Compare and Contrast Three Ways to Spend Money Essay

904 WordsJul 27, 20124 Pages
Three Attitudes towards Spending Money Channell Singleton Everest College, Composition 1-35 Professor Sheila Figueroa December 6, 2011 Everyone has his own ways to use money. Some people budget every bit of money they get. Other people rarely plan how they are going to spend their money. Spending money without a care or concern is the quickest way to drowning in debt and financial misery. If people choose not to spend money carefully they could end up with bad credit. There are three kinds of spenders: reckless spenders, misers, and prudent spenders. A person who spends money recklessly tends to buy on a whim. They make unplanned purchases and have a lack of self control. Most of the time they sabotage their own prosperity, which leads to spending more money than they make in a year. They are often managed by money instead of managing their own money. (Redinius, 2010). On the other hand, people who are a miser shopper are extremely stingy with money. True misers “are champion savers, but have little to show for it. In extreme cases, these people are afraid of investment and they keep all their money under a mattress or in cans buried in the back yard.” (Whitehead, 2007) A prudent person spends money in a knowledgeable manner. They think about the management of money, resulting in economical spending and the avoidance of waste. Prudent spenders seek high value from expenditures and investments. (Redinius, 2010) Contrast Reckless Spenders: To a common person, a reckless spender doesn’t care what they spend their money own or how much the items cost. However there are specific characteristics of a reckless spender. For example, a reckless spender is out of control with their spending. They generally have no idea about how much debt they are in, but they continue to charge. (One pay check at a time, 2005-2007). A reckless spender never goes to the

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