Importance of Money Essay in English for Students for Class 1 to 10

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Every student should know the value of money in their life and how they should utilize it

Importance of Money Essay

Importance of Money Essay in English for Students

The importance of money is so vital that without money we are headed towards a complete economic collapse. It is the base for all systems of trade and it is the measure of wealth in society. The importance of money is represented graphically by the level of inflation.

As the price level rises, people wake up to the reality that they have lost the right to enjoy goods and services at the level of previous prices.

1. Modern Society

Let us look at some of the major concepts that explain the importance of money in modern society. The first and the most significant concept that defines the importance of money is the concept of bartering.

In a very simplistic form this means trading with other individuals or groups. In modern society, trading has become the dominant form of interacting with others.

Most of the individuals on the streets of America have learned to trade at their own bartering stores or at home. This is the reason why there is no such thing as scarcity in modern society.

2. Personal Finance

Secondly, you need money to get access to personal finance. In modern society, you need money to spend on your personal needs.

Therefore, if you don’t have any savings whatsoever, you will definitely have to rely on your personal finance to help you meet your needs.

On the other hand, if you have savings, you are definitely going to save money rather than spending it on unimportant and luxurious goods.

3. Futuristic Aspects

You need to save enough money to retire and live comfortably. If you don’t have any savings whatsoever, you are definitely going to end up getting into debt.

At the end of the day, your debts will prevent you from having a comfortable life. Therefore, as long as you live, you should learn to save enough money to retire comfortably.

4. Earn Money

Fourthly, you have to earn more income. You earn money by doing different kinds of jobs. The most common jobs are the white collar jobs such as working at the government and other big organizations.

In addition, you can also find a job in the stock market. Regardless of the kind of job you choose, you have to earn much money to have enough money to help you in your personal finance goals.

Essay on Importance of Money

Your survival will be ensured without money. Since the modern society has advanced in so many ways, it is impossible for you to survive without money.

You will not have enough food to eat, no shelter to live in, and no medical care for yourself and your family. Without money, you will have nothing in life but death.

If you want to live a productive life, you have to learn all these basics in personal finance. By saving money and earning enough income, you will be able to live a comfortable life. Remember that living a comfortable life is the base for a long and happy life.

With enough knowledge and information, you will surely be able to save enough money and earn enough income. It is important that you learn the concept of compound interest. Compound interest is very useful for people who want to save money and earn.

Therefore, it is important that you get enough information about compound interest so that you can save enough money to live a happy life. Start saving now so that you will be able to enjoy the beautiful life that you deserve.

Saving money gives you more benefits than anything else in life. This money gives you the opportunity to earn much money in a short period of time. After saving money for a certain period of time, you will be able to live a life that is free from any kind of debt.

On the other hand, if you do not save much money, you may face a lot of financial problems in the future. Since you do not have enough money to spend on necessary things, there are chances that your basic needs will be overlooked.

This may result in you buying unessential and useless goods. The gap between what you earn and what you spend will make you feel incomplete. This may eventually lead to depression and other such problems. Therefore, it is important that you save money so that you can enjoy life without any worries.


In conclusion, saving money and spending it on essential goods is one of the best ways through which people can lead a happier and fuller life.

By doing this, you will help to improve the overall economic development of the nation. In fact, many economists argue that increasing the amount of saved money would lead to greater prosperity and improvement in the standard of living of a person.

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