in an even better position.

Persuading the Peer to start saving for Retirement

Don't use plagiarized sources. Get Your Custom Essay on
money saving tips for a young employed person
Just from $9/Page
Order Essay

This essay explores several texts on how to save for one’s retirement, as well as long term projects like buying a house and concurrently run other affairs including consumption and paying fees to complete a master’s degree. I chose this audience because we are not only of the same age group, but I, therefore, know most of the challenges that such an age group might face.

Before proceeding, it is of paramount importance to understand some of the terms that will be used repeatedly in the essay. Savings refer to that part of income that remains after tax and consumption (Nordhaus). Investments can be defined as the remaining portion of individuals’ income after tax and consumption (Ballard).

Indeed, an individual can save or invest his income. When one chooses to invest all his income in a project, it means that he may not be able to save. On the other hand, if all income after consumption and deductions is saved, then it implies zero investments. In reality, most people find it impossible to buy expensive items in a short period of time but then realize that others with a relatively low income already possess such properties. In our daily lives, we see most retirees dying of hunger due to lack of income and yet others lead happy lives. The two situations can be explained by two phrases, save for your long term projects and save for your retirement, respectively.

According to Wilcox 2009, the Americans do not save their personal incomes, and this he outlines, has an impact on their lives in the future. The author clearly states that savings affect the personal lives of individuals as well as the entire economy. He further laments that income earners in America will have inadequate funds when they retire, due to the fact that they consume more, and save less for their retirement (Wilcox). It is therefore important to start saving at an early age so that one does not experience problems after retirement.

I strongly believe that it is possible to purchase expensive properties despite the fixed monthly income one gets in the form of a salary. However, this requires sacrificing the little income for a number of years like ten years. My peer, who earns a salary of sixty thousand dollars a month, can buy an apartment instead of paying rent every month. Assuming, that the total expenses for the whole month including the school fees for his master’s degree are $ 30,000, then the remaining amount of money can be used for other useful purposes including investment in the long term projects and in this case, buying a house. In fact, it does not require so much sacrifice; the person needs to deduct a small proportion like five percent of the remaining amount and save it on a yearly basis until such a period when the amount is sufficient to buy a house. In the country, most apartments for a medium income earner would go for between a hundred to two hundred thousand dollars. In case this person intends to buy such a house, then in ten years, he will have accumulated enough money. For instance, if he saves five percent of his salary every month, then in ten years, a hundred and eighty thousand dollars will have been accumulated, putting him in a position to buy the apartment.

According to Michael 2010, money and time are related (Thomsett). Going by this statement, therefore; the amount of money saved for the apartment will be slightly higher. Assuming the bank’s interest rate is 10% per year, and then the five percent saved will have grown to over two hundred thousand dollars. In order to generate the amount after ten years, the general formula has been provided as the principal amount multiplied by the interest rate and then the time as follows:

A=P(1+r%)^n (Harney).


=$ 226,800

On the other hand, the person can save a lot of money before he reaches the retirement age. By use of the illustration used earlier on, assuming he saves ten percent of the remaining amount after deductions of the expenses and further it is assumed that he retires at the age of sixty years, then it is possible that he will have accumulated over one million dollars. The same formulae as indicated above shall still apply in this case.

As has been highlighted above, it is very much possible to buy very expensive assets using the low basic salaries that most people get in their jobs. However, there are those income earners who are not willing to save any extra coin since they want to lead extravagant lives in the present but fail to think about their future lives. Although most countries give retirement benefits to retired employees, it is crucial that people do not entirely depend on such funds. There are various cases all over the world where there retirement benefits take years to reach the intended person. This in most cases comes about due to corruption, where such funds are mismanaged and ultimately end up in the wrong hands.

However, there may be reasons that are justifiable enough as to why people do not save for their retirement. One of the reasons is that the income levels are too low to cater for even the basic needs. Under such circumstances, then saving becomes a big problem for such people.

Another justifiable reason would be due to tight economic conditions like high inflation times thereby reducing the purchasing power and consequently low savings and investments.

In order to ensure continued savings despite such problems, one may look for part-time jobs in order to increase their earnings and thereby be in a position to save. On the other hand, during the economic crisis, it is important to change one’s lifestyle in such a manner to reduce unnecessary luxuries and therefore, increase the savings and investments.

From a personal perspective, I have been employed in a bank for the past five years, essentially since the completion of my first degree. My salary has been fixed at forty thousand dollars a month. My monthly expenses are fifteen thousand dollars while the rest goes to savings. Currently, I have over three hundred and fifty thousand dollars in my current account. I prefer to continue saving the amount until it is sufficient to buy an apartment in the next four years. In addition, I plan to start a saving scheme for my retirement.

My peer is in a better position, as he has a higher income such that he can even save more. Besides, the fact that he will be completing his masters’ degree in the next few months means that his expenses will decrease substantially, and his income may improve. Indeed he is in a better position to save for a long term project as well for his retirement.

In conclusion, it is quite clear that each income earner has the capacity to save a small proportion of his or her income both for long term projects as well as for retirement. It is also crystal clear that one can increase his earnings using the means already highlighted in an effort to increase savings. To this end, I would urge my peer to start a saving plan that will ultimately be of great benefit to him in the future.


Works Cited

Ballard, F. ABCs of Arbitrage Tax Rules for Investment of Bonds Proceeds by Municipalities.  Chicago: American Bar Association, 2007. Print.

Harney, T. Basic Concepts and Epidemiology. UK: Radcliffe, 2007. Print.

Nordhaus. Economics. Mexico: Mc-Graw Hill, 2005. Print.

Thomsett, M. Compound Interest: The Power of Money. The Managers Pocket Calculator (2012):         3. Print.

Wilcox, Ronald.  Why Americans Don’t Save and What to Do About it. Whatever Happened to         Thrift (2009): 1-2. Print.

Get Professional Assignment Help Cheaply

Buy Custom Essay

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

Online Academic Help With Different Subjects


Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.


Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!


While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.


Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.


In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.


Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.


We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!


We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.


Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

  • When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
  • We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

  • The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
  • We will have a different writer write the paper from scratch.
  • Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment Help Service Works

1. Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2. Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3. Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4. Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

smile and order essay GET A PERFECT SCORE!!! smile and order essay Buy Custom Essay

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
error: Content is protected !!
Open chat
Need assignment help? You can contact our live agent via WhatsApp using +1 718 717 2861

Feel free to ask questions, clarifications, or discounts available when placing an order.
  +1 718 717 2861           + 44 161 818 7126           [email protected]
  +1 718 717 2861         [email protected]